If you’re looking for a way to pay your bills, an online bill pay service can help you do just that. Online bill pay is offered by many banks and credit unions to help customers pay bills. Here we’ll tell you more about what it is and how to use it.
What does a bill pay service do?
Online bill pay enables you to view, schedule and pay your bills right from your computer, tablet or mobile phone. Online bill pay works by deducting a payment from your account balance and transferring it to a service provider. This service may be included as part of a checking account's features.
How does bill pay work?
Rather than sending a check to your electric company via mail, for example, you can have your payment deducted electronically in the form of a one-time or recurring payment. Just note that the payee will need to be added to your account and be able to accept electronic payments for this service to work.
What is bill pay used for?
Online bill pay services can be a helpful tool for organizing your bills and paying them on time. Some of the most common payment examples are for:
- Utilities like gas and electricity
- Communications like phone, cable and internet
- Rent or mortgage
- Credit cards
- Auto loans
- Gym memberships
- Ongoing charitable donations
Types of payment options
With a bill pay service, you’ll most likely have a few payment options to pick from. These typically include one-time and recurring payment options. Learn more about how you can set up your bill pay service if you already have a checking account.
Whether for one-time or ongoing payments, an online bill pay service can help you organize your bills and keep track of due dates. After all, it’s always great to have a few less things to worry about.