As account holders continue to embrace digital technologies, they are using different forms of online billing and ways to accept payments. According to the 2016 Annual Billing Household Survey, individuals use an average of 3.6 different payment methods each month for their bills. Mobile payment use increased significantly, with 33 percent of online households reporting to have paid a monthly bill through their mobile phone, a 22 percent increase compared to last year.

The entire online payment process—from submitting an online payment to updating the account from which funds were drawn—can take a matter of seconds. The end result of accepting loan payments online is improved cash flow for your credit union and almost immediate confirmation of transactions. Here are some tips to help you accept payments online effectively.

Choosing the right loan payment system provider for your institution is critical. Each of the various providers has a different focus and set of options. To determine which is right for your credit union, take into consideration the following factors:

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