6 Benefits to Using Electronic Bill Pay
Paying bills is a monthly test of a person’s organizational skills. You need to keep track of how much money you have, the date and amount of each bill that’s due, where to send it, and when to send it by so that it shows up on time. And oftentimes issues come up that threaten to derail your plans to get it done.
People often manage through some combination of physical, online, and even over-the-phone payment methods in order to cross each bill off the list every month. This money management mash-up may work, but it’s susceptible to mistakes and security threats that can put an added cost to your bills. To simplify this task, an online bill pay service gives you more control and a better view of your finances. Here are six benefits of using electronic bill pay to help manage your money each month:
That means fewer visits to the post office to get stamps or rummaging through your drawers to find your stamp books. It may seem like a small thing, but not paying for stamps and envelopes really matters over a long period of time.
Pay all your bills from a single place to give you the clearest view of every dollar that’s being sent out. Whether it’s from your computer, phone or tablet, you’re able to access your account from anywhere to make last-minute changes or add one-time payments.
Financial institutions apply the most secure data protection technology to keep personal and financial information safe, while sending payments by mail can be a target for identity theft. Also, rather than logging in to multiple sites to pay bills individually, you’ll only need to log in to your bank’s site or mobile app. This reduces the number of sites that you provide personal information, reducing the odds it falls into the wrong hands.
Managing your bills in one place doesn’t just make it easier to do, but it also gives you the best view of your finances as a whole. You’ll be able to see when funds need to be shifted or added, which is easy when it’s connected directly to your bank. Staying organized like this helps save you time and stress.
Setting up recurring payments means you don’t have to worry about them each month, checking one more thing off your to-do list before it even gets there. This takes the stress out of making sure your payment is received on time, and you still have the power to stop a payment if needed.
Paper statements, envelopes, stamps, and even the environmental costs of transporting your physical payments all add up. By enrolling in online bill pay, you remove those environmental costs from the mix.
With a clean view of your finances and the power to manage payments from anywhere, electronic bill pay provides the simplest solution to stay on top of your expenses.