What is the difference between an electronic payment and a paper draft?
A. If the company you are paying a bill to is set up to electronically receive payments then your bill payment will go electronically to that biller. Electronic bill payments usually take 2-3 business days to be applied to your account with the biller. If the company you wish to pay is not set up electronically, the bill payment will be sent as a paper daft. A paper draft is essentially a check prepared on your behalf and sent through the U.S. Postal system to the biller. Paper drafts typically take up to 5 to 8 days to post to your account at the biller. Paper drafts are subject to the same issues you deal with when you mail a check. Delays are normally caused by the postal system or posting at receiving end.
