Why it’s High Time to Switch to Paying Your Bills Online
Simplify online bill payments
While most people use mobile banking apps/online accounts to pay their bills, they often get confused with the different options available. Do you have to pay through the billing company? Would it be better to pay through your bank? Can you use both options at the same time? Learn how to work with online payments to know the benefits of each option and simplify the process.
How to make an online bill payment
Mobile and online bill payments come in two main types.
You can go directly to the website/app of the billing company, such as your cable company or insurance provider, and then pay the bill there. As a general rule, you can use your credit/debit cable or arrange with your bank to debit it from your account. An advantage of paying on the billing company’s site is that you know the exact amount to pay. However, if you have multiple accounts, it can be tiring to log into multiple sites every month.
The other option is to pay a bill through your bank. Almost all banks, financial institutions and credit unions provide this service. You just need to set things up using your mobile banking app/online account and within seconds you can make a bill payment. It’s as simple as selecting a recipient/s, entering the amount due and selecting a delivery date. In case you don’t want to pay bills by hand every month, most banks let you set up automatic recurring payments, so you can schedule your payments to avoid missing a bill when it’s due. To streamline your payments, you only need to log in to the space provided and remember your password. It’s also easier to check your account balance.
The advantages of online payments
Paying online with your mobile device is quick and easy, plus it lets you schedule payments. Your pay dates can be synced with your paychecks/bill payments from different accounts. Most importantly, most banks and billing companies use top-notch security features. For example, Bank of America encrypts your personal data so that it cannot be read in transit, and automatically logs you out when your banking session is open but inactive for a long time. In addition to security, you can reduce costs when you use electronic payments, saving cash and stamps.
In general, electronic payments allow you to manage, monitor and review your payments, whether you pay through your bank or billing company. You can also search for specific bills you’ve paid. Whenever you pay multiple bills online using your bank or mobile banking app, you can view your payment history. In addition, many banks provide email notifications as reminders of payments due.
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