In the modern world, everything has changed and revolutionized. Payment of bills has been made easier and convenient through bill payment apps. Take for instance, you go a restaurant eat and then realize that you don’t have enough money in your wallet to pay for the meal. This is something that can happen to anyone. At this point, it’s when the bill payment app comes to your rescue. You can use it to make a transaction and pay the bill.
How do bill payment apps work?
Bill paying apps allow users to pay for products and services digitally through their mobile devices. One such app is Doxo. You can use it to successfully pay any of your bills. People carry their mobile phones everywhere and that’s why the concept of bill payment apps was adopted.
Payment apps are referred to as mobile wallets. You have to download the app onto your smart device. Since you will be using the app to make payments or send money, you are required to add a credit card or debit card details. There are also security measures put in place to ensure unauthorized people don’t access the app.
Payment apps work in two ways. There are times when you go to a restaurant and order a meal. When it’s time to pay you can opt to use the bill paying apps and make the payments digitally. In this case you won’t have to pay cash or swipe your credit card. All you have to do is go to the app and pay the bill. It’s that simple and the money spent will be updated in your bank balance.
The other way is when you to want to send money to maybe a friend or relative. In this case, you will have to carry out an e-transfer of money from your bank to the friend.
Things to know about bill paying apps
It can help manage your finances
Some bill payment apps actually track your finances and bills. When you have a clear idea of your finances it’s easier to manage your money wisely. Bill payment apps keep a list of all your bills and how much money you have spent so far. This way, you can know if you are overspending and cut down on some unnecessary costs.
Some give you helpful tips
Sometimes what people need are some helpful tips on how to save and manage their finances well. Many of us don’t really know that some bill payment apps even provide tips on saving and budgeting. For this reason, they are not just there for you to use whenever you have to pay a bill. They also provide helpful tips on how to save money and budget. I would call it killing two birds with only one stone.
Payment apps not only allow you to make payments but also to receive payments from other people and send money. Everything is simpler and only takes a few minutes. There is no need for you to go to an ATM machine and withdraw money from your bank account. All you have to do is link the app with your bank account. Afterwards, you can transfer the money from the bank account into the payment app. When the entire process is complete, you can now send the money to your friends or relatives.
There are apps that let you send or receive money for free without any additional charges. This is a good thing considering the charges associated with using credit cards. I would recommend you use Doxo as your bill paying app. Sending money or receiving payments is instant with no delays or worries.
Not all payment apps are compatible with the various smart devices. Some payment apps are only compatible with specific devices. For instance, you will find one payment app only works with Andriod or iOS. Another one may be compatible with just iOS and not any other devices. In this case, it’s better if you checked and confirmed which devices are compatible with a specific app. This way, it’s easy to determine if that bill payment app is suitable for you.
Be aware of the payment limits
Some of the apps have placed limits on the amount of money that you can send within one transaction. In addition, you may also be limited in terms of the total money you can send within a week. For instance, there are bill payment apps that do not allow payments going over $10,000 in a single week. These are things to consider especially if you are that kind of a person who makes huge transactions.
On the other hand, some apps allow limitless payments. You can send as much money as you wish without any limits. However, there is usually a limit on the amount you can send within one transaction.
Payment apps are secure
The truth is there are thieves out there and you never know the day you will encounter one of them. There is always that doubt and worry at the back of your mind when you are carrying cash with you. For those who don’t carry cash, you can lose your purse or wallet and all your credit cards are lost.
The main advantage of payments apps is that they are secure. People lose phones but there is no way another person will get access to your payment details. This is because almost everyone has secured their phones properly. Furthermore, the apps have security measures.
Consider costs for sending and receiving money
Some apps charge a certain percentage as fees when sending money. On the other hand, you will find payment apps that don’t necessarily have any charges when sending or receiving money. The costs may also vary depending on the country you are sending the money to.
You have to check the costs incurred when sending money so that you can determine if that app is for you. Some people send large sums of money and can incur huge costs if they don’t take this into consideration.