Guide to Bill Payment Systems

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

Action Steps
The best contacts and resources to help you get it done

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.

Tips & Tactics
Helpful advice for making the most of this Guide

• 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.

The official source of Bill Payment Systems is the Bill Payment Systems page at Business.com