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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
Auto Payment
A payment that is made on a recurring basis without the need for the payer to manually authorize each transaction.
Equity
The value of an asset or liability minus any outstanding debt associated with it. Equity is the ownership interest that a person has in an asset.
Stop Payment
A request made by a financial institution to cancel a check or payment that has not completed processing, typically prompted by the account holder.

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