If you are like most people, you know that paying bills is an important part of maintaining good credit. If you are late or if you miss payment on a particular bill, you could soon find yourself hit with dunning letters or worse: your credit score could take a hit. Thanks to online bill paying those cares are done away with for the most part. If you aren't paying the majority of your bills online then you are missing out on a step that is convenient, affordable, and a great organizer.
Online bill paying came of age in the late 1990s when many commercial banks began to encourage this option for their customers. Many banks charged a nominal monthly fee for this service but quickly did away with it once they realized that check processing fees were dropping dramatically and when small competitors rushed in to offer their online bill paying services for free.
Starting online bill paying is easy and your current bank may already offer this for you. If so, simply ask your banking representative how to sign up and then take it from there.
If you bank doesn't offer online bill paying, consider visiting a competing bank to open up a checking account with them. Shop around as several banks still offer free checking or free checking with a minimum monthly balance.
If online bill paying is offered, you can benefit by:
Scheduling monthly payments that are for the same amount every month such as your mortgage, car loan, or student loan payment.
When bills arrive, log on and set up payments to be paid on days that you designate. Pay the phone bill on the 9th, the water bill on the 14th, the cable bill on the 16th, your store card on the 21st, and so on. Or, you can simply enter the amounts due and payment will be made to each account as soon as possible.
Even if you wanted to make payment to a friend in another state you can set up a ?bill payment? for them and the bank will write out a check and deliver it to them with no additional charge for you.
Best of all you can track bills, transfers, debits, and credits from the convenience of your computer. You get instant access to your statements; no need to wait monthly for your post office delivered paper copy: you can read an up to date statement at any time of the day!
Yes, online banking is here and it is here to stay ? have you taken advantage of this terrific method of paying and tracking invoices yet?
Almost everyone has found themselves face-to-face with this situation: It's 6 p.m. the day before a big bill is due, and you've forgotten to make the payment. What can be done to avoid big late charges? Online wire payments can often be the answer. Simple, quick and easy, this method of payment is fast becoming the way bills get paid.
It used to be online payments were considered "newfangled," unreliable and even a little scary. But, thanks to some major advancements in security, online payments are the favored method for paying everything from credit cards to mortgage payments and beyond. Even many local utility companies around the United States accept online payments readily, making them convenient for such things as electric and water bills, too.
The advantages to online payments are many, and include:
* Simplicity. There are no checks to write, stamps to find and envelopes to fill out. All it takes is a computer, Internet access and generally a checking account or credit card.
* Speed of credit. Online payments are generally credited much more quickly than a check sent by snail mail would be accepted. In some cases, it might not be possible to avoid those late charges, but in many others online payments will make it possible.
* Security. With major encryption programs now available, many online payment services are perhaps even safer than mailing paper checks. Plus, there's no fear of the payment getting lost in the mail.
It's easy to see why so many are turning to online payments to make sure their bills get paid, but what about other uses?
Online payments and wire transfers are taking over where the old wire service companies of days gone by left off. Rather than having to get into a car, go to the bank and withdraw money, and then load up and head to the wire transfer place, these online services allow customers to get it all done without leaving their own desks.
Now, it's as simple as logging on to a payment site, punching in a few numbers and hitting send. Within no time at all, the person on the other end will have the money needed for paying bills, handling emergencies or even enjoying a fun night out. The service is quick, easy and generally quite secure.
When using payment services, however, customers can do themselves a favor by checking into security features. Good payment services offer encrypted protection that's generally overseen or at least certified by another agency. Look for information about security on the web site you intend to use before proceeding.
Online payments and wire transfers take the guess work and security concerns out of dealing with money. They once were considered a fad, now they're a trend that's showing no signs of going away. With companies from electric utilities to auto loan writers accepting payments in this manner, it's no wonder they're the way business is getting done.
Plus, online payments are great for one-time wire transfers and even as a full-time payment method for small businesses. Quick and convenient, the services allow the transfer of money without anyone involved ever once having to go to a bank.
Both Jeff Lakie & Tom Sample are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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