The Benefits of Online Bill Paying

Next time bills are due forget sticking stamps and signing checks. Choose online bill paying and manage your business finances simply and quickly with the click of a mouse.

Take a few minutes to set up this worry-free bill-paying strategy and your company will reap the rewards. From ensuring debts are paid on time to improving credit scores, online bill paying offers a host of benefits.

Check with your local bank and service providers to verify how to set up their electronic payment method. It may be as easy as creating an account on the institution’s website or providing a voided check and authorization to start the bill-paying process. Or if you plan on paying all your bills online, consider bill-pay services like Paytrust.com or MyCheckFree.com. Both manage all your bills on one website, notify you of due dates, and accept electronic payments for free or a small monthly fee.

No matter which method you choose, here’s what online bill paying can do for you:

Ensure bills are paid on time.
Because online bills are paid the moment you click “send,” it’s much easier to guarantee payment is received on time. Have bill notifications sent to your email to keep a reminder in a place you visit often. And if you’d like to automate the process, see if your service providers offer automatic withdrawals to have your payments taken directly from your bank account—just be sure your finances are always in tip-top shape to prevent overdraft.

Cut costs.
Over time, the cost of postage can add up. If your office pays 20 bills a month and sticks a 42-cent stamp to each, you’re shelling out more than $100 a year on postage—not to mention the amount you pay the employee to manage the checks.

Improve credit scores.
By helping you to always pay your bills on time, online bill paying can boost your credit score. Set up automatic withdrawals and you’ll never have to worry if the check was received on time.

Save time.
Establish electronic payment methods and you can nearly eliminate bill paying from your monthly routine, leaving you time to tackle more pertinent projects.

Reduce clutter.
Online bill paying is an often-overlooked way to “green” your office. According to the Natural Resources Defense Council, a typical office disposes of 350 pounds of paper per employee per year. Reduce that number—and your trips to the recycling center—by paying bills online.

Despite all its benefits, online bill paying still has a few drawbacks. Understand these possibilities before jumping to the Internet.

Security
Although the risk is low, there’s a chance your online bill paying security will be compromised. Check for a VeriSign Secured seal—this security mark shows the billing site is secured using industry leading SSL technology. Choose passwords wisely, using a mix of letters and numerals, and log out of your session as soon as you’re finished. Thoroughly review every transaction you conduct online.

Errors
Because online bill paying can become a mindless task, it’s easy for mistakes—like paying the wrong amount or not recognizing a blunder in the bill—to slip in. Check your bills and payments for accuracy on a regular basis to keep your finances in check.

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