What is a key feature of Electronic Bill Payment systems?

A key feature of Electronic Bill Payment systems is that they offer consumer control over payment methods. This means that users can choose how and when their bills are paid, opting for methods that best suit their preferences, whether it's scheduling automatic payments or making manual payments at their discretion. This flexibility enhances user convenience and satisfaction, as consumers can manage their finances effectively.

Other options indicate features that are not characteristic of Electronic Bill Payment systems. For instance, the notion that these systems are typically slower than traditional payments contradicts their design, which aims to facilitate faster transactions. The requirement of having a bank account with a specific institution isn't universally applicable, as many Electronic Bill Payment systems allow users to link accounts from various financial institutions. Lastly, the idea that these systems eliminate the need for online access misrepresents their functionality; rather, online access is usually essential for initiating and managing electronic payments.