Online Bill Payment – Also called Electronic Bill Payment, it is a feature of online banking which has been made to make transaction convenient.

The best and most known example for this is the PayPal, a Peer to peer payment system which allows you to pay for just about anything online as long as the seller also has a PayPal account.

The payment is optimally executed electronically in real time, though some financial institutions or payment services will wait until the next business day to send out the payment.

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Related ChexSystems Banking Information:

1. Late Payment
2. Online Banking
3. Bill Presentment
4. Online Banking — Most Americans Use It
5. Late Payment Fee

Tagged as: Electronic Bill Payment, Online Bill Payment