Government agencies embrace online payments

Electronic payments are commonly used in family-run shops or large corporations. Today, even federal governments employ virtual tools to keep up with their bills.

Six years ago, the United States Bureau of Engraving and Printing implemented the Treasury Department's Internet Payment Platform, a digital invoice and payment service for federal agencies and the vendors these agencies work with. The Federal Times reported that in that period, the bureau reduced late payment fees by 70 percent, required less filing and mailing of bills and became more efficient with audits.

"My desire is for this to become a standard within the federal government," Len Olijar, chief financial officer of the bureau, told the news source.

Although the program was initially implemented on a trial basis, it has yielded such positive results that soon all agencies that are served by the Treasury's Bureau of Public Debt will be using it. MSNBC stated that old payment methods, such as using credit cards at stores, are on their way to becoming obsolete.

Because criminals can deactivate credit card magnetic strips and use customer account information for fraudulent purchases, new technologies are replacing the plastic. With more online payment options, in-person credit card use will slow down, which could lead other federal agencies or companies to digital payment.