I love paying my bills online. If it is possible for me to pay a bill online, I will. I think I’ve only written about 3 checks in the last year, and they were sent to individuals, not companies. My wife writes about one check per month to pay for singing lessons. Other than that, almost every bill we pay is done online. I love the convenience!
Besides the convenience factor, there are other advantages to paying bills online.
Save money. In May, the price of a first class Forever Stamp rose to $.42 and the USPS can raise the price of first class stamps once per year. Sure that isn’t much if you send one or two letters per month. But if you have 10 or more bills you need to pay every month you will be spending almost $5 per month. Online bill pay is free at my bank (and most banks) so that adds up to a savings of almost $60 per year.
Save Time. I can gather a stack of bills, sign in to my bank account, and pay my bills in less that 5 minutes. To further streamline the process, I stack the envelopes up next to my computer and leave them there until the end of the week. Then I open them all and process them at the same time. It’s much easier than my old process of opening the bill when it arrived, placing it in a stack, moving it from here to there for no apparent reason, trying to remember where I put it, then scrambling to find it right before the bill was due. I wish it didn’t take me so long to learn how to simplify the process!
Improve Security. Using online bill pay can improve your security and can help prevent identity theft by reducing how often your checking account information is “out in the wild.” A common method identity thieves use for stealing identities is stealing checks and checkbooks, bills, and statements.
Help the environment. Reducing the amount of paper used saves thousands of trees every year. Fewer envelopes also reduces fuel consumption which in turn reduces greenhouse gases and fuel emissions. More trees plus fewer emissions means cleaner air. I like it! Paper production also produces billions of gallons of waste water each year. For more information about how using online bill pay can help the environment, check out Pay It Green. It’s amazing how much of a difference can be made if everyone takes a few small steps to improve the environment.
Take advantage of online bill pay and its benefits. Almost every bank offers online bill pay, including the bank I use regularly (USAA). If yours doesn’t, consider changing to a bank that does. It will save you a lot of time and money, it’s more secure, and it’s great for the environment.