5 bill payment services-and other automatic bill payment options


It takes more than enough money in your bank account to master all monthly bills. You also need organizational skills to pay all expenses on time.

No one wants to be charged late fees — or worse, their services are shut down or cancelled — because they forget to pay their bills on time.

One way to keep up with multiple bill payments is to seek help from bill payment services and let it do all the hard work for you.

What is bill payment service?

This is self-explanatory: they are automated online services that help you pay your bills through websites or apps.

Of course, the money still comes from your account. However, you allow the service to withdraw funds from your checking account and send it to your landlord, mortgage company, utility company, or other service provider on or before the due date of the bill.

You provide your bank account information and all the information about the account you want to pay to the bill payment company, and it will ensure that you pay the bills on your behalf-just like your own personal bill payment secretary.

You only need to set it once and no longer have to worry about remembering multiple deadlines.

What are the advantages and disadvantages of bill payment services?

Bill payment services may be a great tool, but that doesn’t mean they are suitable for everyone. The following are some of the advantages and disadvantages of using the service to pay bills automatically.


advantage

  • Arrange all your monthly payments in one place
  • Eliminate the hassle of having to remember multiple deadlines
  • save time
  • Help you avoid late payment fees or service interruptions


shortcoming

  • You grant third parties access to your bank account and/or service account
  • Some bill payment services cost money
  • If you set it and forget it but you don’t have enough money in your account, you will experience overdraft fees

5 bill payment services to help you budget

main feature

  • View bills as a list or calendar
  • Work with more than 11,000 service providers
  • Send reminders about deadlines

Prism is a useful application that allows users to view their income, account balance, and monthly bills in one place-and schedule bill payments for the day or in the future. It eliminates the need to log in to multiple websites to pay the entire monthly bill.

Prism

cost

free

Can be used as an application

Yes

Speed ​​up the billing manager

Best for Quicken users

main feature

  • Pay bills digitally or by paper check
  • Can view the status of sent bills
  • Access other Quicken features

You need a Quicken account to use Quicken Bill Manager, but if you have Quicken Premier or Quicken Home and Business, the service is free. Using Quicken Bill Manager not only can you send electronic payments, but you can also make payments to landlords or gardeners who only accept physical checks.

Speed ​​up the billing manager

cost

Use some Quicken accounts for free or $9.95 per month

Can be used as an application

Yes

MyCheckFree

Best for desktop users

main feature

  • Work with hundreds of service providers
  • Send email reminders of upcoming bills
  • Guaranteed bills will be paid

MyCheckFree allows users to receive and pay all bills on one platform for free. This service is only suitable for website use, but it is a good choice for desktop users who don’t mind a simple interface. The user must arrange payment a few days before the due date of the bill to ensure timely payment, but if you receive a late fee, the company will bear up to $50 in fees.

MyCheckFree

cost

Free, but payment on the same day may be charged

Can be used as an application

Do not

Payment trust

Best for those who are overwhelmed by paper bills

main feature

  • Handling electronic or paper bills
  • Send alerts about upcoming bills
  • Provide you with a bill payment report

Paytrust consolidates all your bills in one place-even those for which you do not have an online account. Simply redirect your paper bill to Paytrust and reduce the confusion in the mailbox. You can set up one-time payments or recurring payments, and synchronize multiple bank accounts. You can even add personal comments to your bill payment for record keeping purposes.

Payment trust

cost

Free for the first month, $9.95 per month thereafter

Can be used as an application

Do not

Silver ticket

Best for the elderly

main feature

  • Developed for the elderly
  • No need to log in to the computer to use
  • Visit a dedicated account manager

You do not need to be technically proficient to use this service. Although SilverBills does provide an online portal, you can set it up over the phone if needed. SilverBills handles electronic and paper bills. The company assigns each customer to a dedicated account manager, who reviews all bills received for any discrepancies.

Silver ticket

cost

10-99 USD per month

Can be used as an application

Do not

4 alternative bill payment methods

You can also arrange for automatic bill payment in other ways without the need to register for the service. You may already be familiar with these options.

Your bank or credit union

Many financial institutions allow their customers to set up automatic bill payment for free. When you log in to your online banking platform, look for information about setting up online bill payment.

Setting up bill payment through your bank is an advantageous option because you don’t have to provide your bank account information to another company. You only need to provide your service account information to your bank or credit union, such as account number, payment amount, and due date or payment frequency.

Your credit card company

Major credit cards also have free automatic bill payment. If your credit card provides you with points or cash back during the transaction, then paying the bill through the credit card is indeed very beneficial.

Similar to setting up bill payment through a bank or credit union, you need to provide the necessary information to the credit card company to arrange the upcoming bill payment. One thing to note is that your service provider may charge additional fees to process credit card payments.

Make sure to include it in your decision to use this option.

Also, please note that if you use a credit card to pay your bills, you will bear more debt. Paying your credit card bill in full each month will save you from negatively affecting your credit score.

Prepaid debit or credit card

If you have a prepaid debit or credit card in your name, you can set up automatic bill payment.

This will be similar to paying through your financial institution or credit card, but you must be more aware that you have enough money on your prepaid card to cover all upcoming bills.

Also note that some prepaid cards may charge you a monthly fee.

Your service provider

Another popular option for paying bills is to set up automatic payments directly through your service provider.

You will provide your bank information, debit card number or credit card number to your service provider (such as Netflix, your student loan service provider, or power company), and you will authorize them to withdraw funds before the due date to pay you Bills.

If you sign up for their automatic bill payment service, some service providers may even offer you discounts.

However, it is important to master the bill, not just set it up and forget it. If your bill is surprisingly high within a month, or if you incorrectly charge an extra fee, your service provider will withdraw the money from your account. If you don’t have enough funds in your account to pay for it, you will be overdrawn.

Final thoughts

If you have bill payments with multiple due dates throughout the month and find it difficult to keep up with all the bills, then using the bill payment service can improve your financial situation.

There are multiple options to get the job done. You can choose companies like Prism, Quicken Bill Pay, MyCheckFree, Paytrust, or SilverBills, or just set up automatic payments through your bank, credit card, prepaid card, or service provider.

No matter which route you choose, you can rest assured that your monthly bill is covered. No longer feel pressure to delay payment.

Nicole Dow is the senior writer of The Penny Hoarder.






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