Benefits of Automating your Payments

In the recent past, paying bills was a hectic affair that required one to stand in long queues in order to be served and beat the deadline. Imagine having to sit down every month, review personal and business bills and write checks for each of them, and then join the long queues? It can be a frustrating process which can easily be forgotten or ignored leading to late payments and falling behind on bills which may lead to penalties.

The advancing technology has changed the manual payment of bills to a world of internet and mobile banking, where automatic payments are the solution. The automatic payments are now hassle-free with no manual activities of having to remember to pay utility bills and suppliers. Known as the “set-it-and-forget-it” system, here are some of the benefits you enjoy from automating both your personal and business bills.

  1. Saves you money

Automating your bill or business payments are reliable for on-time payments that can save you money by eliminating costly mistakes which often result in duplicate payments, overpayments, or late fees.

  1. Instils discipline

If you struggle to strictly adhere to your budget, automatic payments are the solution. Instead of having to battle within yourself to settle a bill or save, the adoption of automatic payments has made it possible to have a digital planner for you hassle free.

  1. Provides clear financial data

By moving to automated electronic payments, you can capture the trail of where your money goes. This awareness and data helps you better budget your money and be more aware of where, when and what you spent your money through access to your financial statements.

  1. Optimize cash flow for your business

The simple truth is that the better you can trace your financial statements, the stronger your decision-making process. Payments are a prime indicator of the state of not only your personal finances but your business as well. This will provide a clear picture of the available capital in the business thus preventing losses that may arise.

  1. Provide faster turnaround time

Time is money, literally. The more automated and efficient a process is, the more returns you get by making early payments. For instance, if paying a supplier for your business determines when you are provided with stock, then automatic payments will ensure you always get your stock in time.

At Family Bank, we not only help you automate personal bills but also provide you with services not limited to mass payments, including salary remittance, dividend pay-outs and multiple M-Pesa transfers among others, which you can easily automate hassle free. Get in touch with Family Bank today to begin your “set-it-and-forget-it” system.

Start the journey of automatic payments today and take away the stress of manual payments to ensure your bills are paid on time, every month or at your convenience.