I have to admit that I think online bill pay is one of the best things banks home come up with in years. What other invention makes it so easy to pay your bills accurately and efficiently? With a few clicks of a button, bill paying is done, and I can get on with my day. Although there are a low of reasons that I find myself singing the praises of online bill pay, here are my four favorite reasons.
You never have to worry about forgetting to write down a check that you’ve written. If you use my checking account’s online bill pay system, the transaction is already recorded when it happens. Paying everything online also eliminates any math errors you might make when you’re subtracting payments from your account.
You can schedule payments ahead of time. If you’ve got a vacation coming up, bill payment can get a little iffy, especially if you some of your bills are due during that time. You may not be able to afford paying the bills early; you may need to wait for your regular payroll deposit. Paying your bills online allows you to schedule your payments well after you know your payroll will hit your account. You can relax and enjoy your vacation knowing that your finances will be fine until you get home.
You can pay virtually anyone. You may wonder about the convenience of using online bill pay if some of your vendors aren’t large corporations. How do you pay your doctor’s office or homeowners association dues? Fortunately, many bill payment systems allow you to set up vendors that are specific to you. Your bank will write its own check to your vendor and send it to him.
You can eliminate some of your paper bills. Many creditors like your credit card companies, your utilities, and your insurance providers may actually enable you to receive your bills electronically through your online bill pay system. Now, not only can you pay your bills online, but you can view and file them, too.
If you’ve been putting off switching to online bill pay, now is the time to check it out. Apprehensive folks can test the waters by paying one or two bills for a couple of months to satisfy any concerns. You’ll quickly see why online bill pay is the way to go to take care of your family’s finances.
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3 responses so far ↓
1 Debbie M // Sep 4, 2008 at 11:51 am
I highly recommend it with the following exception: automatic bill pay to companies in slimy fields such as cell phone service companies and gyms whose services you may want to end some day. I’ve heard a few stories where people have trouble canceling their services.
Otherwise, I really like it. I especially like the ones that let you set up the bill pay as soon as you get your statement, but then you can set it up to pay later, just before it’s due. I also like the ones that give you a discount of some kind for doing it. My mortgage company lets me wait until after the first of the month with no change in interest charge so long as I have my payment made automatically.
2 TGIF Link Round Up: Tropical Storm Edition « Living Well on Less // Sep 5, 2008 at 7:46 pm
[...] at Not Made of Money shares the top four reasons to use online bill pay. I can’t remember the last time I wrote a check to pay a bill (except for rent … my [...]
3 Carnivals, Festivals and Linklove — Almost Frugal // Sep 7, 2008 at 6:03 am
[...] Not Made of Money has four great reasons to use online bill pay. This is fairly well institutionalized in France; in fact the only bill for which I have to write a check is the rent. [...]
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