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Ever feel like keeping rails of your bill due dates is a whole task in itself? If so, then the perks of electronic beak payment services (EBP) may exist the answer for you. As its proper name suggests, EBP is all about paying your bills online. Rather than going through the process of writing out a bank check and sending it in through the mail or taking cash to a walk-in location for a cashier to apply to your account, for example, you can simply send your payment directly from your bank business relationship automatically or in one case only.

It sounds like a helpful solution — and information technology is — but what exactly makes EBP such an effective cyberbanking option? To find out, accept a deeper look into what EBP is, how information technology works and how it can help you streamline your budgeting process. Then, learn more about how to set up your bills to automatically pay themselves electronically if yous determine to give it a go.

How Does EBP Work?

Yous can more often than not gear up EBP in 1 of two ways. The commencement is through your depository financial institution or credit marriage. These days, online cyberbanking has become a huge component of many banks and credit unions, and information technology'due south easy to detect a financial institution that offers EBP as an option if yours doesn't already. Nigh likewise offer EBP as a gratis service to all customers who have checking accounts.

The other way to send an electronic bill payment is directly through the website of the company you want to pay. Many companies now offer EPB as a payment option to their customers because it'due south faster and easier all around.

EBP is easy to set and allows you lot to ship your payment with a few simple clicks. If you choose to fix bill pay through your financial institution, you'll log onto your online business relationship and enter the information needed for all the companies you lot need to pay. You lot should also take the pick to select whether yous'd like to send a one-time or recurring monthly payment and cull the date when you lot'd like the bank to send the payment.

Many companies too offer electronic neb payment options on their websites. When yous log in to your business relationship on the visitor's site, yous can see how much you lot owe and fifty-fifty choose to go paperless (email) billing statements. If yous want to send an electronic payment, only navigate to the "bill pay" section and type in the amount y'all desire to pay, the date you want the payment to go through, and the checking account or credit or debit card you'd like to use. Ostend your option, and you'll be gear up. Some companies' sites besides let yous automate this process; with your permission, they tin deduct an amount from your menu or bank account each calendar month.

The Perks of Electronic Payment

Once you start paying your bills online, you lot might never expect dorsum. EBP comes with various perks that can help you keep track of your bills — and get them taken care of — easily.

On-Time Payments Are Simpler

EBP is effective when it comes to recurring bills due monthly. Keeping up with a whole list of different due dates can go exhausting when yous have to recollect when to send your mortgage or rent, cell telephone, utility bills, auto loan, credit card and other payments. Most electronic billing systems permit you to prepare upwards recurring payments that go through automatically each month on the date you select. These autopay options e'er satisfy your payment, even if the bill slips your mind. That can be ideal for keeping your accounts in skillful standing and preventing tardily fees.

You'll Stay Organized

If you choose to prepare up EBP from your bank business relationship, you lot'll enjoy the perk of beingness able to admission and pay all of your bills from the aforementioned place. Just, information technology's also easier to stay organized if you sign up for EBP on various company websites. When you lot're setting up recurring payments, you might aim to select the same payment date for everything, even if that ways that some of them may go through early. Your paydays may be a good choice. This way, yous tin pay all of your bills on the aforementioned date and eliminate the gamble of one going through when you're low on funds. Just brand sure you know the total of all your bills each month if you choose to get this route. That manner, you can brand sure you have enough money to cover them all.

You Can Relieve on Cost and Time

Nigh electronic payment systems let you relieve your payment information so you don't accept to go through the process of re-inbound every particular each time y'all want to make a payment. In the example of autopay, you never have to enter information technology again unless you need to make changes or updates. This saves a neat deal of time and money each month past cutting out the need for stamps, envelopes, checks or money orders, and even trips to the post office. Information technology's likewise better for the environment for these same reasons.

EBP Is Secure

Financial institutions and online payment services take security seriously. Banks use top-of-the-line information-protection software and other features to make certain your sensitive financial and personal data stays secure. Setting up bill pay directly through your banking concern likewise cuts down on your need to enter your data on multiple sites. Sending payments through the postal service comes with the risk of everything from identity theft to belatedly deliveries to lost payments.

Belatedly Fees Are Less Likely

Fifty-fifty if yous don't ready automated billing, EBP can still help you avert belatedly or insufficient funds fees. Sending a check in the mail requires getting it to the mail office a few days early to make certain it's delivered by the due date, even if you don't even so accept the funds in your account. If you ever observe yourself hoping your paycheck clears earlier a payment does, you'll worry less past paying automatically through the company's website. As long as you lot brand your payment by the engagement the company requires — ordinarily the due appointment or a day before — almost companies accept information technology as a timely payment, even though it takes a few days for the money to actually transfer out of your account.