Online bill pay makes it easier to organize your bills and pay them when they’re due. If you have multiple monthly payments such as rent, electricity, cable, credit card payments etc, online pay through your bank helps avoid any late fees and more importantly saves you time. Keep reading for our guide on how to pay and set up online bill pay.
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Why Online Bill Pay
Instead of paying your bills through each individual merchant website, you could pay all your bills from your bank site. For example, if you have a phone bill from AT&T you could pay it through AT&T’s website. However, you have other monthly payments you must take care of. If the number of bills increases, it could get hard to manage. There’s no need to pay from each individual site.
The solution is online bill pay through your bank. This keeps everything organized and allows you to take care of all your payments from one online location instead of from all over the place.
You should also consider all the benefits associated with online bill pay. Not only does it make everything more convenient, it allows you to manage/budget your money better, plan and schedule payments, keeps your bills and information safe, and saves paper.
How to Set Up
To set up a bank bill paying system, you’ll need a copy of a bill issued to you. You then navigate through your bank’s website and add it to your bills. Using the information from the bill, such as the address, account number, and other information, you will be able to set up a recurring payment with your bank account. Additionally, to set up online pay with a service provider, you’ll need to provide your information such as the account and routing numbers associated with your account. Once things are set up, the payment goes directly to your service provider.
For bills that happen monthly and are consistently the same amount each time, I recommend you set up automatic drafts. Automatic drafts ensure you never miss a payment and makes your list of things-to-do shorter. Some bills that fall under this category could be monthly subscriptions or rent.
Conclusion
Online bill pay helps you with organization and allows you to keep track of due dates. It also makes it easier to manage your money because you can make sure you have enough funds available to cover each payment. Receiving and paying your bills all in one place simplifies the process. Stacks of physical bills and paperwork make bill paying hectic and a mess. With the changing world of technology, online bill pay simplifies payments and makes your life easier.
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