Benefits of Online Bill Pay
Utilizing your financial institution’s bill pay feature can save time and money
Managing your bills can be a headache. Organizing them and remembering which bills to pay can become overwhelming and frustrating.
Online bill pay is an efficient feature that can help you more easily maintain control of your finances. According to ClearPoint Credit Counseling Solutions, “Online bill pay can virtually eliminate errors, making the management of your debt that much easier. And it is a much faster payment method than mailing checks.”
Consider some of these benefits to help decide if paying your bills online is right for you:
- Easy to use. By using your financial institution’s online bill pay feature, you’ll save yourself the time of writing checks and licking stamps while also managing your debt with the click of the mouse.
- Saves money. You’ll be able to avoid having to pay for stamps, which can add up fast when you consider that the average household receives about 15 bills per month. Multiply that by 12 months and the current cost of stamps, and you’re spending more than $85 a year just on stamps. In addition, online bill pay can help you stay on top of your bills and avoid those unwelcome late fees and interest charges.
- Convenient. You can pay all your bills at once within seconds, saving you a significant amount of time compared to writing checks and addressing envelopes. Some financial institutions even include the feature of automatically making recurring payments on a regular basis.
- Tracks your finances. According to Lea Miller, a former accounting professional, you have access to your account anytime you want it, day or night: “And most [financial institutions] are set up for downloads so you can import your transactions to your money management software. If you ever have a problem with a creditor saying your payment was not received, the [financial institution] can provide tracking information showing exactly when and where the payment was sent.”
- Safe and secure. Your financial institution is always thinking about the security of both your finances and your personal information. Most use multiple methods to keep online bill pay as safe as possible.
Switching from traditional bill paying to online bill paying has many benefits that can help you manage your finances. To learn more about the options available, stop by today to get started.