More consumers are paying bills online today, and with postage rates about to climb again, those who are still mailing checks and money orders are going to take a second look at online bill pay.
For the average consumer who pays 12 creditors a month, the savings are significant:
12 $.44 stamps: $5.28
12 $.50* money orders: $6.00
Total: $11.28/month which total to $135.36/year
Add the cost of a box of envelopes: $20.00 ----------Annual billpay cost: $155.36/year
Cost of paying the bills online - ZERO
- if you have access to a bank account that will allow you to debit for your bills.
Those who do not qualify for bank accounts can open a Directo paycard account, if their employer offers direct deposit, or if they receive government benefits. Directo accounts are easy to use, and will save the accountholder hundreds of dollars a year - with online billpay, decreased fraud risk, and 24/7 access to their money.
If you're an employer, contact us to offer Directo paycards. It costs you nothing, and for your employees, the accounts could mean significant savings.
*money orders range in price according to the vendor and the dollar amount. $.50 is least expensive I found (Racetrac gas store). A postal money order from the post office for $1,000 was $1.50. Money orders must be purchases with cash - which adds risk of theft to the transaction -ed
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