In the past, people paid their bills by means of cash or checks. They would write checks, place them in an envelope, stick a stamp, then have them processed, which could take until a week. Nowadays, a lot of people pay their bills online. Though there are several ways to do this, one convenient way is to use a system via their bank such as bill pay.
Reasons to use online bill payment
Individuals who use online bill pay via their checking account can enjoy the benefits not given by other payment schemes. Firstly, they can set up payments for all their bills from a single location rather than manage their payments on many, different sites. They can keep track of due dates and make sure they pay everything on time. There are other advantages like:
- Avoiding overdraft fees – payment will not be sent when the funds are insufficient.
- Viewing pending payments before their due date.
- Protecting personal information rather than submitting bank account details on other sites.
- Being able to change the amount or date of payment if necessary without the need to call or migrate to another website.
- Setting up automated payments for regular expenses every month such as electricity or cable bill
In addition, online banking makes it easy for people to monitor their balance, rather than wonder when payments will be posted or checks will be processed and subtracted from their account.
Ways to benefit from online bill payment
Using online bill pay with their bank is advantageous at all times, however, individuals can maximize the benefits it offers by using it regularly. To use it to its full advantage, they have to know how to handle their payments.
As a start, they need to get the contact details of all the companies they plan to send payments to and include them as payees. Most companies are incorporated in the bank’s system, so it would be easier for them to get the needed information. A lot of banks send checks to payees that do not recognize ACH payments. People just need the payee’s contact details, plus their account number.
They should plan the payment for every payee ahead of time. They should also be familiar with their bank’s policy on when the payee will receive the payment, so they would not have to pay a late fee. If the amount and date of payment is the same each month, they should set up a recurring payment to ensure that a bill is paid on time.
If online bill pay is used for all their payees and automatic payments are set up, they can save on time and manage their budget. Furthermore, if there are any concerns, they can always refer to the record of all their payments.
With an online rent payment service, paying bills has never been more convenient. Using online bill to handle finances allows people to save on time, costs and a lot of stress since they can track their payments and balance from just one location. With all the benefits that online bill pay has to offer, paying in cash or checks are nearly reaching extinction. Would you like to learn more about our own online rental payment system?