There are many benefits to using your financial institutions' electronic bill pay services, which is often free and available through Online Banking portals. This convenient approach to managing your bills saves you time, as all of your bills appear in one place instead of needing to login to multiple online accounts.
Additionally, bill pay is often available in both Online and Mobile Banking platforms so managing your budget and finances is easy to do no matter where you are. This article highlights eight benefits of electronic bill pay.
1. Bill Pay is Convenient
Making online payments through your financial institution, makes it convenient to pay all your bills from a central location. You do not have to log into several websites and remember multiple passwords. Many providers also include an option to pre-schedule payments on their due date or another day of your choosing. Whether you receive your bills electronically or by mail, you can utilize online banking to schedule payments. After scheduling a payment, the banking institution will either pay those companies electronically or send them a paper check.
2. Bill Pay is Secure
Today, online banking is considered to be much safer than paying by a check and reduces the risk of identity theft. Financial institutions use the best security protocols to keep your transactions secure, and they incorporate several measures to keep your information safe, including usernames and passwords, encryption processes that keep you data hidden during electronic transit and automatic sign off if your online session is idle for too long.
Although security risks exist online it is more secure than sending your personal information through the mail. More people than ever are signing up for electronic bill payment services, particularly after switching financial institutions and making use of online bill pay to save themselves time and money.
3. Bill Pay Simplifies Money Management
When you make use of electronic bill pay, at a glance, you can check account balances and determine whether your bill payment has been scheduled and paid. Other benefits include: searching specific payments online, accessing online payment history, setting up email alerts that keep you posted about scheduled payments.
4. Bill Pay is Ecological
One of the biggest benefits of paying bills online is eliminating paper waste. Paying your bills online will reduce paper checks being mailed. In addition to eliminating paper waste, it also eliminates the costs of postage and envelopes.
5. Bill Pay Lets you Consolidate Your Finances
Using an online bill pay service allows you to consolidate your bills in one place. Your bills are collected and emailed to you and then posted to your account. From there, they can be automatically paid from your account on the dates you specify.
6. Bill Pay Keeps you Organized
It is certainly possible to lose focus on your finances, but electronic bill payments help you organize your records. With all your bills and payments organized in one single place, you can easily tell if something is posted incorrectly, or if you missed a payment completely.
7. Bill Pay Saves you Time
Why make paying bills any more time consuming than it has to be? Once you have the electronic bill payment service set up in online or mobile banking, it takes just minutes to pay your bills. If you use the automatic bill pay feature, you'll save even more time.
Sign up for BillPay Today at First Alliance Credit Union
When you sign up for BillPay, you’re setting yourself up for financial success. BillPay is secure, convenient and makes managing money much easier. When you combine it with other services First Alliance offers, like the My Money Personal Finance Management tool, you make activities like saving and budgeting virtually stress-free.
Sign up for BillPay today. You’ll be amazed at the difference.