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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
Available Balance
The amount of money that is currently accessible in an account and can be used for transactions.
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.
Deposits
A sum of money that is placed into a financial account for the purpose of securing a product or service.