Frequently Asked Questions about Online Bill Pay
Click on any section below to learn how business Online Bill Pay from iPay Solutions can work for your small business.
Business Online Bill Pay Basics
It’s a service from Online Bill Pay that streamlines the back office functions of your small business and allows you to make payments to virtually any individual or company through your online banking account.
Business Online Bill Pay was designed specifically to meet the needs of today’s small businesses. In addition to making payments, you can run customized reports, delegate tasks and set permission controls. It all adds up to give you more resources you need and more time to focus on your business.
You can pay virtually any business or individual with a mailing address within the United States and Puerto Rico. Examples include utilities, office supply bills, consultants or independent contractors.
Most payments are delivered electronically. Your payment information, such as your account number, is sent via secure transmission. All other payments are made by paper checks mailed via the U.S. Postal Service.
It’s one of the safest ways for your business to pay bills. Business Online Bill Pay helps guard against identity theft from lost or stolen checkbooks, bills and statements. It also increases privacy because only you can access your account information, account numbers and payment history.
Generally, your payment is received within 2 to 7 days, depending on whether it is sent electronically or via paper check; electronic payments take 1-2 business days and checks take 5-7 business days.
Most scheduled payments are sent electronically and funds are withdrawn from your account on the process date. Funds are withdrawn for check payments when the check is cashed.
The major benefits are true control and total convenience for you. This means you’ll be able to:
- Pay your business’ bills and view payment activity anytime, anywhere
- Delegate the payment responsibilities you want to
- Set permission controls so you maintain the final say
- Quickly run customized reports with the information your business needs
- Reduce your paperwork and bookkeeping
- Maintain more control over cash flow
- Increase your security over mailing checks
How to get started
First you need to be enrolled in Online Banking by visiting www.cubbank.com and selecting the Enroll Now button and completing the on screen enrollment steps.
Already an Online Banking user? Simply login to your Online Banking and select Welcome/All Services & Settings/Other/Business Bill Pay to request bill pay services to be added. Once your request is approved you can start using bill pay.
You can set up payees and start making payments in a few easy steps:
- Login to your Online Banking account at www.cubbank.com
- Click Welcome/All Services & Settings/Other/Business Bill Pay and login
- Go to the “Payees” tab
- Click “Add a Payee”
- Choose to add a company, individual or bank or credit union
- Complete form by providing requested information about payee and “submit payee”
- Then click “schedule a payment to this payee”
Using Basic Features
Making bill payments
Yes. You can import payees from Quicken or QuickBooks directly into your business online bill pay account.
Business Online Bill Pay allows you to set up recurring payments for bills that are consistent every month. Examples include insurance payments, contractual payments, or your office lease.
Absolutely. With extended remittance you can send a single payment for multiple invoices from a single vendor.
Delegating tasks & setting permissions
You can delegate the payment responsibilities you want, such as paying utilities and suppliers, running reports or accessing payment history.
Specify who can make payments, which payments they can make, and the maximum payment amount. You can also set up final approvals so you give the go-ahead before any payments are made.
You can run reports that allow you to:
- Have the audit information you need
- Review your spending
- View the payment activity of your authorized users
Using Advanced Features
Customized electronic invoicing
Use it to generate customized electronic invoices that are branded to your business and tailored to your unique needs. You can also store customer records securely, and quickly generate recurring invoices.
You send invoices via email. This allows you to control the date your customer receives the invoice. It’s also faster and more secure than sending invoices through the mail, and it saves the expense of stamps and envelopes.
You can view your invoice history online in just a few clicks. This saves time and space by reducing your filing.
Customized receivables website
In just a few steps you can create your own customized website that allows customers to pay online with a credit card. This benefits your customers because it’s a more convenient way for them to pay. It benefits you because your business can get paid faster.
You can quickly view payment status, including receivables aging and past due invoices, in your payments dashboard.
eBill is a feature that allows you to receive and pay electronic summary versions of paper bills directly from your business online bill pay account.
eBills are delivered directly to your business Online Bill Pay account. Once you set up an individual eBill for a company you do business with, an eBill comes directly from that payee to your account. Examples of businesses that offer eBills are phone service providers, utility providers and credit card companies.
Please contact the payee directly to ensure you continue receiving paper statements.
There are two easy ways to determine if a payee offers eBill. You can check to see if there is a “Setup eBill” link next to their listing on your business Online Bill Pay home page, or look for the “Sign Up” icon under their name in the “View Payees” section.
With eBill, everything you need is in one convenient location. Using eBill allows you to streamline your bill pay routine and have online access to your bills. In addition, you can view past bill summaries at a glance.
Balance due, due date and minimum payment amount are included in your eBill. If you need additional details, there will be a link that lets you login to your account on your payee’s website, or you can check your paper statement.
To pay an eBill, simply choose the account you want to pay from, enter the amount you want to pay, and schedule when you want the payment delivered.
You will receive an email notice to alert you when an eBill has been delivered to your account.