The Effect of Technology on Billpay

With nearly three-quarters of the American population having access to a PC and the Internet beginning to emerge as one of the most important modern technologies, the stage was set for a revolution in countless industries. Nowa the Internet is the gateway to the world; it has transformed many aspects of life from basics such as obtaining meals to luxuries like booking vacations. The time period between roughly 1995 and 2001 had many Internet-based companies come and subsequently go. There were tons of “dotcoms” that flopped; yet some of the better concepts still exist and rule their respective Internet-based businesses. Some companies offered products and services that were a completely new concept. Other companies merely sought to harness the power of the Internet in order to improve existing methods and systems. The latter group seemed to have more overall success.

Bill paying is the type of transaction that the Internet could do more efficiently. Payment online eliminates the paperwork and is beneficial to both the consumer and the producer, saving an endless amount of time and money. In the past thirty years, the method of paying bills has changed drastically, and with the Internet continually improving, there is no slowing in sight.

Throughout history there have been many inventions that have shaped the world. One of these said inventions is paper; paper, or a parchment like writing surface, can be dated to the second century A.D. in China (wikipedia вЂ" paper). As time passed and papermaking became more evolved, so did the methods of payment. Initially there was communal sharing, then bartering, and finally money (in various forms вЂ" metal, salt, coinage, paper money). With more civilized cultures the means to buy goods grew in complexity.

Eventually, credit became a dominant form of payment. Credit is simply when one buys a product or service, but does not give his payment at the exact day and time of the transaction. The purchaser is billed later and must submit payment on a given date from the seller.