Bill payment is a tedious but necessary task, and many individuals wish to simplify this as simple as possible; that’s why online bill pay is a great option. People can pay their bills in various ways, including by mail, in person, and through mobile apps. Paying bills is no longer a problem thanks to Zil Money, a cloud-based platform that offers the best finance management platform for all your business needs. Online bill pay is simple and can be paid via check, ACH, wire, credit card, and many other methods.
What Are Online Bill Payments?
Online bill payments, also known as online bill pay, allow people to pay suppliers from a bank account swiftly and easily by eliminating the need for back-and-forth documentation.
You can use an online bill pay service to make payments and keep track of your finances without slowing down your month-end reconciliations or, worse, your year-end closing.
The Important of Online Bill Payment
Online bill payments are useful for several reasons. Finance managers, for example, can:
- You can get back some of your time by using optical character recognition (OCR) technology to automatically create bills from invoices and set up bill payments in bulk.
- Transfer a payment transaction to the general ledger automatically.
- Ensure a clear audit trail, so the finance team is always ready for an audit.
- Manage payment details, tax documentation, and payments in real-time to improve relationships and quickly update vendor information.
Three Advantages of Online Bill Payments for Businesses
- Automation: The automation enables you to keep track of all of your monthly payments to various vendors and individuals in a single location. This will save you a great deal of time when organizing your monthly expenses.
- Save the environment: Online bill payment is also more environmentally friendly! You are not required to print bills, write checks, or use other physical methods. Naturally, digitization reduces the demand for paper and plastic.
- Recurring Payment Functionality: In a small business payment system, automated payments, also known as recurring payment capabilities, can be extremely beneficial. Our platform provides the best recurring payment options for your commercial and personal requirements.
Pay Bill Using Zil Money
You can quickly create bills or invoices with payee information using Zil Money. For a better user experience, we have integrated with various banks and financial institutions. You can connect multiple bank accounts in our cloud-based platform with an accurate bank reconciliation solution.
Acceptable payment methods that you could use include printed checks, eChecks, physical mail, and ACH direct deposits. The invoice can be sent directly to your Zil Money account if your merchants prefer. You can select the bill from your bill list, pay it, and generate checks with the vendor’s information with a single click. Using Zil Money, you can send them in a manner that is most convenient for you.
Bill Payment Methods for Your Business
- Physical and Virtual Card Transfer: Plastic payments are bank-issued plastic cards used for commercial or personal spending management. A virtual debit or credit card functions identically to its physical counterpart. A virtual card can be used anywhere using a mobile device. Customers may use either of these cards to pay their bills.
- ACH Transfer: The network of an automated clearing house (ACH) facilitates electronic payments and money transfers. ACH processing is batch-based. Use Zil Money for low-cost ACH transactions.
- Wire Transfers: A wire transfer is the electronic transfer of funds to another party. The transfer is faster than ACH, and the payment cannot be reversed once completed. Zil Money enables you to transmit and receive payments quickly, securely, and efficiently via Wire.
- eCheck: eChecks utilize the ACH network, a form of electronic money transfer, to deposit consumer payments into the payee account. Bill payments, direct deposits, and other person-to-person transactions are supported by eCheck technology, and you can also send a digital check through email, the eCheck was developed to support traditional paper check processing and transactions.
Online bill payment is an excellent way to save precious time and money. At Zil Money, we provide one of the best bill-paying experiences with our user-friendly platform for personal and business finances. Our platform is ideal for businesses of all sizes that must automatically make payments on time. Stop wasting time by paying your bills using the outdated method. Utilize our cloud-based platform to quickly connect and reconcile multiple bank accounts for online bill pay.