Wednesday, January 25, 2012

14 Reasons to Use Online Bill Payment

The average consumer pays 8 to 15 bills each month. The cost to mail a bill is $.44. If you mail 10 bills a month that costs $4.44 a month plus the cost of driving to the post office. In a year you spend $52.80.

One way to save money on paying bills is by using online bill payment. All banks offer online bill payment usually for free. A great benefit of paying bills online is you get do so while in your pajamas. Using online bill payment helps reduce paying late fees, helps pay down debt faster and reduces the burden and stress of paying bills by checks or by phone. Here are 14 benefits of using online bill payment.

1. Easier. Available 24/7 and can be accessed from anywhere in the world.
2. Saves time. Eliminates the manual payment process of paying with checks and making trips to the post office. The time required to pay bills can be done in the amount of time a commercial airs on TV.
3. Save Money. Eliminates postage fees which seem to increase every year. No fees are required for using online bill payment.
4. Centralized. All bills are located in one secure location and helps you stay organized. You may still receive paper bills or electronic bills.
5. Fees. Reduces late fee charges which can occur if a payment is mailed in time.
6. Schedule. Payments can be setup on a recurring schedule based on your paycheck date or other income received. Payments can be made on the due date or near the due date and will still be made on time.
7. Secure. Payments are secure and reduce chances of lost payments. Uses encrypted website and provides protection against identity theft.
8. Balance. View balances real-time.
9. Service. The service allows you to perform other transactions such as viewing account activity and online statements.
10. Green. Helps the environment by lowering the usage of paper, envelopes and stamps.
11. Organized. Reduces the amount of paper in your home.
12. Budget. Provides an easier way to create a budget and track your spending.
13. Alerts. Allow you to setup reminders when bills are due or when a check or payment has not been processed.
14. Search. Provides an easy way to search payment history and provides the ability to download payment history.

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