Part of being an adult is paying bills due every month. It is not always easy to do so, but it is necessary to continue enjoying the products and services that make your life comfortable.
Unfortunately, studies show that 46 percent of Americans struggle to pay their bills on time. As a result, the average household ends up spending as much as $577 each year on extra costs like late fees. It’s no wonder that 60 percent of them are usually anxious about those bills.
So, if you are one of them or don’t want to fall under this category, it would be wise to use efficient bill payment solutions as a way of managing your money better. That is where Speedpay comes in.
What Is Speedpay?
Speedpay is a third-party vendor that enables consumers to take advantage of electronic payments to pay their bills more efficiently. The platform used to belong to the Western Union Company but was sold to ACI Worldwide in 2019. And you can access it via a mobile app.
Businesses that span various industries, such as utilities, consumer finance, mortgage, telecommunications, auto finance and insurance can partner with the payment gateway to enable their customers to receive and pay bills easily. The integrated platform has streamlined the entire bill payment process to make that possible.
Speedpay Features Worth Noting
It would be wise to learn what features Speedpay offers before you decide to use it for bill payment.
- With Speedpay, you don’t need to enroll or register. The moment you pay your bill, the system self-authenticates and stores your financial information.
- You get to choose the payment amount and date it should be paid.
- Plenty of payment options exist. You could use debit and credit cards, cash, check, ACH, etc.
- Speedpay offers an omnichannel approach. You can access it via a mobile app, API, by phone and online. In addition, you can receive communications and make payments via mail or in-person.
Making Bill Payments with Speedpay
Below are some of the tips you can implement when making bill payments with Speedway.
- Your first order of business is to determine if your creditors have partnered with Speedpay. That will determine if you can pay them via the platform. So, call or email them to find out.
- Before you make the payment, ensure you have all the necessary information, such as your account numbers, credit or debit card information and mailing address.
- Access the Speedpay platform by whichever means is available to you. And follow the payment instructions. Typically, most bill payments reflect quickly. But some may take two to three days.
- Be prepared for a convenience fee that you will be charged as a customer. This fee doesn’t go to your service provider. Instead, it goes directly to Speedpay for providing you with a more efficient platform to cater to your bills.
- At the end of the payment process, you should expect a payment confirmation number. You need to screenshot this number or save it in a different way for future reference.
- Your biller will determine whether you can make one-time or recurring payments. So, you may want to find out about that if you intend to pay bills regularly with Speedpay.
- As far as Speedpay is concerned, you are better off paying your bills at least two business days before they are due. That way, the payment can be processed on time.
Paying bills is not always fun, because it means you have to give your hard-earned monies to someone else. But you can make the process less painful for yourself by using Speedpay to make payments conveniently and early no matter where you are. That way, you are less likely to incur late payment fees.
Read More: Is it Safe to Pay Your Bills With Money Orders?
- Businesswire: Six Out of 10 Americans are Anxious About Bills and Nearly Half are Late on Paying Them, Study Shows
- CNBC: The Hidden Costs of Bill Pay
- The Western Union: Western Union Announces Completion of Sale of Speedpay U.S. Domestic Bill Pay Business
- ACI Worldwide: The ACI Speedpay® Solution
- FPB.CC: Speed Pay FAQ
- Speedpay: Terms and Conditions
I hold a BS in Computer Science and have been a freelance writer since 2011. When I am not writing, I enjoy reading, watching cooking and lifestyle shows, and fantasizing about world travels.