Why it’s 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 by the different options available. Is it necessary to pay through the billing company? Would it be better to pay through your bank? Can you use both options at the same time? Understand how to make payments online to learn the benefits of each option and simplify the process.
How to pay bills online
Mobile and online bill payments come in two main types.
You can go directly to the billing company’s website/app, such as your cable company or insurance provider, and then pay the bill there. As a general rule, you can use your credit/debit cord or arrange with your bank to have it debited 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 bills, it can be tedious to log in to multiple sites each 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 after a few seconds you can make a bill payment. It is as simple as choosing the beneficiary(ies), keying in the amount owed and selecting a delivery date. In case you don’t want to pay bills in hand monthly, most banks allow you to set up automatic recurring payments, so you can schedule your payments to avoid missing a bill payment when it’s due. To speed up your payments, you just need to log in to the space provided and remember your password. Plus, it’s easier to check your account balance.
The advantages of online payments
Paying online using your mobile device is quick and easy, plus it allows you to schedule payments. Your payment dates can be synchronized with your paychecks/payment invoices from multiple accounts. Most importantly, most banks and billing companies employ top-notch security features. For example, Bank of America encrypts your personal data so it cannot be read during 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 by using electronic payments, saving on 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 paid. Whenever you pay multiple bills online using your bank or mobile banking app, you can view your payment history. Also, many banks send email notifications as a reminder of overdue payments.