How to Set Up Automatically Bill Payment

February , 2023

Can't seem to keep up with your monthly bills?

You're not alone.

Time is Money

According to a recent survey, 40% of Americans say they have difficulty paying their bills each month. Time is money. We're always looking for ways to cut down on the time we spend on mundane chores, so we have more time to spend on what matters the most, with our loved ones, or what we enjoy doing. One way to ease the burden of monthly bill-paying is to set up automatic bill pay. You can set up automatic payment plans for utility, entertainment, household, and credit card bills, which can then be made automatically from your bank account. It's a great way to free up our time, and almost any vendor you purchase goods or services from now offers automatic payment plans. Autopay monthly bills can be recurrently charged to your credit card or debited from your checking account on a pre-set or due date every month without any work from you.

Benefits of Autopay

What are the benefits of automatic bill pay?

1. Convenience:

Automatic bill pay can make the process of paying bills easy and convenient. You can set up a schedule of payments each month and your payments will be made automatically and on time. This can save you the hassle of having to manually make payments each month.

2. Cost Savings:

Making payments electronically can be less expensive, as opposed to making them in person or by mail. Additionally, some banks and credit card companies may offer incentives like automatic rewards or discounts for using automatic bill pay.

3. Improve Credit Score:

Automatically making payments on time each month can help improve your credit score. Payments that are consistently on time can help increase your overall credit score.

4. Avoid Late Payments:

One of the greatest benefits of automatic bill pay is never having to worry about late payments. By setting up automatic payments, you can be sure that your bills will be paid on time each month. This can help you avoid any late payment fees or penalties.

5. Easy Money Management:

Automated bill payment allows people to become more financially efficient. Using this offering helps customers stay on top of their finances and avoid late fees, while businesses can reduce their operational costs associated with manual billing processes. Automated bill pay is a simple solution for all parties, as it makes paying bills easier and more efficient.

Setup Autopay Example

Here are an example of how to set up auto-payments with two major financial institutions.

Capital One: Credit Card Activation—Desktop Version

Go to capitalone.com/activate and click on “Enroll & Activate” button

Enter your personal information, then click the “Get Started” button

Choose the account you want to activate, then click the “Manage This Account” button

Type in your new password twice. Click on Terms & Conditions and Privacy Policy to agree, then click the “Create User” button

Make sure the email address is correct, then click the “This is right” button

Enter your phone number, then click the “Check My Mobile Number” button

Enter the 3-digit code on the back of your card, then click the “Verify CVV” button

Yay! You’ve successfully setup online access. Click the “Take me to my accounts” button

Capital One: Credit Card Autopay—Desktop Version

Choose “Automatic Payments” and then click on “Continue” button

Add your bank account information, routing number, account number, and account type, then click the “Add” button

Choose how you want to autopay each month, then click the “Choose This Amount” button

Make sure you choose how you want to pay each month, then click the “Set Up AutoPay” button

You have set up AutoPay! Print confirmation code if you want. Click the “Continue Account Setup” button

You’re All Set!
You’ve chosen how you want to pay.

It's a Win-Win!

Automatic bill pay is a great way to save time and money. By setting up auto payments, you can guarantee that all of your bills are paid on time without having to remember to make payments manually every month. This can help keep you organized and also prevent late fees and interest charges. It's a win-win! If you're looking for a way to streamline your finances and make your life a little easier, automatic bill pay is definitely worth considering.