Eliminating unnecessary hassles and distractions from your normal routine gives you more time to focus on the things you care about. Paying bills is a necessary part of life, but writing and mailing checks is time-consuming and tedious. Online bill payment is a common alternative to paying bills with checks or cash that can save you time and money while protecting you from credit mishaps such as late and missed bill payments.
Automatic Bill Payment
If you find yourself paying a half-dozen bills or more each month, you are not alone. ABC News reports that the typical consumer pays eight to 15 bills every month. With so many different bills, it is easy to misplace a one or simply forget to pay. Internet bill payment allows you to pay all of your bills automatically on a recurring schedule, which reduces the chances of late and missed payments.
Saving Time and Money
Writing a dozen checks takes time, especially when you have to double-check the information you need to fill them out. In addition, mailing checks costs money in the form of envelopes and stamps. Many banks offer online bill pay free of charge, so enrolling in this feature can eliminate those costs. Setting up online payments can save time because you don't have to pay each of your bills manually each month. Your bank automatically withdraws funds to pay your bills, so it doesn't matter if the payment amounts on bills vary each month, so long as you keep enough money in your account to cover your bills.
Keeping records is an essential part of financial responsibly. When you pay bills online, your financial institution automatically creates electronic records documenting your payment history, which makes it easy to verify bill payment without keeping separate records yourself. Electronic records prevent clutter and wasted paper, and you always have access to them and can print them as necessary if you need physical copies.
Online bill payment allows you make financial transactions remotely, which may enable you to pay bills in situations where you couldn't pay them otherwise. For example, if you were traveling abroad and realized that you needed to pay a bill, it would be difficult at best to arrange to send a check that the creditor would receive the same day. Internet bill payment lets you pay bills at any time of day from anywhere in the world as long as you have Internet access.
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