The Benefits of Setting up Recurring Payments
It stinks to pay bills. Very few people enjoy the process. With automatic recurring payments, it can stink a tad less because you don’t have to worry about when and where to pay your bill.
Technology lets us automate nearly every aspect of our lives. Robots can vacuum our floors, groceries can be ordered on our phone and delivered to our doorstep, and even our wardrobe can be automated with subscription clothing boxes. With so much of our world being digital, it makes sense that we’d want to automate simple tasks like paying our bills.
What does recurring payments mean?
Recurring payments, sometimes called automatic payments, recurring billing or AutoPay, are transactions that take place after a customer has allowed a company to automatically charge their debit or credit card for repeat services, subscriptions, or bills. Recurring payments are usually set up to run at a specified time (weekly, monthly, annually, etc.). Recurring payments can save time for you as the customer, as well as the business.
Why should I sign up for recurring payments?
Benefits of signing up for recurring payments could be:
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It saves time
The biggest benefit to automatic payments: it’s a time saver. You don’t even have to cross “pay insurance bill” off your to-do list, because it doesn’t even have to be on your to-do list after you sign up for AutoPay. -
It can make budgeting easier
When you know the exact date that a bill will be paid, it can help simplify your budget. You know what day that money will leave your account, and you can plan your budget accordingly. -
It can reduce late payments (or missed payments)
With automatic payments, it can be sort of a “set it and forget it” concept. Of course, it’s your responsibility to stay on top of all your bills and make sure you have sufficient funds in your account prior to the bill due date and to have a valid card on file; but having recurring payments set up minimizes you forgetting to pay a bill and may reduce how often you incur late payments. Procrastinators rejoice!
Are automatic bill payments safe?
You may be wondering if your data is safe if you choose to sign up for AutoPay. At Alfa®, protecting you is very important to us. We work each day to protect your data and banking account information.
How do I sign up for AutoPay?
To sign up for AutoPay on eligible policies:
- Log in to your MyAlfa® account
- Click Payment Center from the account dashboard
- Toggle the AutoPay switch ON for each desired policy
- Select your preferred AutoPay payment method
- Confirm your AutoPay setting and click the Create AutoPay button to finalize set up
If you have any questions about AutoPay or need help signing into your account, please call 1-800-964-2532.