Electronic bill payment a reduction in processing costs minimizing paperwork and an increase in customer loyalty. In a 2003 study, the banks said that "customers who pay online show more loyalty and are more receptive to other offers". Electronic bill payment Electronic bill payment is a feature of online, mobile and telephone banking, similar in its effect to a giro, allowing a customer of a financial institution to transfer money from their transaction or credit card account to a creditor or vendor such as a public utility, department store or an individual to be credited against a specific account. These payments are typically
Employee benefits Tax (FBT), which applies to most, although not all, fringe benefits. In India, the fringe benefits tax was abolished in 2009. In the United States, employer-sponsored health insurance was considered taxable income until 1954. In the UK, benefits are often taxed at the individual's normal tax rate, which can prove expensive if there is no financial advantage to the individual from the benefit. The UK system of state pension provision is dependent upon the payment of National Insurance Contributions. Salary exchange schemes result in reduced payments and so are may reduce the state benefits, most notably the State Second Pension.