Bill Payment Software

Bill payment software like those created by software giants Quicken and Oracle reform the way billings and personal finances are handled. Bill payment software is a computer program that incorporates bill presentment, electronic banking, and bill payment. Bill presentment refers to the posting of bills on a website, allowing a customer to view one’s bills online. With electronic banking, a customer can transfer funds from their bank account to their vendor’s or service provider’s account.

Bill payment software does not only facilitate faster bill payments. By presenting bills in a snapshot, it also makes management of instant and monthly bills. Most have automated payment capacity so a customer never misses a payment due, or an automated e-mailing system so a vendor never misses billing a client. Because billing and payment is interactive, no paper exchange is required between customer and vendor. It is estimated by experts that cost cuts on paper check processing, document printing, and paper and postage handling by all US companies can collectively generate $200 million savings per day.

Typically, bill payment software is also programmed to make double-entry bookkeeping, keep account of amount receivables and payables, print invoices and more. Larger corporations use software that also features charge balance, billing history, demographic details of a client, and customizable ledger screens.