19 Superb Reasons to Use Online Bill Payment

 

The average consumer pays 8 to 15 bills each month. The cost to mail a bill is $.47. If you mail 10 bills a month that costs $4.70 a month plus the cost of driving to the post office. In a year, you spend $56.40 in postage.

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 can do so while in your pajamas or on your cell phone. 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.

Most major banks and some credit unions off online bill payment. You can setup recurring or one-time payments. If you decide to use your online bill payment through your bank, you can setup an account. Enter the bill provider’s information and your account number. Then select a payment date and payment amount. Payments can be sent to a company or an individual. Here are 19 benefits of using online bill payment.

Easier

It is available 24/7 and can be accessed from anywhere in the world.

Saves time

Eliminates the manual payment process of paying with checks and making trips to the post office. Paying a bill takes less than two minutes depending on your internet speed.

Payment Services

You can pay your bills online on your bank’s website, on the biller's website or with a third-party bill payment service. Payments can be sent by your bank electronically or via a paper check.

Saves Money

Eliminates postage fees, which seem to increase every year. No fees are required for using online bill payment.

Centralize Bills

All bills are located in one secure location and helps you stay organized.

Eliminates Fees

Eliminate late fee charges, which can occur if a payment is mailed late.

Provides Security

Payments are secure and reduce chances of lost payments. Using an encrypted website and a secure Wi-Fi provides protection against identity theft.

View Balance

You can view account balances and transactions in real-time.

Additional Services

You cannot perform other transactions such as viewing account activity and online statements.

Green

Helps the environment by lowering the usage of paper, envelopes and stamps.

Organizes Bills

Reduces the amount of paper associated with bills and statements.

Track Spending

Provides an easy way to create a budget and track your spending.

Create Alerts

Allows you to setup reminders when bills are due or when a check or payment has not been processed.

Conduct Searches

Provides an easy way to search payment history and provides the ability to download payment history.

Payment Methods

You can pay your bills by using electronic funds transfer from your bank account or pay with a credit card or debit card.

Declutter

It helps you declutter. It helps you easily organize your bills and keep track of due dates.

Receive Statements

You can receive electronic statements, bills and disclosures.

Faster

Payments are usually processed within three business days and it is much faster than sending payments via postal mail.

Provides Peace of Mind

It gives you peace of mind knowing that your bills will be paid and reduces the chances of forgetting to pay a bill.