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As more and more individuals turn to online banking, online bill pay is a natural step for those who want to take advantage of the ease and convenience of today’s technology. Not only is online bill pay good for the environment (goodbye paper bills), the system can help you manage your bills and finances. Online bill pay also takes the trouble out of writing checks, stuffing the envelopes, applying postage, and getting the bills in the mail. While you’re still spending the money on bills, online bill pay can be a much more pleasant experience compared to traditional bill paying methods. Once you have online bill pay set up, you can focus your attention on other things in life.
While setting up online bill pay is easy, it’s important to know what type of bill pay is available to you. Online bill pay can be offered by both your bank and by service providers such as the phone company, mortgage company, etc.
An online bill pay offered by your bank is a service that directs money from your bank account to whoever you designate. In some cases, the service actually prints a check and mails it to the recipient. In other cases, the service provider is setup within the bank’s system, allowing the bank to simply transfer money electronically when you use online bill pay.
Setting Up Online Bill Pay
To begin, you will probably need a copy of the bill that your service provider sends you. At the online bill pay website, set up a new payee in the name of that company. Enter the address and your account number into the system. Each time you want to pay the bill, you simply enter the amount charged for the service and you’re done. The bank coordinates the payment from your account.
Before setting up online bill payment, check with the service provider or payee to see if they have specific instructions for receiving payments through online bill pay. A payee may not recognize the check because it was printed by the online bill pay service. The payee may provide an alternative address or other instructions to make online payments.
The second type of online bill pay is a service provided by the phone, cable company or other business. With this type of service, you are only allowed to pay one company. To set up online bill pay with a company, you should provide them with a voided check and an authorization form. The process is similar to direct deposit. Once set up, you may pay your bill without having to use paper checks or the mail.
Automatic Online Bill Pay
If you would prefer not to think about having to pay bills every month, automatic online bill pay may be an ideal service for you. Nearly all online bill pay services will allow individuals to set up recurring payments. An online bill pay service can be activated to, for example, pay your phone bill every month or your insurance on a quarterly basis.
Another option for those with a good handle on a budget and available funds, online bill pay can be set up to run on auto-pilot, allowing service providers to pull money from your account without the payer have to click anywhere. This system allows the service provider to request the online bill pay company for payment without any activity on your part. Of course, this type of service is not available unless you authorize it. This might be a good choice for those on an extended leave outside the country, or simply for those who appreciate its convenience. Again, before subscribing to such a service, make sure you have a working budget and plenty of funds to avoid an overdraft from the bank.

What is Graphcard?

Graphcard is an online payment system that enables anyone anywhere in the world to pay online without having a credit card

How does Graphcard work?

Graphcard brings together 3 players: customers who want to shop online, resellers who enable customers to keep their accounts liquid by selling virtual prepaid cards from Graphcard and merchants from whom the customers buy

To get started, each player has to open a Graphcard account from Graphcard’s homepage. For customers opening a personal account and distributors opening a reseller account, registration is completely free. There is a one time activation fee of $45 for merchant accounts. This fee is due when the merchant starts accepting payments online through Graphcard. Account-holders communicate with one another primarily via email.

For personal account holders and resellers, the next step after opening an account is to add funds to it. While resellers have a special arrangement with Graphcard that enables them load their accounts by wire transfer from their banks, personal account holders have various options; the leading one is to purchase a virtual prepaid card from a reseller. Alternatively, they can load using personal checks, electronic transfers from checking accounts, Western Union money transfers and money orders.

Once the account is active and funded, the shopping process begins. Customers identify the merchant from whom they want to purchase an item, and log on to their Graphcard account to send money via email to the merchant. If the merchant is registered with Graphcard, the funds are deposited into their account immediately. The buyer is not charged any fees for sending money this way. If the merchant is not registered but accepts checks or money orders, Graphcard makes payment using either option. When payment is effected, Graphcard notifies both the merchant and the customer of the payment via email. An online reporting tool also enables both parties to check the status of their transactions.

Graphcard has a cool feature that allows members to convert their Graphcard funds into an online debit card. This is accomplished by simply purchasing a virtual card using the funds from one’s Graphcard account. Graphcard then allows the account holder to view card details such as the card number, expiry date and CVV2 code via their secure 128 bit SSL encrypted website. The virtual card does not have personal information such as names and enables Graphcard account holders to shop online as they would with a traditional credit card but with the added benefit of anonymity.

So why should I choose Graphcard?

As an Internet user without a credit card or debit card, you will definitely want to sign on with Graphcard. Merchants looking for an additional revenue source should consider registering too.

Graphcard has opened up a whole new world of possibilities as it enables those without credit cards to shop from online sites such as Ebay.com Amazon.com, Yahoo.com, Google.com, lookingforromance.com and a wide variety of other merchants. The service is hassle free and straightforward: the only requirement is enough funds in one’s account to cover planned purchases.

For customers who possess a credit card but are concerned about the privacy of their financial information as well as protection from credit card fraud, Graphcard offers peace of mind. According to the Federal Trade Commission, credit card numbers and expiry dates are the two most sensitive pieces of financial information one can ever disclose to others. By using Graphcard, customers are guaranteed that fraudsters have no way of getting to that information.

For merchants, Graphcard is a dream come true as it gives them access to additional sources of revenue without having to worry about chargebacks. Recent studies show that at least one third of the estimated 750 million Internet users worldwide do not have credit cards to buy goods online with. This is due to the inability of their countries to accept credit cards. When a merchant begins to accept Graphcard, these underserved millions become viable customers immediately. Since Graphcard is a prepaid service, merchants are protected from the threat of chargeback and fraudulent purchases. Customers make their payment at the time of purchase and all transactions take place on a secure web site.

