Online real-time bill payment has revolutionized the way businesses manage their finances. It allows companies to make payments instantly, reducing the risk of late fees and penalties.
This streamlined process saves businesses a significant amount of time and resources. According to a study, companies can save up to 30% of their administrative time by using online real-time bill payment.
With online real-time bill payment, businesses can also enjoy increased transparency and accountability. They can track their payments in real-time, ensuring that all transactions are accurate and up-to-date.
Ways to Pay
You can pay your bill in several convenient ways, including automatic bill pay, pay online, and pay via our mobile app. Automatic bill pay is a great option, as it allows you to schedule monthly payments from your checking or savings account.
We'll withdraw the actual amount due from your designated bank account on the bill due date. You can also use your bank's online bill pay service to pay your bill when it's convenient.
Pay online is another option, where you can make a same-day payment or schedule a payment from your checking or savings account. You can also use PayPal, Amazon Pay, Google Pay, Venmo, or your credit card to pay online, but be aware that there's a third-party processing fee associated with these payment options.
You can also make a same-day payment or schedule a payment using our mobile app, which offers the same payment options as paying online. Additionally, you can make a one-time payment without logging in by selecting "Guest" followed by "Pay My Bill", as long as you have your account number and zip code.
Here are the payment options available:
- Automatic bill pay from your checking or savings account
- Paying online using your bank account, PayPal, Amazon Pay, Google Pay, Venmo, or credit card
- Paying via our mobile app using your bank account, PayPal, Amazon Pay, Google Pay, Apple Pay, Venmo, or credit card
- Using your bank's online bill pay service
- Making a one-time payment without logging in (with account number and zip code)
Keep in mind that there's a third-party processing fee associated with some of these payment options, and we don't use customer rates to subsidize the cost of these services.
Automatic Pay
Automatic Pay is a convenient option that allows you to schedule monthly payments from your checking or savings account.
You can authorize payments from your designated bank account, and we'll withdraw the actual amount due on the bill due date.
To use Automatic Pay, you simply need to set up a scheduled monthly payment from your bank account.
We'll take care of the rest, withdrawing the exact amount due from your account on the bill due date.
Transform Your Business
Transforming your business with online real-time bill payment is a game-changer. Instant payments are the future of money movement, providing access to immediate funds, automated processing, and rich payment and remittance data 24-hours a day.
By using the RTP network and FedNow Service, you can take control of your money movement and drive transformation in your front-office customer experience and back-office operations. This can help you elevate your current tools and capabilities.
Instant payments enable better business across a wide range of functions through secure payment platforms. Send, receive, and request immediate payments with an end-to-end payment solution that streamlines the experience for customers, vendors, and employees.
You don't have to choose between the RTP network or FedNow Service for your business. Both can help you move money efficiently, securely, and immediately, using intelligent routing capabilities that send and receive payments seamlessly based on business rules you set.
Here are some benefits of real-time payments for businesses:
- Reduced unnecessary costs: transactions for big businesses are often associated with substantial processing costs, which RTP payments can cut.
- Enhanced security: real-time payment is encrypted very strongly, making the payment more secure.
- Improved cash flow management: since the funds are available immediately, 24% of companies receiving RTP payments claimed it had improved their cash flow.
- Advanced liquidity management: the payments are immediate, enabling better liquidity management.
Experience the benefits of instant payments through the RTP network and FedNow Service. You'll realize tangible benefits that have the power to fuel your payments transformation.
Data-Rich
Using online real-time bill payment can be a game-changer for your finances.
Rich payment and remittance data through ISO 20022 reduces manual collection. This means you can say goodbye to tedious paperwork and hello to more free time.
Having access to real-time data allows you to track your payments and stay on top of your finances.
Move Money
With online real-time bill payment, you can move money in real-time. This enables better business across a wide range of functions through secure payment platforms.
You can send, receive, and request immediate payments with an end-to-end payment solution that streamlines the experience for customers, vendors, and employees. This is made possible by the RTP network and FedNow Service, which provide near-instant payment confirmations, reduced reconciliation costs, and improved cash flow.
Send money in real-time using the RTP network and FedNow Service. Disburse near-instant funds with immediate availability to businesses or consumers, even on nights, weekends, and holidays.
Here are some ways you can use instant payments:
- Send money: Disburse near-instant funds with immediate availability to businesses or consumers.
- Request payment: Initiate a Request for Payment (RfP), which sends a data-rich digital bill through the receiver’s bank that allows an immediate payment back.
The RTP network and FedNow Service provide access to immediate funds, automated processing, and rich payment and remittance data 24-hours a day. This can help take control of your money movement and drive transformation in your front-office customer experience and back-office operations.
Frequently Asked Questions
What banks support RTP payments?
Several major banks support RTP (Real-Time Payments) payments, including American National Bank, CitiBank, and PNC Bank, among others. Check the full list of participating banks for more information on RTP payment capabilities.
What is an RTP payment?
An RTP payment is a fast and secure electronic transfer of funds between two bank accounts in the US, completed in real-time. It's a convenient way to send money directly from one bank account to another, 24/7.
Sources
- https://nj.myaccount.pseg.com/viewmybill/waystopay
- https://www.usbank.com/corporate-and-commercial-banking/treasury-payment-solutions/treasury-management/faster-payments/real-time-payments.html
- https://dashdevs.com/blog/dashdevs.com/blog/real-time-payments-explained/
- https://www.pymnts.com/real-time-payments/2023/real-time-payments-gives-consumers-better-way-to-manage-paying-bills/
- https://www.paymentsjournal.com/how-will-real-time-payments-impact-consumer-bill-pay/
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