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Simplify Online Bill Payment
While most people use mobile banking apps/online accounts to pay their bills, they often get confused with the various options available. Do you need to pay through a billing company? Would it be better to pay through my bank? Can you use both options at the same time? Understand how to pay online to know the benefits of each option and simplify the process.
how to make online bill payment
Mobile and online bill payments come in two major types.
You can go directly to the billing company’s website/app, for example your cable company or insurance provider, then pay the bill there. As a rule, you can use your credit/debit card or arrange with your bank to debit it from your account. One advantage of paying at the billing company’s site is that you know the exact amount to be paid. However, if you have multiple bills, logging in to multiple sites each month can become tiresome.
Another option is to pay the 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 bill payments. It’s as easy as selecting the payee/s, entering the amount payable and choosing the delivery date. If you don’t want to pay bills by hand on a monthly basis, most banks let you set up automatic recurring payments, so you can schedule your payments whenever a bill is due. To streamline your payments, all you need to do is log in in the space provided and remember your password. Also, it is easy to check your account balance.
Benefits of Online Payment
Paying online using your mobile device is quick and easy, plus it allows you to schedule payments. Your pay dates can be synchronized with your paychecks/pay bills from different accounts. Most importantly, most banks and billing companies use first-class security features. For example, Bank of America encrypts your personal details so they can’t be read while in transit, and automatically signs you off when your banking session is open but inactive for a long period of time. In addition to security, you can reduce costs when using electronic payments, saving on cash and stamps.
Overall, electronic payments enable you to manage, monitor and review your payments, whether you pay through your bank or billing company. You can also search for specific bills paid. Whenever you pay multiple bills online using your bank or mobile banking app, you can view your payment history. Also, many banks offer email notifications as reminders of due payments.
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