While most people use mobile banking apps or online accounts to pay their bills, they frequently become confused by the various options available. Do you need to pay through the billing company? Is it better to pay through your bank? Can you use both options simultaneously? Understanding how to go about with online payments will help you understand the benefits of each option and streamline the process.
How to Pay a Bill Online
There are two main categories of bill payments for mobile and web.
Generally, you can use your credit/debit card or arrange with your bank to debit it from your account when paying on the billing company's site or app. One benefit of doing so is that you know the exact amount to be paid; however, if you have multiple bills, it can be tedious to log in to multiple sites each month.
The other option is to pay a bill through your bank; almost all banks, financial institutions, and credit unions offer this service. You just need to set things up using your mobile banking app/online account and, after a few seconds, you can make a bill payment. It is as simple as choosing the payee/s, keying the due amount, and selecting a delivery date.
The Benefits of Online Transactions
Your payment dates can be synchronized with your paychecks/pay bills from different accounts when you pay online using a mobile device. Most banks and billing companies use top-notch security features; for example, Bank of America encrypts your personal information so it cannot be read during transit and automatically signs off when your banking session is open but inactive for a long time.
Overall, electronic payments allow you to manage, monitor, and review your payments, whether you pay through your bank or a billing company. You can also search for specific bills that you paid. When you pay a number of bills simultaneously online using your bank's website or mobile banking app, you can view your payment history. Many banks also offer email reminders of when payments are due."""