Mvelopes Bill Pay
The other day on a call with one of my Money for Life Coaching clients, she asked, “Why does everyone want me to use their online bill pay system?”
Some companies, or financial institutions, charge fees to use their online bill pay services. Obviously they want you to use it so that they can make money. Usually the fees are fairly small, and when you factor in the money you pay for stamps if you are still mailing your bill payments, it may even be saving you money.
Others offer an online bill pay service as a convenience, because they are hoping to increase your loyalty to their financial institution or company. Increased loyalty typically means that you would be less likely to switch to another service, bank, credit union, etc.
Mvelopes offers an online bill pay service as part of our Mvelopes Personal service because we want you to be a loyal, long time customer. We also offer online bill pay because, and perhaps more importantly, it makes managing your spending easier and more convenient.
Mvelopes Bill Pay is a fully integrated part of your Mvelopes Personal Application. You can pay your bills and immediately see the pending transactions that have been scheduled to go out. This information allows you to see the immediate effect on your envelope balances, each time you pay a bill. You can also set up automatic bill payments, which means you spend less time each month paying your bills. I for one and in favor of anything that reduces the time I have to spend paying bills each months.
My favorite part of Mvelopes Bill Pay, however, is that you can make payments to anyone, including individuals. I use this feature all the time to send money to family members or friends that I owe money to for one reason or another. It’s very convenient, especially since I don’t carry a checkbook with me, and very rarely have cash. Just the other day, someone from the office picked up lunch for me and brought it back to the office. I then realized that I didn’t have any cash to pay him, so I simply went into Bill Pay and sent him a check for the money that I owed him. It was simple and easy, and he had the check within just a couple days.
-Jennifer, Money for Life Coach
Dan
05. Oct, 2009
Any progress on re-enabling automatic payments based on e-Bills (e.g. always pay the full balance, on the due date)? Or adding additional/original billers (e.g. American Express)? These were features of the old, non-integrated CheckFree Web bill pay system that were lost in the redesign. Without these, I still have to check each biller’s site individually or use my financial institution’s system, which has many more features and supports many more billers.