What about privacy?

Graphcard is the sole owner of all information that customers supply during the process of registration and when using the Graphcard website. While data such as names and shipping addresses may be shared with merchants from whom the customer makes purchases, bank accounts and credit card details are not divulged to third parties.

How does Graphcard make its money?

Since registration and online shopping is free for customers, the obvious question is how does Graphcard make its money? Graphcard’s main source of revenue is fees and commissions. For example, on conversion of an account to an online debit card, activation fees starting from $3.95 are charged. Monthly debit card statements cost $0.99 and another $0.99 is charged as a monthly service fee. Merchants pay a one time $45 to activate their account while Graphcard’s per sale commissions ranges from 2.99 to 5.4% of the total sale plus $0.44 per transaction.

So what is the downside?

The key challenge to this payment solution is signing up enough merchants who will accept Graphcard. As Graphcard account-holders are now able to convert their funds to an online debit card and make direct payment to merchants instantly, this problem seems to have been solved. Overall, buyers may still experience some minor glitches when paying on some web sites that are not set up to accept prepaid debit cards, but these are common problems and should not be a major issue.

In conclusion

As the boundaries of the digital economy expand daily, Graphcard will likely be one of the key players bringing in customers in currently underserved countries into the world of e-business. As its recognition grows, it may just become the premier method of online payments for those without credit cards in over 260 countries.

If you’re still paying bills via snail-mail, it may be time to consider paying them online. With today’s online bill pay systems, you can forget the stamps and checkbook and discover the ease and convenience of your nearby computer. You’ll need a computer, access to the internet and an online bill pay service. This is moderately difficult.
Paying bills online will require a small amount of homework. There are several choices available so make sure you choose the right option for you. Your choices include making payments directly through the biller’s Web site, which will require a credit card or setting up an authorized withdrawl from a bank account. Bank’s also offer online bill pay through their Websites, or there are third-party services available which will collect the bills and send e-mail alerts when it’s time to make a payment.
If you choose to pay bills through a bank, be aware if they charge a fee for this service. Some banks will offer online bill pay for free with an existing checking account. Others offer the service for free with a minimum bank account balance, or they might charge a minimal amount for the service. Unless a bank partners with a company that will post your bills electronically, you will still receive your bills in the mail. The convenience, however, lies in being able to pay all those bills at one time and one site. Many billers’ Web sites will allow online payments free of charge but then you must spend the time going to each site to make the payments.
If your bank charges for an online bill pay service, consider the overall benefits of their service versus the other options. There may be other less expensive options, but be certain that their total service is as beneficial and as convenient as using your regular bank.
Once you have chosen which banking center you will use to pay your bills online, it’s time to set up an account. First, you may be required to sign an authorization form and define the checking or money market account from which the bills will be paid. Or you may need to provide a credit card number. Using the information on bills currently received, you will create a payee list online and indicate the payment amounts for those accounts, as well as scheduled payment dates.
For recurring payments, the system may allow you to arrange for payments to be made automatically each month. The beauty of online bill pay is that scheduled payments can be made ahead of time, avoiding missed due dates and late fees. Online bill pay services may also create a paper check and send it via mail if a payee does not accept electronic payments.
Be aware that there are some restrictions when it comes to online bill pay. They may include tax payments, alimony, child support, and some court-ordered payments.
Monitor bill pay accounts each month to make sure there are no problems, especially in the first month of the service. Keep track of all payees that have been set up for online bill pay and make sure those payments appear on monthly bank or credit card accounts.

Almost everyone has found themselves face-to-face with this situation: It’s 6 p.m. the day before a big bill is due, and you’ve forgotten to make the payment. What can be done to avoid big late charges? Online wire payments can often be the answer. Simple, quick and easy, this method of payment is fast becoming the way bills get paid.

It used to be online payments were considered “newfangled,” unreliable and even a little scary. But, thanks to some major advancements in security, online payments are the favored method for paying everything from credit cards to mortgage payments and beyond. Even many local utility companies around the United States accept online payments readily, making them convenient for such things as electric and water bills, too.

The advantages to online payments are many, and include:

* Simplicity. There are no checks to write, stamps to find and envelopes to fill out. All it takes is a computer, Internet access and generally a checking account or credit card.

* Speed of credit. Online payments are generally credited much more quickly than a check sent by snail mail would be accepted. In some cases, it might not be possible to avoid those late charges, but in many others online payments will make it possible.

* Security. With major encryption programs now available, many online payment services are perhaps even safer than mailing paper checks. Plus, there’s no fear of the payment getting lost in the mail.

It’s easy to see why so many are turning to online payments to make sure their bills get paid, but what about other uses?

Online payments and wire transfers are taking over where the old wire service companies of days gone by left off. Rather than having to get into a car, go to the bank and withdraw money, and then load up and head to the wire transfer place, these online services allow customers to get it all done without leaving their own desks.

Now, it’s as simple as logging on to a payment site, punching in a few numbers and hitting send. Within no time at all, the person on the other end will have the money needed for paying bills, handling emergencies or even enjoying a fun night out. The service is quick, easy and generally quite secure.

When using payment services, however, customers can do themselves a favor by checking into security features. Good payment services offer encrypted protection that’s generally overseen or at least certified by another agency. Look for information about security on the web site you intend to use before proceeding.

Online payments and wire transfers take the guess work and security concerns out of dealing with money. They once were considered a fad, now they’re a trend that’s showing no signs of going away. With companies from electric utilities to auto loan writers accepting payments in this manner, it’s no wonder they’re the way business is getting done.

Plus, online payments are great for one-time wire transfers and even as a full-time payment method for small businesses. Quick and convenient, the services allow the transfer of money without anyone involved ever once having to go to a bank.