Daily Affirmation

Excerpted from
"The Wealthy Spirit"

Courtesy of
Chellie Campbell


Guide to Online Bill Payment 

Experts estimate that the average American spends about two hours a month paying bills – if they rely on writing checks. However, millions of consumers have made the switch from opening bills, writing checks, stuffing envelopes and buying stamps to paying their bills online – and they are saving time and money in the process.  

In most cases, you can sign up to receive and pay your bills online for free at the bank, brokerage or credit union where you manage your household finances. These services enable you to pay anyone online – from your cell phone provider to your babysitter. 

Many companies also enable customers to receive bills online, making the process even more streamlined. These electronic bills, known as e-bills, contain the same information as paper bills and are received online through your bill payment account rather than sent through the mail. If you choose to sign up for an e-bill you can “turn off” paper copies and eliminate a bill from the stack – not to mention eliminate sensitive information from your mailbox. Plus, e-bills can always be printed if needed. 

Receiving and paying bills online offer many benefits:  

  • Convenience— Pay bills when you want, where you want, and never pay another late fee. If you receive and pay bills at your financial institution’s website, you only need to enter billing information, such as your account number, one time. Once the bills are entered into the service, you can pay everyone online in minutes, rather than repeating the same process longhand each month. Plus there’s no need to buy stamps or mail the bills.
 
  • Be Better Organized— Replacing paper bills with e-bills is a great way to get better organized and control clutter. Receiving bills online ensures nothing gets lost in the mail pile, and you can sign up for email reminders to let you know when a bill has arrived. You can even sign up for reminders that let you know if a payment has not been scheduled by the due date – helping to eliminate any forgotten payments.
 
  • Help our Environment— According to Javelin Strategy & Research, if all U.S. households viewed and paid their bills online, it would save 16.5 million trees annually, and reduce toxic air pollutants by 3.9 billion pounds of CO2 equivalents (greenhouse gases), similar to having 355,015 fewer cars on the road.
 
  • Build and Maintain Good Credit—According to FairIsaac, payment history impacts 35 percent of a consumer’s credit score, a prime factor in considering someone for a new credit card, mortgage or auto loan. Features available through online bill payment - such as automatic payments and email reminders - can help you maintain good credit or improve existing credit by helping facilitate on-time payments.
 
  • Be More Secure— Online bill payment services provide multiple layers of security protection and the highest levels of encryption “behind the scenes”. Unlike paper payments, electronic bill payments are often backed with a guarantee to protect you from liability for fraud and late fees. Replacing paper bills and statements with electronic versions allows you to eliminate personal information from unsecured mailboxes, where it can be a target for theft. In addition, a 2007 report from Javelin Strategy & Research revealed that monitoring accounts regularly online is effective in faster detection and resolution of identity fraud than waiting for paper bills and statements.
 
 

Getting Started 

Step 1  Find out where you can enroll:  

      Visit www.eBillPlace.com to learn more about receiving and paying bills online, and to view a list of banks, credit unions and brokerages where you can securely receive and pay bills. If your bank does not offer the service, you can also get started at www.MyCheckFree.com. 

      Step 2 To enroll, visit your bank's website and search for information on paying bills online, then follow the simple instructions. Make sure to have your account number handy.  

      Step 3 Add your bills:  

      As paper bills arrive in the mail, enter the payment address, phone and account numbers listed on each statement into the service one time. You can do this one bill at a time, or have a pile ready.  

      You may notice an “e-bill” icon beside the name of a bill you have entered into the service. This icon indicates that the company offers electronic bills, which are delivered online but contain the same information as paper bills. To see the list of e-bills you can receive, visit www.eBillPlace.com. 

Step 4  Pay your bills:

        •    Log into your online account at a convenient time.
        • For each bill, enter how much you want to pay and on what date.
 

      Step 5 Bill paying is finished in minutes instead of hours!  
       

 

About the Author 

Judy DeRango Wicks, APR, is Vice President of Corporate Communications for CheckFree Corporation, now part of Fiserv (NASDAQ: FISV).  CheckFree is a leading provider of financial electronic commerce services and products, and the leader in electronic billing and payment. Wicks and her team focus on promoting the benefits of receiving and paying bills online, and visibility for these services at more than 3,000 partner sites such as Bank of America, US Bank, Wells Fargo, Wachovia and SunTrust, and hundreds of  billers that offer CheckFree e-Bills.