Q:

How does the BillMatrix bill pay system work?

A:

Quick Answer

The BillMatrix bill pay system works by allowing consumers to make payments to businesses without providing their financial information. BillMatrix is a third-party payment processor, and it charges a fee to consumers who use the service.

Continue Reading

Full Answer

When a customer schedules a payment with BillMatrix, BillMaxtrix schedules a payment on the customer's behalf. BillMatrix withdraws the funds from the customer's bank account and passes them on to the business. This process can take one or more business days, and the customer may see a delay in the payment posting to their account with the business. BillMatrix submits the payment information to the business by BillMatrix before 6:00 p.m. CST, Monday through Friday. It may take up to three business days to withdraw the funds from the customer's bank account or credit card.

Customers have three different payment options when using the BillMatrix bill pay system: a checking account, a debit card or a Discover credit card. Discover credit card transactions carry a fee of $12.95, while checking account and debit card transactions incur a fee of $5.00, as of April 2015.

A variety of businesses use the BillMatrix bill pay system, including the auto manufacturer Nissan. BillMatrix also states that its payments are secure because the company is part of the VeriSign Secure Site Program.

Learn more about Personal Banking

Related Questions

Explore