The Benefits of Online Bill Payment


By creating an account to make one-time or regular payments, online bill pay services provide a convenient, safe, and inexpensive way to ensure that your bills are paid on time. If you have bills from multiple sources, which most people do, setting up online bill pay is worthwhile. The funds for the payments are usually drawn from your checking account. Your online banking website is where you access and process all bills and transactions.


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What is the procedure for paying bills?

You enter the name and address of the person or company you want to pay, and the service either sends your funds electronically or mails a paper check to the recipient. You can receive, view, and pay an unlimited number of bills up to a year before the due date, all from a single website.

To set up bill pay, follow these steps:
  1. Gather all of your bills, including account numbers and mailing addresses for payments.
  2. Enter the information for each biller into your bank's online bill pay platform.
  3. When should the payment be sent?
  4. Choose between recurring and one-time payments.
  5. Set up reminders to remind you when each bill is due.
Payments from your account can be made in two ways: electronically or by paper check. Working with companies that accept electronic payments can help to create a smooth online payment arc. In cases where electronic payments are not accepted, online bill pay services will mail a check. Allow extra time and plan ahead for the check to be cut and mailed.

How long does it take to process a bill payment?

Your payment will be received within 2 to 7 days, depending on whether it is sent electronically or by paper check.

How much does online bill pay cost?

Many banks provide this service to their customers for free. Inquire whether the financial institution with which you currently do business provides online banking.

Pros
  1. Convenience. Most of your bills can be paid and tracked from a single location. Your bank will handle the rest after you set up an automatic payment plan.
  2. Environmental Concerns. You can reduce your environmental impact by eliminating paper bills and check writing. You not only save paper and trees, but you also reduce the carbon footprint of snail mail. You also don't have to buy and keep a constant supply of stamps on hand.
  3. Improves your credit score. When your bills are set up to be paid automatically, you should rarely be late or miss a payment. These are two factors that can significantly harm your credit score. In fact, when credit scoring agencies notice that your bills are always paid on time, it boosts your credit score.
  4. Identity theft is less likely. You reduce your risk of identity theft if your bills are not mailed to your home and you do not mail in paper payments with credit card or checking account numbers. There are risks associated with online payments as well, but the security provided by these payments is typically far greater than that provided by an unlocked mailbox.
  5. This saves money. Having your bills paid automatically saves you money because you won't have to pay for checks, stamps, envelopes, or gas for trips to the post office.
Cons
  1. The potential cost. Some businesses will charge you a fee, which is misleading because automatic payments save them money. Don't be taken in by this fee. If your biller wants to charge you, pay them the old-fashioned way by sending them a paper check.
  2. I'm getting off track. With automatic payment plans, it's easy to lose track of what's due and when. This can result in undetected bank errors or mistakes. You should mark the due dates of each automatic payment on your calendar as a precaution. Check online to ensure that your payments were submitted to avoid being held liable for a bank error or computer glitch.
  3. Overdraft charges. You must still ensure that you have enough funds in your checking account to cover automatic payments. Otherwise, you will be charged excessive bank overdraft fees.
  4. Payments are being halted. Automatic payment plans can be set up in seconds. Stopping them, on the other hand, can be much more difficult. Consult your bank on the best way to accomplish this.
Finally, if you have never used online bill pay, consider starting slowly. To begin, simply pay a few bills online. Remember, if this isn't a good fit for you, you can always return to your traditional method of payment.

Important: Consult a banker at your local branch for professional assistance in opening your account. Bring in any bills, including account numbers, that you want set up for online payment to get the most out of your experience. Once you've mastered online bill pay, you'll notice that the benefits far outweigh the drawbacks.













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