One of the best things about the internet is the ability to pay your bills online. It is much easier than writing out checks each month. It saves time and effort. There are several ways that you can pay bills online. Here is a guide to online bill pay:
Most Businesses Have the Option
You can pay almost anything online. There are a few businesses that don’t accept payment on the internet, but it will be hard to find them. Check the website of the company that you wish to make payment to. You will probably have to set up an online account with them. This isn’t difficult. It takes no more than filling out a short form. The time savings in the end is well worth the few seconds it will take to set up the online presence.
Find out if there is a fee for paying the bill online. Some companies charge you for this service. Avoid paying this fee. It can be as high as $10 and that is not worth the time you save. You can call them and make payment over the phone instead. This keeps you from having to write a check and mailing it but also keeps you away from ridiculous fees that shouldn’t exist. Never pay a fee to pay a bill.
Most banks have an option to pay your bills through them each month. It is easy to set up. There may be certain requirements such as having a debit card with them or a checking account. Some require you to have a certain amount in your savings in order to get the service for free.
You can pay anyone this way. This includes individuals. For instance, if you borrowed money from Sam and you want to pay him back in a timely fashion, you can set up your bill pay to send the money to him in a check or it can be sent to his bank account.
Once you put in the information for the people you want to pay through your bank, you will not have to do it again. You can then go back and adjust it as might be needed.
If you don’t want to be bothered with going in to manually pay a company each month, you can set up an automatic payment plan. This means that the money will automatically come out of your account on a specified date. It is important to note that the money must be in your account the day before the payment is actually due. The payment will come out early in the morning of it’s due date. This can be set up through the company or through your bank.
The information that you will need to know when setting up these payments is simple. Your name, address, routing number, bank account number, customer number, the date you want it taken out and the amount.
It is important to check your bank account regularly to make sure the payment was made among other things. You should keep all records of the transactions in a safe place. If you receive a confirmation in your email, do not delete it. You never know when you may need it in the future.
Online bill pay is a very convenient way to handle your outgoing payments. It saves time and money. If your payment is sent through the mail before the due date but reaches the business after the due date, you incur late charges. Even when the check reaches its destination on time, it has to be entered in their system which can sometimes take days. That means that you could be headed for late fees. Follow this guide to paying your bills online and you will be on your way to an easier way of life.