by: Michael Sasaki
Senior Vice President, Pacific Rim Bank

A graduate of Moananlua high and the Shidler College of Business at the University of Hawaii at Manoa, Michael Sasaki has over 15 years of experience in Hawaii’s technology and business communities. His background covers Education, Healthcare and Financial Services, giving him a unique understanding of Hawaii’s diverse business needs.

Not all online bill payment services are created equal. There may be significant differences between one online bill payment service and another, especially between free and nominal fee-based services.

Key questions to ask when comparing online bill payment services:

How many days in advance must I schedule my bills, and when is the money taken out of my account?
Some online bill payment services require that you schedule your payments as many as 10 days before the actual due date. While that may work for those of you who are disciplined, the closer you can schedule your payment before it is due the more convenient it is to use online bill payment in just about every situation. Many online services will also take the money out of your account as soon as you schedule your payment. That’s 10 days that you could be earning interest on your money! The best services will take the money out of your account on the same day that your bill is paid – that’s efficient!

Can I sign up for eBills (electronic bills)?
Most major credit card companies and a growing number of others offer electronic billing and statements instead of paper ones. The more advanced online bill payment services can integrate eBills directly into its service, completing the online bill payment experience. You can be reminded by email when a bill is due, pay your bill online and access statements for all your accounts from one location. The eBill feature greatly expands the usefulness of online bill payment.

What other features are offered with online bill payment?
As the online bill payment market gets more competitive, companies are adding more features to the standard service to attract customers. For example, one of the leading online bill payment providers offers an “On-time Payment Guarantee,” assuring your payment will arrive on the due date or you will be reimbursed any late fees. Other compelling features are mobile bill payment, or paying bills by cell phone, and personal financial management software that integrates with online bill payment to help you budget for and track expenses.

With careful selection, you can turn paying your bills from a dreaded chore into an effortless activity that will give you complete control of your finances. Give online bill payment a try!