Online Bill Paying FAQ
Online bill pay allows you to electronically pay your bills via the Internet. There are three basic types of online bill pay services: Many banks offer online billing associated with a checking or savings account. Several non-banking companies also offer a centralized bill pay service. Finally, many companies allow you to pay your bill online directly through the company's website.
Other People Are Reading
-
How Can I Use a Bank's Online Bill Pay Service?
-
Many banks offer a free bill pay service as part of a checking or savings account. This type of bill pay service requires you to log on to your bank's website and create payees by entering information about your bills. Typically, you enter the name of the company that issues the bill, the payment address, phone number and your account number. After creating the payees, you enter the amount of money you want to pay and the bank automatically deducts the funds from your checking account and sends payment to the company that issued you the bill.
How Can I Use Online Bill Pay With Non-Banking Companies?
-
Several non-banking companies also offer bill paying services. Examples of online non-banking companies with bill paying services include Paytrust, MyCheckFree and Quicken. Some of these services are free, and some charge a monthly fee. Typically, you enter information about the companies that send you bills and information about the bank account you want to debit to pay the bills. When you make a payment, funds are automatically deducted from your linked banking account and sent to the company that issued you the bill. Some non-banking companies also offer you the ability to receive electronic or scanned copies of your bills. There is normally a fee associated with this service.
-
How Can I Use Online Bill Pay Through the Bill Issuer's Website?
-
Many companies offer the option of paying your bill online through the company's website. This type of online bill pay only allows you to make payment on a single bill by logging into a company's website and entering payment information. You can normally pay the bill by entering the account number and routing number from your checking or savings account. Additionally, many companies allow you to pay your bill by entering credit card information, including the card holder's name, billing address, account number, credit card expiration date and credit card security code.
What Are the Advantages of Online Bill Pay?
-
Bill pay offers you the ability to pay your bills online without physically writing checks. Because most companies that offer bill pay guarantee payment, you can avoid late fees resulting from processing delays or lost checks. Typically, when you use a bill pay service, a date is listed beside a payee that indicates the guaranteed payment date. You must remember to initiate your electronic payment before the due date listed on the bill.
-
