Paying your bills each month is an essential responsibility. But it doesn’t have to be a time-intensive chore.
Automated bill payment service, also referred to as bill payer, can make this task a lot easier and help ensure you don’t miss any payments, which could lead to late charges and hurt your credit score. Read on to learn more and see how easy it is to set up bill payer through PSECU.
What is Bill Payer?
Bill payer allows you to pay for your utilities, mortgage held at another financial institution, gym memberships, and more using a secure interface. Once you set up this service through your PSECU account, bill payer takes the money you need to pay your bill from your account and sends it to the service provider. Other than ensuring the funds are available for the payment to be processed, there’s no additional action needed on your end. Most payments are delivered to the Payee (if electronic) within three business days.
Why Use Bill Payer?
There are many advantages to using the service:
- It saves time. Once your payment information is initially set up, the record is reusable, so all you’ll need to do to make your next payment is enter the amount and date of payment.
- It saves money. Bill payer is free – you can pay your bills without the cost of stamps, checks, or envelopes.
- It’s convenient. Bill payer gives you the option of setting up recurring payments with a variety of preset payment frequencies. Instead of sitting down with your checkbook and a pile of physical bills, you can spend a few minutes on the computer or your mobile device setting up your payment schedule. You can choose your payment frequency (on-demand, weekly, bi-weekly, semi-monthly, monthly, quarterly, semi-annually, or annually) with the option to automate your monthly payments to plan ahead and help you budget.
- It’s secure. Bill payer eliminates the need to place payments in your mailbox or store your account number on another company’s website for the sake of making a payment. Instead of logging into various accounts to make payments, you can make all payments at once, as long as funds are available, using your PSECU account. Minimizing the number of places you store or share your payment information decreases your exposure to potential fraud should any of the companies you're dealing with directly experience a compromise. Also, check payments clear the Checking account you select to fund your payment as if you wrote them yourself, so you have the advantage of accessing a copy of the check and saving it for your records if needed.
- It helps the environment. Bill payer allows you to go green by using less paper (bills, checks, envelopes, etc.).
How to Use Bill Payer
You can use our free bill payer service in online or mobile banking. Here's how:
- Click on Bills (top menu in online banking, at bottom of screen in mobile)
- Select Add a Payee.
- Follow the prompts on the screen.
When you add a Payee, you’ll need to input the merchant’s name, your account number with the merchant, and their zip code. If we have that Payee in our system, you can simply follow the prompts to set up your payment record. If it isn’t in our system, you’ll need to request the Payee be added in online banking.
Once you set up a payment record, it’s reusable. There’s no need to set up a new record each time you make a payment. Further, you can update your payment amounts and dates, or even change the record to a recurring payment or back to an on-demand payment, as needed. If you need to change a payment’s date or amount or stop the payment altogether, you’re able to do so as long as the payment hasn’t already been sent to the Payee.
A payment can be customized, allowing you to choose a convenient recurring payment from a variety of preset payment frequencies. Or you can manually request the bill be paid with the on-demand option.
When the time comes, your payment is automatically sent (using available funds from your checking account to cover the payment) to your Payee.
Are Recurring or On-Demand Payments Best for Me?
When determining which payment method to choose for each bill, you’ll want to keep a few things in mind. Be aware that while setting up automatic recurring payments can save you from having to remember to go in and make a payment, you’ll want to take the following into consideration:
- Payments that vary in amount or may be incidental should be set to on-demand so that you don’t over (or under) pay.
- You must ensure sufficient funds for your payments are available in your checking account in advance of the payment date.
Generally, if you have a bill that must be paid on a set date each billing cycle with a fixed payment amount, it may be a good candidate for the recurring feature, as long as the funds are available in your Checking share to fund your payment. Please note that you cannot use PSECU's bill payer to pay a PSECU loan.
Tips for Setting Up Your Payment Records
- Successful payments start with adequate funding. We recommend scheduling payments only when funds are available, in an effort to avoid fees and overdrafts. For the best experience, direct deposit of funds into your PSECU account is recommended. Direct deposit allows immediate access to your funds and gives you the opportunity to schedule automatic payments that coordinate with your deposits.
- Providing accurate payment information is a key component to quick acceptance by your Payee. Double-checking your information during payment setup is time well spent.
- Also, allowing enough time for your Payee to receive your payment will help ensure that you aren’t charged late fees or added interest due to a Payee not being able to post your payment. If you pay your bills late, your credit score could be impacted. For payments to Payees that receive checks, allow five to ten business days for your payment to be received. For payments to Payees that are designated as electronic payments, allow at least three business days for your payment to be received. For payments to Payees that are designed as electronic payments, allow at least three business days for your payment to be received. Bills set up to be paid on Saturday, Sunday, or a holiday will be sent on the last business day before the weekend or holiday.
Begin Using Bill Payer Today
By using bill payer, you can simplify your finances, save time, and help reduce the chance of missing a payment. Check out our additional digital banking tools to make managing your finances even more convenient.
Not a PSECU member? Join today to take advantage of this and other helpful digital tools.
