What Is Online Bill Pay
Online bill pay is a feature from AETs IRACentral account platform. Bill pay will allow account holders to login and pay bills that are associated with their account. Bill pay will enable account holders to get routine bills paid in 24 hours without the hassle of submitting DOIs.
What Bills Can Be Paid
Online Bill Pay will allow account holders to login and see a pre defined set of recurring bills or expenses that have been paid from their account. The bills that the account holder will see are any bills that are directly associated with an existing asset in the account and that bill has been paid at least one time before via our current DOI process.
Typical Bills Will Be:
- Utility Bills (power, electric, gas, etc)
- Mortgage payments
- Insurance bills
- HOA Fee
- Yard/Landscape fees (There may be some exceptions)
- Property Management Fees
- Single Member IRA fundings
- Some brokerage accounts (ask in advance - please don't assume all will qualify)
Why Are We Launching This
The online bill pay will eliminate the need for clients to submit DOIs or interface with anyone in order to pay simple, recurring bills. This will reduce email traffic, work loads, and improve client satisfaction when confronted with regular bills and expenses associated with certain assets such as real estate. In the end the client will only need to login, click and a few links in order to pay a bill.
When Is This Implemented
This is live today. Effective now.
Are There Costs To The Client
There are not any new fees or costs associated with this service.
What Problems Are The Account Holders Going To Have
We expect the usual problems such as lost user name/passwords, and browser issues that everyone has every single day when they try to login. These problems affect less than 1% of the account holders despite what the perception may be.The Other Issues Will Be:
1. Why is my bill pay item not there. If the bill pay item is not there, then its because the last DOI was more than a month ago and was never setup for Bill Pay or we've never received it in order to make it a bill pay item
2. Why can't I setup my own bill pay item. Because we have to validate the bill item as being a valid account expense. Also, we have to setup the payee info.
3. Bill pay tells me I don have enough, but I see enough cash. This is because they are misreading the cash on hand vs. the cash available or they just deposited funds and those funds are not available yet. Cash available wins on all decisions.
If You Have Any ProblemsIf you have any problems with your bill pay contact email@example.com
Also in order to familiarize yourself with this new offering we strongly urge you to go through our detailed PDF presentation Bill Pay PDF Presentation.