Automatic bill pay has revolutionized the bill payment process. Gone are the days when tickler systems reminded employees to tear a remittance slip, cut a check, put it in a stamped envelope and get it mailed on time. Simply sign up with an automatic bill pay provider, create an automatic bill pay list and your business is pretty much set up. When gathering automatic bill pay information, it is easy to see how the system saves not only time and money, but can reduce the need for dedicated staff to handle payments and billing.
There are different ways to take advantage of automatic bill payment technology. Options include going through your company's bank or your corporate credit card provider to set up an automatic bill pay directory or scheduling automatic bill payments with a bill pay provider. The following questions should help you find automatic bill pay options that work for your business:
1. Are there any fees associated with online banking options?
2. Does the online bill pay provider have a secure method for handling a transaction?
3. Are there alternatives to going through a bank or a provider website?
Ask about any automatic bill pay transaction or service charge feesMany banks offer free online banking that generally comes with automatic bill pay services. Be sure to read the fine print, however, since it is not unheard of for some to charge companies that exceed a transaction amount or frequency limit.
Verify that the automatic bill pay website server is secureIt bears reminding that automatic bill pay takes into its "hands" sensitive information about your business and its financials. It is therefore absolutely essential that whichever automatic bill pay provider you select have a secure method for ensuring that transaction information does not get stolen.
Consider automatic bill pay provider alternativesAutomatic bill pay programs often come packaged with other finance management software. They can be purchased at a store or online and help small business owners manage company finances while also providing automatic bill pay services.
- Don't let a paperless bill paying system make your business become careless. Avoid a common pitfall of automatic bill pay and remember to audit your accounts regularly. Regular reviews ensure that everything that is scheduled to be paid is accurate, and that any charges incurred, in fact, belong to you.