Best Online Bill Payment Services

The internet makes it easy to pay bills quickly and easily for anyone. Using an online bill payment service, you can set up a secure online account that allows you to pay all of your bills from one place, saving time and effort. Not only that, but you can avoid payment delays thanks to automated payments or scheduled reminders and alerts.

How Online Bill Payment Services Work

Enter your monthly payments into the bill payment service you choose. You will need to know the payee’s name, address, and phone number, your account number, and the amount due for fixed payments that remain constant each month, such as a car payment or mortgage payment. For variable costs, like electricity or water bills, you will need to adjust the amount each month. You can also specify a payment date.

What to Look for When Using an Online Bill Payment Service

When choosing the right bill payment software for your situation, you’ll want to consider and compare price, convenience, reliability, ease of use, accessibility, security, automation, and protection.

Benefits of Paying Bills Online

Each online bill payment service – whether it’s specialized software, an app, or a website – will offer slightly different benefits. These may include same-day payments, handling paper bills, or automatic payments and forgetfulness.

You will also save money on checks, postage, and late fees by signing up for a service that fits your needs.

Learn About Some of the Best Bill Payment Services, How They Work, and How They Help You Manage Your Money

Prism

You will never have to miss another bill with Prism Money. This app tracks your bills for you and sends updates and reminders as the due date approaches. It provides an overview of all your bills in one place and allows you to pay each bill however you want: with a credit card, debit card, prepaid card, or your bank account. Plus, Prism even offers same-day bill payments, which can be helpful if you forget a bill until the last minute.

Quicken Bill Pay

You can use Quicken Bill Pay as an add-on service for the Quicken financial software, or you can use it on its own. If you are a Quicken Starter or Deluxe customer, the Quicken Bill Pay service costs $9.95 per month. If you have Premier, the service is free.

Quicken Bill Pay lets you pay all your bills from one place. You can access electronic and paper bills, as well as review and schedule everything directly from your dashboard. Also, when you pay bills through Quicken Bill Pay as a Quicken user, the transactions are automatically updated.

Note: Keep online bill payments secure by not sending account information via email, and use a service that guarantees two-step verification.

MyCheckFree

MyCheckFree, from banking giant Fiserv, lets you pay bills online from hundreds of companies. Although the website’s design is dated (the service’s mascot Scout the dog “fetches” your bills), the price of MyCheckFree (free) plus the 100% satisfaction guarantee make it worth a look.

Paytrust

The Paytrust service includes handling your paper bills by scanning them and displaying them online. Since it also handles electronic bills, this means that regardless of the type of bills you receive, you can pay everything in one place.

Paytrust offers a free one-month trial; the service costs $9.95 per month thereafter.

Cards

Prepaid or Credit Cards

If you have a credit card or a prepaid card, you can use it to pay bills online. For prepaid cards, you will need to make sure the card is registered in your name and loaded with enough funds to cover the bill. Credit cards are already registered in your name and are paid using your credit limit.

With both types of cards, you can make a one-time payment or set up recurring payments. If you have a credit card that gives you cash back or points for purchases that you pay off every month, using this type of online bill payment can be particularly beneficial.

Note: Most utility and loan companies allow you to set up automatic payments from your bank account. This can be useful for bills that vary in amount each month.

Your Bank or Credit Union

Many banks, brokerage firms, and other financial institutions offer free online services, including bill payment through their websites. However, these online banking sites may not provide all the features that a dedicated online bill payment service offers. Consider the reasons for using online banks and their services to see if they can meet your needs.

Financial institutions that offer bill payment services usually allow you to schedule payments in advance, which can help avoid late payments.

Through the Company’s Website

Of course, you can always visit the website of the billing company or the online bill payment portal to pay it directly. When choosing this method, you provide the recipient (whether it’s a utility company, mortgage company, telephone company, or another service provider) your financial information and authorize them to withdraw the amount of your bill.

Takeaway

There are several easy and quick ways to pay your bills online each month. Paying bills online can save you time and money. When choosing the right online bill payment method, look for those that are free or low-cost, secure, easy to use, accessible, and reliable. Set up online bill payment through an app, your bank or credit union, the recipient’s website, or by using a prepaid debit card, or with the help of computer software.

Frequently Asked Questions (FAQs)

Is using an online bill payment service safe?

Yes, if you use a secure and reputable site with strict verification processes, paying bills online can be safer than paying with paper checks that contain all your financial information printed on them.

Do I need a checking account to pay bills online?

In most cases, paying bills online requires a checking account. Some payment methods, like a prepaid debit card or a cash management app, may allow you to use the service without a checking account.

Does it cost to use the bank’s bill payment service?

Most banks offer bill payment services to account holders at no additional charge, but there may be balance or usage requirements to access the service for free.

Source: https://www.thebalancemoney.com/best-online-bill-paying-software-and-services-1293908

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