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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
Billing Cycle
The period of time between billing statements for an account, typically one month.
Withdrawal
The removal of funds from a bank, savings, or investment account, as allowed by the terms and conditions of that account.
Prepayment
The issuing of payment for a bill or debt before the official due date.