There are many benefits to using your financial institutions electronic bill pay service, often times this service is free and available through Online Banking portals. This convienient approach to managing your bills saves you time, as all of your bills appear in one place, instead of needing to login to mutliple 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:
- Convenience : 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.
- Security: Financial institutions now use the best security protocols to help keep your transactions secure. Several methods are incorporated into bill pay services to keep your information safe, including: usernames and passwords, security layers that help in preventing outsiders from attacking, encryption processes that keeps your data hidden during electronic transit, and automatic sign off if your online session is idle for too long
- Simplified 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.
- Going Green: 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.
- Easy Consolidation: 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.
- Organization: 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.
- Saves You Time: Once you have the electronic bill payment service setup in online or mobile banking, it takes just minutes to pay your bills.
Today, online banking is considered to be much safer than paying by a check and reduces the risk of identity theft. Although security risks exist online it is more secure than sending your personal information through the mail. Increasingly people are shifting to electronic statements and making use of online bill pay thus saving themselves time and money.
Electronic bill payments allow consumers to pay their bills online via desktop or mobile devices from one convienient location. For most people, the biggest benefit of electronic bill pay is the convenience to easily track their transactions and expenses electronically.