Published on July 05, 2023
AutoPay For the Win!
Setting up AutoPay increases convenience, saves you money and can help reduce fraud and improve your credit score
We all know that bad actors are constantly looking for ways to commit financial fraud for their own gain.
One way to battle this is through a process called AutoPay, which is available to all Community Choice members. By automating the payment process, you can save time and minimize the risk of errors, both individually and if you own a small business.It’s not a perfect solution in the battle against fraud but it both enhances the security of your finances and offers a layer of convenience to make your life just a bit easier. AutoPay can help you avoid late payments for monthly bills and other expenses that could come with interest charges and fees. Plus, the first time you sign up for AutoPay you will receive $5 back!
In a world where time is money, creating hassle-free payment methods will save time and increase efficiency. AutoPay with your Community Choice account can help keep all of your accounts in good standing and avoid consequences such as late fees and a damaged credit score.
The drawback of manual payments
The drawbacks associated with manual payment processes include human error, time-consuming tasks, lack of transparency, security risks, and reduced productivity. It doesn’t hurt to save a few bucks on stamps since you won’t have to mail those bills you can automatically pay. If that sounds like a number of reasons, it is!
The benefits are many
Consumer credit reporting company Experian lists several benefits to setting up an auto pay system for your personal and business expenses. According to Experian:
Paying bills becomes easier when payments are automatically deducted from your chosen bank account. You just have to make sure you have enough money in your account to cover what's due when bill amounts are debited.
It builds credit
Payment history on credit accounts has a significant influence on your credit score. Setting up automatic bill payments for loans and credit lines is a way to establish a positive credit history. Chances are your credit score will improve and it will allow you to avoid late payments that can drag your score down.
It can save money
Some lenders give borrowers a small interest rate discount for using an auto pay process, such as cell phone providers and some types of insurance. A reduced interest rate could save you money over the life of your loan. Using autopay can also save you money by helping you avoid late payment penalties.
It can lessen the chances of fraud
Mail fraud is an issue impacting thousands of Americans per year. Removing the need to pay bills by mail is just one way that AutoPay can help lessen the chances that fraud will impact you. Companies that receive bill payments automatically are more likely to notice a payment that went awry, which can help identify suspected fraud earlier.
Setting up is easy
If you haven’t set up Auto Pay yet, follow these steps:
Find the “Pay My Loan” tile under “Move Money” in the menu.
Fill out the information for any loan you want to set up for AutoPay.
The process takes as little as five minutes. For your time, you’ll earn $5 the first time you set up AutoPay!
For further questions or to set up AutoPay by phone call 877.243.2528. Mention promo code 5FOR5 to qualify for the $5 incentive.