What is a Bill Paying Service and Is it Worth It?
As our lives get busier, more and more services are created to help ease our burden and free up time in our busy days. One such service is a bill paying service, but what is a bill paying service, and is it worth it? We’ll provide details on what these services are and the value to those who use it.
What is a bill paying service?
A bill paying service, also known as a managed bill paying service, provides people with the option of having all their bill paying activities handled on their behalf. Unlike what banks and credit unions offer, which is essentially a platform to pay your bills online through one portal, a managed bill paying service goes a step further, handling all the tasks of paying each bill for you. The numerous tasks of receiving and paying bills each month can become overwhelming, time-consuming, and frustrating for the elderly, busy professionals, and entrepreneurs alike. These services allow you freedom from these responsibilities and the ability to have your bills received and paid on your behalf. Bills that can be handled on your behalf include utility, mortgage, insurance, telephone, cable, household vendors, and other bills.
How does a managed bill paying service work?
How these services work varies by company, but essentially here’s how a bill paying service works. You start by signing up for a service and providing information on all bills you want to be paid, whether they’re monthly, quarterly, or annually. Once started, the service will receive your bills and upload them to your dedicated portal, or you can also upload bills directly from your computer or send them to us via email. The service examines each bill for consistency and accuracy, monitoring recurring bills and contacting vendors if a bill has not been received on time. They’ll also alert you if a bill needs your attention or has been flagged for additional review. Once the bill is approved by you, the service sends out payments to your vendors, sending you notifications before your payment goes out as well as when the payment is complete. A monthly transaction statement will be sent to you with information for your records and reconciliation.
Why would someone use a managed bill paying service?
There are several reasons to use a this kind of service. For elderly individuals, bill paying can become overwhelming over time, resulting in late or missed payments. They’re also often the target of scams and can inadvertently be billed for something they shouldn’t be. A bill paying service would likely prevent this from happening. For busy individuals and entrepreneurs, it’s simply a matter of saving precious time each month that can be better spent elsewhere.
Are these services worth it?
For many people, a professional service like this makes sense. For older individuals, it can provide protection and peace of mind. For children of aging parents, having someone to watch over their parents’ bills when they’re unable to is invaluable. Busy entrepreneurs can use the time saved to apply their efforts towards their business, and busy professionals can take advantage of the time saved to spend time with family and friends. It’s also very affordable. Depending on how many bills are managed each month, flat fees can start below $100. Between time saved, peace of mind, and security, the small investment is well worth it for most people.
Services like this are providing people with the security of knowing their bills will be handled quickly, professionally, and efficiently each month while still providing complete access and overview of all transactions. Services such as Bill Simplicity allow individuals to live their lives with less stress overall.
