What is offered by online bill payment services?


Quick Answer

Banks offer online bill payment services that allow users to set up bill payments to whomever they want. Online bill payment services offered by specific companies, such as cable companies, allow users to pay only the bill due to that specific business.

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What is offered by online bill payment services?
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Full Answer

To use bill pay through a bank, a customer should verify with the payee that it accepts bill pay this way. After such confirmation, the customer should keep the copy of his bill handy. To establish online bill paying, the customer must access his bank online account, set up a new payee, using the company name, and input his address and other required information. The bank saves the information, so if the customer wants to make payments to the same company in the future, he needs to only change the bill payment amount. Depending on the payee company, the bill payment might be made electronically or via a mailed paper check.

To pay bills online bill with a service provider, such as a cable company, a customer typically needs to submit a voided check and form or to supply checking account information online to the provider. Many providers allow automatic bill pay, which can be helpful and convenient for customers who tend to have ample funds in their accounts.

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