Benefits of paying your bills online
The cost of everything is going up, including a postage stamp. Thankfully and conveniently technology has caught up with personal needs to the degree that people are able to pay their bills without licking a single envelope or peeling a single stamp. The convenience of paying bills online is available for everyone. Consumers have several different ways they can pay their bills using online services, too!
Automatic Bill Pay
You can setup with your vendor, whether it is the electric company or a storage unit, automatic bill pay. Your debt for the month will be automatically withdrawn from your bank account or credit card without action on your part. This is convenient for people who travel a lot or are just naturally absent-minded. The drawback to this is that you need to be sure that the money is in the bank when the vendor wishes to withdraw the money or you'll be hit with overdraft charges.
Bank Bill Pay
You can visit your online banking center to pay your bills. Most financial institutions provide this service. Some banks will provide this service for free or a small monthly fee. Many banks will give a limit of how many bills can be paid each month without a service charge. This is a convenient method of paying your bills online because everything is in one place and your financial information will remain more secure. The convenience of one-stop shopping, and financial information security make this a very good idea.
Pay Through Vendor Sites
Paying through online vendor sites is the quickest way to get your payment to the right place. If you are a procrastinator this option is a good choice. Visiting each web site the cellular phone bill and the water bill will be paid directly to the company through your input of checking account or credit card information. Downfalls to this choice is that your financial information is all over the place and it will take only one of these vendor sites to be compromised for you to be a potential victim of identity theft. Another downfall is that there is a lot of finger walking. Each web site will need to be visited individually and the bill paid.
In addition to visiting web sites for banking or vendor bill pay there is software available that is installed on your computer which can be linked to send payments to each of your creditors. For example, Quicken, by Intuit, is a reasonably priced software that can be used to keep all financial information, from bills to investments, in one place. It is crucial that a computer that is accessing the internet through software is secure from threats of infiltration. Anti-Spyware software utilities and Windows Firewall will help to keep your private information private, even on a computer that is on the internet all the time.
The convenience of paying bills online must be weighed with the potential hazards. A couple words of advice may help you to make good decisions while paying bills online. The vendor and your bank will NEVER ask you for your login and password information. Under no circumstances should a person give out this information even if the request seems official and on the up and up. Be wary of anyone asking for this information.