Using bill payment systems help businesses save both time and money—two things of which many companies are short these days. Bill payment systems allow businesses to pay bills and manage their finances using bill paying software or online bill payment services. Thus, electronic bill payment systems offer a convenient way to manage your money and incorporate all of your business finances in one secure location.

While there are many benefits to bill payment systems, be sure to weigh your options before signing up for automatic bill payment systems. One major disadvantage of bill pay online is that if the financial institution or provider’s website is down for maintenance or other issues, then you won’t be able to access your accounts. Another technology related downfall of bill payment systems is that if your computer or Internet access is down, then it will be more difficult to access your online or electronic bill presentment and payment information. Despite these drawbacks, there are still a lot of benefits to using bill payment systems, such as you can:

1. Pay bills anytime with bill payment systems.

2. Send payments securely and one time with bill payment services.

3. Cut administrative costs with bill pay services.

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Pay bills conveniently with bill payment services

Bill payment systems allow businesses to set up an automatic bill payment or one-time payments in advance, anytime of the day. This convenience makes staying on top of finances much easier while you're traveling for business. With Internet access, you can view your statements, confirm bill payments and account balances, and transfer funds 24/7.

I recommend: Read more about bill pay online by visiting ALTA Alliance Bank. You can also get tips on the pros and cons of using bill payment systems by visiting SmartMoneyTips.com.

Save money with bill payment systems

The most obvious cost saving of using automatic bill payment services is that you will buy less postage stamps. With postage costs rising nearly every year, the cost to mail bill payments has increased drastically. Another cost savings associated with using bill payment software or bill pay online services is that you won't need to purchase as many paper checks for your business.

I recommend: Learn more about using electronic bill payment systems by checking out Personal Financial Times. Check out Microsoft to read more about online bill payment systems and how using them can help your business.

Send payments securely with bill payment software

Having a secure bill payment system is extremely important. Knowing this, many bill payment systems providers have built-in features that automatically sign you out of the service after several minutes of inactivity. With SSL encryption, a technology designed to scramble data transmissions to prevent eavesdropping and tampering, users can set up secure bill pay online sessions and alleviate data theft concerns when using these systems.

I recommend: Check out TopTenREVIEWS to read about the benefits of using bill paying online systems. Read more about bill payment system vendors by visiting ConsumerSearch.

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• •  Almost all major banks offer online bill payment services. If the institution you currently bank with has the option of electronic bill pay, the service is often free.

Keeping our companies' bill payments up to date is an important part of responsible business. Numerous bill-payment systems, services and software programs have been developed to help us do just that. From system-based applications to web-based electronic bill payment services, the modern business owner can easily find just the right automatic bill payment solution. All it takes is a bit of research and a keen awareness of your companies' needs.

Here are some advantages of implementing an automated bill payment solution:

1. Automatic bill payment eliminates the need to write, sign, mail and process paper checks

2. Bill payments go through much more quickly and efficiently than they do with written instruments

3. Payments consistently meet due dates and never become misplaced or forgotten

4. Payment tracking is automatic, making follow-up and proof-of-payments easier

5. Some online bill payment processing services even eliminate the need for invoices

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Look into the simpler electronic bill payment systems and methods to see whether they suit you

If you're a sole proprietor, the simpler, more straightforward bill payment processing services designed for individuals might just be suitable for your business. When your company grows larger, you may want to opt for one of the more comprehensive electronic bill payment systems. But, in the meantime this type of system might suffice. You might also choose to use one of these services temporarily, while you're investigating the other available bill payment systems.

I recommend: For simple, fast bill payment, Western Union provides several options for sending your payments. These include online, by phone and via an agent location, such as a Post Office or airport. Intuit offers two bill payment software options. The first, PayTrust, is suitable for individuals and small or home businesses and offers complete bill payment services, with two plans based on the number of monthly transactions. The second is Quicken Bill Pay, which offers a number of helpful features and benefits. MyEZBills is another convenient bill-payment alternative for the single-person business.

Consider online bill payment systems with varied features that make both billing and payments easier

Different bill payment processing services offer different features, giving you a number of options which can help you find the service that's the right fit for your company. Some provide simple bill paying online, while others offer a suite of billing services which allows you to handle customer billing while paying your own company's bills at the same time.

I recommend: CheckFree and Online Resources offer many beneficial features for the modern business in both the billing and payment areas. Payment Data Systems also offers an extensive list of integrated payment solutions.

