What is Bill Pay?
Bill Pay is a service that allows businesses and individuals to manage their payments electronically, automating the process of paying invoices, utility bills, and other expenses. By using Bill Pay, users can schedule one-time or recurring payments, track payment statuses, and organize financial transactions, all from a centralized platform.
Benefits for Clients
Clients benefit greatly from using Bill Pay by streamlining their accounts payable processes, reducing manual work, and minimizing errors associated with traditional payment methods like checks. The service improves cash flow management, as businesses can schedule payments in advance and keep track of upcoming expenses, avoiding late fees. Additionally, by consolidating payment activities in one place, businesses can better monitor their finances, reduce administrative costs, and increase overall operational efficiency. Bill Pay also offers secure, automated payments, providing peace of mind for businesses dealing with large-scale transactions.
How it Works
Clients can use Bill Pay to send money (check or ACH) to vendors, businesses, individuals from their Grasshopper Bank account.
Using Bill Pay
To get started, navigate to Bill Pay in our Commercial Banking app:
- Tap the ••• More button in the navigation bar
- In the Money Movement section tap Bill Pay
- Select the entity you wish to pay from
To send your first bill payment, you must add a payee:
- Tap Add Payee
- Search for the vendor by name or tap Create New Payee
- If you are paying a vendor (i.e. internet service provider), enter the account number that you have on file for the service, not the vendor's bank account number. This will help the vendor account for the payment when it is received.
- If you are paying an individual, enter the bank account number for the individual you wish to pay.
To initiate a bill payment:
- Tap Pay A Bill
- Select a payee or create a new payee
- Select an account to debit
- Choose the send date
- If you are setting up a recurring payment, tap Frequency. This step will allow you to determine the frequency (weekly, monthly, etc.) of your payments and set up "End On" logic (i.e. indefinitely) for when you would like the payments to stop. The "Send On" date will default to the earliest available date based on the vendor's default payment type of ACH or check.
- Enter the amount
- Add a description (optional)
- Tap Continue to review and approve the payment
- Note: If your account has dual control enabled, an approver will need to log in and approve to complete the transaction.
Downloading the App
To use our Commercial Banking mobile app, you will need to download it in the Apple App Store or Google Play store.