Online bill payers have fewer late fees

People who pay their bills and use other financial transactions online pay fewer late fees than those who don’t, a new survey shows.

A survey from online bill paying tool producer Billeo shows 75% of people who pay bills online do so for convenience and that 47% have no debt on their credit cards.

A whopping 58% of those who pay online are older than 45 and credit cards are the most popular bill to pay for online, the survey shows.

“The most important thing we glean from this study is that a growing number of consumers are not only more comfortable doing a variety of transactions online, but they prefer it,” Murali Subbarao, founder and chief executive of Billeo says.

“We believe that the new economic situation will make them savvier about how and when they spend their money and how they manage and store their online shopping and bill payment information. In uncertain times, they have the ability to exercise more control over how and when they pay bills, as well as how they track and evaluate expenses.”