Reduced risk of identity theft. Many people believe paper bills are safer than electronic payments. However, experts say a paper bill sitting in a mailbox with your name and account number is actually putting yourself at a higher risk for identity theft than electronic payment.
Lower cost. Checks, stamps, ATMS and your time - four things that are not free. However, AutoPay is. Paper billing is spending more money for less convenience.
Stay on time. Late payments occasionally decrease your credit score and late fees are no fun either. Autopay allows effortless and timely payments.
Peace of mind. You never have to miss a payment and you can add ‘stress’ to the list of things you won’t miss when you set up automatic payments. Your amount that you have to pay will automatically come out on the same day of your choice each month.
Although AutoPay is convenient and secure, it may not be for everyone. If you don’t have a bank account or your income is very irregular, it may not be the ideal payment system for you. Consider these things before setting up an AutoPay plan.