Online bill payment makes paying bills less painful, reduces the risk of identity theft, carries environmental perks, and even gives you greater control over paying off credit cards and other debts.
This versatile tool is Arsenal’s online bill payment service, and it’s available at no cost.
You can do it
Anyone with internet access easily can learn to use online bill payment to manage money.
Online bill payment lets you automate payments to take place on a set date every month, schedule a bill for payment weeks before a specific date, or simply go online to make payments to be delivered in as few as one to two business days if the payee is set up to be paid electronically (if the payee is not set up to receive electronic payments, it could take between seven to 10 days depending on the speed of the mail).
Tie payment to paydays
Since you can schedule payments for a specific date, you can tie payments to paydays. Just go online to alter the payment date or amount if your ability to pay changes before the payment is sent.
Even when you forget about a bill until it’s due, online bill payment can help by minimizing the delay between when the payment is sent and when the recipient acknowledges its arrival, reducing late fees and interest charges.
Online bill payment reduces the risk that ID thieves may steal envelopes containing payments from home mailboxes or while in transit.
That’s important, because the account information printed on both bills and paper checks offers a wealth of data to identity thieves who could misuse the information to open accounts in your name.
Manage your debt
Online bill payment also can be a good strategy for reducing debt. One example is making extra online payments on loans at every payday.
Sign up for Arsenal’s online bill payment service today by logging into your online banking account and selecting the Bill Pay tab on the main navigation menu (you must have a checking account with Arsenal to use this service). You’ll find that online bill payment is a convenient way to get control over your bills.