Money management services have come a long way over the years. It used to be that there were very few options for help managing day-to-day finances and bill paying services were all but non-existent. However, in more recent years, bill paying services are becoming more in demand by seniors, business owners, entrepreneurs, and others looking for help managing bill paying activity. See how bill paying professionals are changing the money manager industry and what that means for you.
Bill paying services vs. daily money managers
Though there is some overlap between the two, professional bill paying services are different than daily money managers. A daily money manager provides personal financial services to individuals such as bill oversight, including calls to payees regarding incorrect bills, reconciling checking accounts and investment statements, preparing, and making bank deposits, organizing tax documents, negotiating with creditors, reviewing medical insurance papers, and verifying processing of claims, and providing organization of financial papers and systems. Services vary by DMM but tend to cover a broad range of activities. On the other hand, the single purpose of a bill paying service is to oversee the ongoing payment of bills for older adults, busy professionals, and small business owners. They focus exclusively on ensuring bills are paid correctly and in a timely fashion each month while allowing clients full access to their activities for complete oversight and transparency. The purpose of a bill paying service is to simply remove the inconvenience of bill paying activities for those who no longer have the ability or time to handle the task on their own.
How professional bill paying services impact money manager services
In the past, if professionals or individuals were seeking help with bill paying activities, money managers were one of the only professionals that could accommodate those needs. Since money managers offer so much more than just bill paying management, it was challenging if not impossible to find a professional who handled bill paying exclusively. With the more recent advent of bill paying services, this concern has been eliminated, opening up more affordable options for seniors, adult children of elderly parents, busy professionals, and entrepreneurs. With systems dedicated exclusively to bill management, customers have better oversight over their bill management service as well as more dedicated customer service. That’s impacting the money manager industry.
Affordability, convenience, and dedicated service options for bill management
Professional bill management services have many benefits. When compared to money manager services, the main benefits are affordability, convenience, and dedicated service options. As more people seek assistance with bill paying efforts, working with a company that exclusively offers bill management is a smart move. Bill paying services tend to be more affordable than other money managers that offer bill paying as one of several services in their portfolio. Systems dedicated exclusively to bill paying offer convenience that others may not be able to provide, such as a dedicated bill pay assistant.
If you’re looking for assistance with bill paying management, consider using a professional bill paying service like Bill Simplicity to provide you with the most committed, focused service possible.