Are you still holding on to the idea of writing a check for each of your bills? Are you still rifling through your desk for stamps and trying to calculate the number of days your check needs to travel through your vendor’s processing department? If this sounds like your method of bill payment, I’ve got three words for you: electronic bill pay.
At first glance, the idea of using electronic can be a little intimidating. Maybe your resistance to the idea comes from fear of computer errors that keep your payments from posting correctly. Maybe you’re afraid that electronic bill pay will be too expensive. Whatever your reason is, I’m confident that the advantages of electronic bill pay far outweigh any of your concerns.
Speed of Payment – If you’ve always found it necessary to wait until the last minute to make your payments, you’re going to love electronic bill pay. Many electronic payments post to your vendor accounts within one day; some post within two days. The longest period I’ve ever waited for my payment to post is five days (for my doctor’s office which isn’t set up to accept electronic payments from my bank).
Cost – Electronic bill pay is a free service for many banks. If your bank doesn’t offer this service, I would switch banks. There are plenty of other banks out there to choose from that will suit your needs. In addition, you can say goodbye to all of those late fees you used to pay to your vendors because our payment took longer to arrive through the mail than you thought it would take.
Convenience – I hated trying to remember to buy stamps. I used to catch myself carrying payments around in my purse for days trying to remind myself to stop and buy stamps at the post office. Now, I can pay the bills in my pajamas from the couch. Bill paying doesn’t get any more convenient than that.
Payment Reminders – Many vendors will send billing statements directly to your bank’s bill pay system. So not only do I use my bank’s website to make payments, but I also use it to track when payments are due. I get a notification from the bank that a new e-bill has arrived and when it is due. Never again will I forget when cable bill is due.
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{ 3 comments… read them below or add one }
It does make it possible to pay at the last minute.
I agree with John, it isn’t possible to pay at the last minute but… I really appreciate the way it saves time and money if you have the opportunity to plan ahead.
I think its great–I’ve used it for years.
I would also add to the benfeits by mentioning financial savings.
You won’t need to buy near as many stamps, and you won’t need to order as many checks, too.