Those of us that use online bill pay know just how convenient it is. Its so convenient and easy to use that I’m not really sure why everyone doesn’t use it. You do have to have online access and even if you don’t have a computer you can use one for free at any public library. You get access to online banking when you have a checking account or even prepaid credit cards often offer online bill pay too. You can use online bill pay to pay just about any company or even person. Payments are done electronically or by paper check. If the company or person you want to make a payment to does not accept electronic payments, then your bank will issue them a paper check on your behalf. This works great if you need to pay a landlord or even send a check as a birthday gift. When you make a payment via online bill pay you can see your new account balance right away which allows you to always know where you are with your account. There are many great reasons to use online bill pay and below are some of my top reasons for using the service.
Saves Time
There’s no doubt that using online bill pay saves time, this is of course unless you’re my mother. She’s still learning how to send an email. At any rate, being able to hop online and pay a bill beats looking for envelopes, stamps, the address and a mailbox. You can do it from home or work and it takes only a portion of the time. Time is money and paying online saves time.
Cuts Down On Paper
I’m sure just about all of us could be a little more green which is why many companies now offer paperless billing. The way it works is you get an email telling your that your bill is ready to view. If your paying online there really isn’t a reason to have a paper bill anymore. After all where do all those bills go? I always ended up shredding my paper bills or finding them years later when it was time to clean out my files. Going paperless is good for the environment too.
Schedule Payments Ahead of Time
This is one feature I use most. Depending on the online bill pay you use, you can schedule payments up to a year in advance. Now, I’m not sure how necessary it is to schedule a payment a year ahead of time, but scheduling payments comes in handy. I always schedule my credit card payment ahead of time so I don’t forget about it. Late credit card payments hurt your credit and that is one payment I want to remember to make. It also works well for your rent or car payment because the due dates on these payments are the same every month.
Helps Be Organized
One of the great benefits I have found to paying online is the organization it adds to my life. Depending on your bill pay service you can even set reminders about bill due dates. I use this as a way to double check I’ve got everything schedule properly. At the beginning of the month I schedule all my bills and then I will set a reminder to periodically check to make sure the funds are available are there aren’t any surprises. Its also nice to be able to generate a report of my bills which helps me stay on budget.
Keeps Track For You
This goes hand and hand with being organized. Online bill pay electronically tracks your payments for you. You can run reports which is extremely helpful when looking at your expenses. It is also a great way to catch mistakes. If a company reports they never received your payment then you can easily log into your bill pay account and verify. You even have the ability to take screen prints if necessary.
Its Safe
Security is the most important thing when it comes to our money. This is why I only use FDIC banks because I know they are legitimate. Using online bill pay eliminates the risk of your account numbers getting lost in the mail or just getting into the wrong hands. I would suggest always reading the terms and conditions of the online bill pay service you use. They should contain information on their secure server. If you banking through an FDIC bank then you can rest assure that your online bill pay transactions are safe and secure.