By Mohammed Waseem
With more and more companies coming up with bill payment services, Americans have a wide range of options to choose from. In order to have the competitive advantage, every company tries to do things differently or innovates. One of the options Americans have for bill payment is Quicken Bill Pay, which is an online bill pay service that works with Quicken Personal Finance Software (a desktop software for personal finance management), although the service can work independent of the software. The bill payment services they offer are provided by Metavante Payment Services.
With Quicken, users can receive, view and pay bills online. They can receive email notifications when the bills arrive, view the bills with complete details and pay the bills. The payment details are automatically transferred to the user’s Quicken personal finance software if they use one.
Automatic payment can also be setup for bills such as utilities, even up to one year in advance. They charge a monthly fee of $9.95 per month, after 1 free month. They guarantee that bills will be paid on time, failing which, they would offer $50 for each bill paid late. Payments can be made from up to 10 different bank accounts. The fee includes 20 payments per month, after which, $2.49 is charged for each additional 5 payments.
Quicken Bill Pay does not have the feature which notifies the user for upcoming bills, so it is upon them to keep checking periodically in order to avoid missing a due date. In order to pay bills, a user has to create an account with Quicken, login to the online account, add a payee, and schedule a payment up to one year in advance and setup automatic payments for applicable bills. Other than this, users can also transfer money to anyone in the US at any time.
Users can pay the bills either from within the Quicken personal finance software or online on their website. Many payments can be scheduled in as few as 2 business days, which gives the users greater flexibility in paying their bills. Though 10 accounts can be used to make payment from, it may be difficult to keep track of the money.