A product of money transfer giant Western Union, Speedpay is an automated bill payment portal. Used to pay bills both online and via telephone, companies of varying size and type utilize the service.
Western Union's Speedpay charges users a fee to make payments for products or services using a checking account or credit/debit card. Customers pay a fee for each transaction, even if they make multiple Speedpay payments at once.
Speedpay provides consumers with the opportunity to make a payment from anywhere at any time. Moreover, the customer absorbs the per-transaction fee, making it beneficial for the company offering the service to its customers.
In most instances, if you make a Speedpay payment before 2 p.m., your payment will likely post to whatever account you are paying the same day. However, depending on the company, if you pay after 2 p.m., the payment might not post until a day or two later.