Think about buying bill payment software that offers a complete accounts payable system

Automating your accounts payable through the use of an electronic billing payment system can eliminate unnecessary banking fees, paperwork and hassle.

I recommend: PowerTrack Payables automates your company's accounts payable, making B2B payments, via electronic funds transfer (EFT), to your suppliers without depending on outside banking services. It also reconciles invoices, orders, receipts and contracts, eliminating the need for paper invoices.

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• •  Before choosing your bill paying software or service, consider how much control you prefer to have over the bill-payment process. Would you prefer to access your bills online, authorizing the payment of each yourself, or are you more interested in having your bill-pay services completely automated so you won't have to worry about them at all? The answers to these questions will help you decide which type of electronic billing payment system is right for you.

Any business today will recognize the importance of different bill payment systems to best serve customers. There are a number of electronic bill payment systems on the market today for businesses, but first a business must determine which type best fits its needs. Some of the most common types include bill paying online, bill paying software, and other bill pay services that are customized to a company's individual needs.

With each type of bill payment services comes different educational opportunities to learn how to use it. You can often find bill payment systems education and training from sources such as:

1. Training from manufacturers of different electronic bill payment services.

2. Educational materials to learn how to use bill payment software.

3. Tutorials and support options for bill payment systems.

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Learn how to use the features of an automatic bill payment system

An automatic bill payment system is anything that makes it quick and easy to pay bills. Most people refer to online payments as automatic bill payment systems, but another popular system is bill payment by phone. Both of these methods let customers and businesses pay bills automatically.

I recommend: EasyIVR provides a technical library of terms and concepts to assist in learning how to us the company's different automatic bill payment systems. PowerTrack has training sessions in-house and online to learn how to use automatic bill payment systems.

Train to use systems that allow for bill pay online

There are many bill payment systems for online interfaces. This is a popular system because many people find it convenient to pay their bills online instead of using regular postal mail. Companies can choose from a wide range of options to allow customers to pay bills online.

I recommend: Online Resources provides a client forum where experts and other users of the online bill payment gateway can get training and support on how to use different features of the system. Magic Wrighter provides custom training for companies that use its electronic payment and software services.

Find educational and training materials to learn the basics of bill paying software

If your business is using a software program for bill paying, resources to learn how to use it is readily available from the manufacturer's website, independent consultants, and online training materials that can be accessed for a self-guided educational program.

I recommend: Electronic Payment Providers offers on-demand training materials for its bill paying software titles. PPS Bill Pay provides a fully downloadable user manual for its bill paying software.

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• •  Because each type of electronic billing payment system is different, many software and service companies can tailor training sessions or materials to your company's specific needs.

Bill payment systems save individuals as well as small to medium-sized businesses time and money. Automatic bill payment eliminates the need for paper checks. Payments are processed more quickly because they are done electronically and can help ensure (with automatic reminders) that bills arrive just in time. Some systems allow the user to collect and analyze data that can help them make decisions on how they are spending their funds. As you research the different services and all they have to offer, you will want to understand a few key terms.

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EBPP

EBPP is an acronym for electronic bill presentment and payment. It is also sometimes referred to as EPP or eBilling. It is a process that allows bills to be created, delivered and paid on the Internet. Bill payment systems offer EBPP as one of their key features.

I recommend: TechTarget describes EBPP.

Online banking

Online banking is also sometimes referred to as Internet banking. It allows customers to do all their financial transactions on a secure website that is operated by a bank or credit union. Bill payment services offer online banking to their customers.

I recommend: InvestorWords.com offers a comprehensive explanation of online banking.

Mobile banking

Mobile banking refers to the use of cell phones and smart phones for connecting to the Internet to do bill paying. Many bill payment services can now be accessed from cell phones.

I recommend: Go to Online Resources for a description of mobile banking.

Interactive voice response

Interactive voice response (IVR) is used extensively in telecommunications. It allows a computer to detect both keypad and voice inputs. Bill payment services employ IVR to make transactions simpler and easier.

I recommend: See TechTerms.com for a description of interactive voice response technology.

Automated clearing house

Automated clearing house (ACH) is an electronic network that is used for financial transactions in the U.S. Large volumes of credit and debit transactions are processed via ACH. Bill payment services process transactions via ACH.

I recommend: NACHA is the source for more information on ACH.

Electronic funds transfer

Electronic funds transfer or EFT is the use of computer based systems for performing financial transactions electronically. Bill payment systems use EFT almost exclusively.

I recommend: See BusinessDictionary.com for a succinct definition.