Question

Placing a customer's bills on a company's own Web site and sending an e-mail telling the customer that his or her bill is there is called:

a. electronic funds transfer
b. electronic bill presentment
c. electronic bill payment
d. electronic document management

Answer 1

Electronic bill presentment is the process of placing customer's bills on a company's website and notifying them via email, different from electronic funds transfer and electronic bill payment.

Step-by-step explanation:

The practice of placing a customer's bills on a company's own website and notifying the customer via email that their bill is available for viewing is known as electronic bill presentment. This process is distinct from other similar electronic transaction processes, such as electronic funds transfer or electronic bill payment. An electronic funds transfer is any transfer of funds initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape, so the money moves from one account to another. Electronic bill payment typically involves a customer initiating the payment process, often through a bank's online system or through a third-party payment service. In contrast, with electronic bill presentment, the company displays the bill online and the customer can view the bill at their convenience. It's worth noting that a debit card, similar to a check, allows for the direct and immediate transfer of money from the customer's bank account to the seller when making a purchase.