The Benefits of Electronic Bill Pay
More and more businesses have started offering online payments for their customers. A customer can log into their website and pay their bills electronically via a secure portal. Many financial institutions have started to offer electronic bill payments or online bill pay. This feature allows customers to transfer money from their checking, savings or credit card account to a vendor such as a public utility, department store or an individual.
There are many benefits to using online bill pay:
Simplified Money Management:
When you use electronic bill pay, you can check your account balances and determine whether your bill payment has been scheduled and paid. Other benefits include: searching specific payments online, accessing online payment history, and setting up email alerts that keep you posted about scheduled payments.
Making online payments through your financial institution makes it convenient to pay all of your bills from one central location. You do not have to log into several websites and remember multiple passwords. Many providers also include an option to pre-schedule payments on their due date or another day of your choosing. Whether you receive your bills electronically or by mail, you can utilize online banking to schedule payments. After scheduling a payment, the financial institution will either pay those companies electronically or send them a paper check.
Financial institutions use the best security protocols to help keep your transactions secure. Several methods are incorporated into bill pay services to keep your information safe, including: usernames and passwords, security layers that help in preventing outsiders from attacking, encryption processes that keep your data hidden during electronic transit, and automatic sign off if your online session is idle for too long.
One of the biggest benefits of paying bills online is eliminating paper waste. Paying your bills online will reduce the quantities of paper bills and checks being mailed. In addition to eliminating paper waste, it also eliminates the costs of postage and envelopes.
Using an online bill pay service allows you to consolidate your bills in one place. Your bills are collected and emailed to you and then posted to your account. From there, they can be automatically paid from your account on the dates you specify.
It can be hard trying to keep track of all of your finances, but electronic bill payments help you organize your records. With all your bills and payments organized in one single place, you can easily tell if something is posted incorrectly, or if you missed a payment completely.
Saves You Time:
Once you have the electronic bill payment service setup in online or mobile banking, your bills will be paid within minutes with just a few clicks!
Today, banking online is considered to be much safer than paying bills by check and reduces the risk of identity theft. Although security risks exist online, it is still more secure than sending your personal information through the mail. People are increasingly shifting to electronic statements and making use of online bill pay, thus saving themselves time and money.
At Robins Financial, we offer a full line of free online services that make banking more convenient for our members while ensuring your accounts are protected. Enroll in Bill pay today in Online Banking to save time and money. To learn more about Bill Pay or any of our other features, give us a call at 800-241-2405 or stop by any of our branch locations.