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.
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.
There are many advantages to using the service:
You can use our free bill payer service in online or mobile banking. Here's how:
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.
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:
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.
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.