Online bill payment services started to become popular in the early part of the decade. Many personal account holders used the services but it often wasn't available to business, too expensive or too unfamiliar. Today many companies offer online bill pay for their business clients.
Online bill payments save the cost of producing and mailing a check. With the simple click of a button, the bank handles the rest for you. You no longer are at the mercy of the postal system when you use the online bill payment center for your delivery system. Consider the following as you examine your options:
See if you bank offers online bill pay service
Some banks offer the service to both business and personal customers with accounts, others offer it either not at all or only to those with personal accounts. See if your bank offers it and check online for instructions on how to setup online bill payments through your bank.
I recommend: Citigroup Inc. offers online bill pay to businesses allows customized online banking with only a fee for "Today's Account Activity Information Reporting."
TCF Financial Corporation offers free online service with specific restrictions, so beware, there may be additional costs.
Check the cost of online banking, online bill payments and other options
Each company that offers the service has different ways to charge. Some charge a monthly rate, some charge by the item numbers and some don't charge at all. You need to evaluate the number of bills that you intend to pay online, and choose the best option for you. Be aware that sometimes other charges are higher, like the cost of the checking account, so a free service may not be the best deal.
I recommend: Paytrust specializes in bill pay options. It offers varying degrees of service from simple bill pay to comprehensive packages that even balance your checkbook. There are costs to this product and three different plans to suit your needs.
RBC Bank (USA) offers free online bill pay to both business and personal accounts.
Pay bills online even when your bank doesn't offer the service
If your bank doesn't offer the service, or if the cost is too high, consider trying a method that backdoors the bill pay. Check the site where you owe business credit card debt or business loans. Often their site allows you to pay online from your bank account for free. Some credit cards even track the type of expense and give you a report at the end of the year. If you use a credit card for your expenses all month and use the right to pay online at their site, you get free online bill pay.
I recommend: Bank of America Corporation offers a variety of cards for businesses with online payment available.
Discover Financial Services also gives reliable online payment options for their cards with records of real time employee spending and cash back for purchases. Both companies offer checks for those rare occasions that companies don't take plastic.
Related Resources from Business.com
Comments
Is any content on this page inappropriate? To let us know, please 
