What Is a Bill Payment Service?


Quick Answer

A bill payment service provides people with numerous tools to help manage monthly debt obligations, all in one platform. Users of bill payment services commonly avoid late-payment fees and fees for bouncing checks if they cannot manage a large volume of monthly debt.

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What Is a Bill Payment Service?
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Full Answer

As of 2015, several large financial institutions, including Wells Fargo, Bank of America and Chase Bank, offer extensive bill payment services. Users receive timely alerts by email or phone, letting them know how much and when a bill is due. Other tools include money-management applications, budgeting software and automatic bill-pay. If users choose the automatic bill-pay feature, they can decide which bills they want the bill-paying service to pay automatically through a deduction from an approved account.

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