By Joyce Morse for SafeBillPay.net
You may know that you can use the mobile app from your bank to pay bills on your smart phone, but did you know that you can choose from other companies for bill payments? This is ideal for people that have more than one bank account and want to manage all of their payments in one place.
Two major online bill payment companies provide their services throughout the US: PayTrust and CheckFree. We will go over the highlights of each one so you can make an informed choice of which one to use.
PayTrust works with any bank and allows you to make payments from up to 10 accounts. They even receive and manage your bills; however, you can still see either a summary of your bill or detailed information.
For each bill you add to PayTrust, you can get an email notification when it is coming due and set up a payment. You can also set up a recurring payment so you don’t have to deal with it each month.
For your peace of mind, PayTrust never automatically pays a bill unless you set it up that way. You can still choose to pay by another method at any time; for instance, by credit card or money order if you do not have enough money in your bank account. At this time, PayTrust only pays from checking accounts.
PayTrust sends payments electronically or by paper check, and they can be sent to individuals as well as businesses. Records are maintained online for 24 months and offline for 7 years. There is a fee associated with using PayFree.
MyCheckFree is another online bill payer that allows you to pay bills to any company they are partnered with. You set up an account with MyCheckFree and add any bills you want paid with account numbers. They will make payment through your checking or money market account or with a credit card if the payee accepts them.
MyCheckFree does not charge a fee to use its service. They also retain records of your bills for six months. If you are concerned about your payment arriving on time, you can rest assured with the MyCheckFree guarantee. They will take responsibility for any late charges if it does not arrive on time as long as you set up the payment in accordance with their guidelines.
There are advantages and disadvantages to both companies, depending on your needs. To learn more about each of them, here are links to their websites. These are not sponsored links or affiliate links. You are under no obligation to sign up for either service.
Online bill pay can make your life easier and save time that you would normally spend organizing and making payments. While it can be helpful, you are still in control of your bills and responsible for making timely payments to protect your credit.