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Bill Pay
A service offered by banks and other financial institutions that allows customers to pay their bills electronically.
More Details
Bill pay is a service that allows a person to pay their bills electronically, either through a bank or other financial institution, or through a bill payment service provider. This can include paying bills online, over the phone, or through a mobile app.
Example
If you have a monthly electricity bill that you pay through your bank's online bill pay service, instead of writing and mailing a check, you can log in to your bank's website or mobile app, enter the amount you owe and the payee's information, and schedule the payment to be sent electronically on the due date.
Related Terms
Bill Pay
A service offered by banks and other financial institutions that allows customers to pay their bills electronically.
Billing Cycle
The period of time between billing statements for an account, typically one month.
Club Account
A type of savings account that is managed by a group of individuals for the purpose of saving money for a specific goal or event.