Businesses supporting Internet bill payments must be doing something right.

While plenty of folks are still relying on other electronic check payment options, online bill-paying is certainly gaining momentum.

This can be valuable information for businesses seeking to widen their ability to accept on-line payments, or for other businesses that want to get on-board and handle more electronic check payments by taking them through the Internet.

Specific stats, according to The Electronic Payments Association (a/k/a NACHA):

• The transaction volume for on-line bill payments and similar actions grew 16.5% — 552.1 million transactions — in the final quarter of 2008 when compared with the final quarter of 2007 (474.1 million transactions).
• Not only is there significant growth over the previous year, it’s also a noticeable change from the previous quarter. The number of 4th quarter transactions in 2008 was up 5.6% over the number of 3rd quarter transactions.

One key factor in this growing trend, no doubt, is the improving nature of transaction security.

The better it gets, the more businesses you’ll see sign on.

When more businesses sign on, that naturally sends a message to other businesses that it’s effective.

Tags: electronic check, electronic payment, NACHA, on-line payment, transaction security