Online payment is the fastest, easiest way to pay your bills, and available for use with any U.S. financial institution where you have an account with check-writing privileges. You can use your checking account in conjunction with Quicken Bill Pay even if your financial institution doesn't offer online financial services of it's own. Use online payment to:
Setting up online payees
To send an online payment, you need to first provide information to Quicken about the company or individual to whom the payment is being made. Quicken then stores this information in the Online Payee List to use for future online payments. You can set up all your online payees in advance, or add them on an as-needed basis.
From time to time, it's good idea to check the address information on your bill to make sure that your payments are being sent to the right location.
Managing and reporting on online payees
Once a payee has been added, you can make changes to the payee's information as necessary. You can also create reports that include information about your online payees and the payments you've made to them, including date, account, check number, status, category, amount, and more.
Note that you cannot edit or delete payee information if there are pending payments for that payee. You must either wait until the payment has cleared or cancel the payment. Also, renaming rules will not affect online payee names stored in the Online Payee List or used to create payment instructions.
Creating online payments
When setting up an online payment, you can do either of the following:
Finding out if online payments have been made
You can rely on your financial institution and its processor to make payments as you've instructed. Payment status, available from the Payments tab in the Online Center, includes information such as whether the payment is being sent electronically or via postal check, when the payment is scheduled to be sent or has already been sent, and so on (the exact information displayed depends on what is supported by your online payment service). This status information is current as of the last time you downloaded transactions and payment information for this financial institution. If there appears to be a problem, you can make an inquiry about a specific payment.
Canceling online payment instructions
You can cancel any single online payment instruction up to its processing date (which is the delivery date minus the lead time). You can also cancel one payment in a series of repeating online payments or all pending and future payments for a repeating online payment instruction.
Loan payments: If you cancel a single repeating online payment that you've designated as a loan payment, Quicken adjusts your loan calculations to show that you didn't make the payment.
Editing payment instructions that have already been sent
Depending on your financial institution, you may be able to change the amount and number of payments remaining for a repeating payment series. If you change the amount or duration after an instruction has been sent to your financial institution, you must send the changed instruction to replace the original one. If you want to change other information, or if your financial institution does not allow you to change these items, you need to delete the repeating online payment instruction, set up a new one, and resend it.
For one-time payments, note that you cannot change the amount. You first need to delete the existing payment instruction, then create a new one, and resend it.
Determining the lead time for payments
Lead time is the number of business days it takes from processing the online payment instruction to when the payee receives payment. Lead time varies by payee and is stored in the Online Payee List. See the frequently asked questions below for a complete discussion of lead times, withdrawal of funds, and delivery dates.
Using Quicken Bill Pay
Quicken Bill Pay is an online payment service that is easy to set up and available for use with any U.S. checking account. Quicken Bill Pay stores your payee information for you, so whenever you make a new payment, account numbers and payee information appear automatically. You just fill in the correct amount to pay. Paying bills has never been so fast.
With Quicken Bill Pay, you also gain control and enjoy convenience:
When your account is up and running, all you have to do is set up your online payees, create your online payments (easier than writing checks!), and then connect to the Internet to send the payment instructions.
You can try Quicken Bill Pay free for 30 days. Choose Online menu > Quicken Bill Pay > Learn about Quicken Bill Pay to learn more or sign up for your free trial.
When is the money withdrawn from your account?
Your financial institution uses a payment processor to receive your online payment instructions and process the electronic funds transfer (EFT) or mail the paper check. Depending on the payment processor used, the money to cover your online payment could be withdrawn from your account at any of the following times:
The Payment Status window in Quicken indicates when funds are withdrawn for a specific online payment. For additional information, contact your financial institution.
When will the payee receive your payment?
When you create an online payment instruction, Quicken calculates the earliest possible delivery date based on the lead time required for the type of online payment that the payee is set up to receive. The lead time is the number of business days it takes from processing the online payment instruction to when the payee receives payment.
For example, say the due date for the payment is October 18:
If a payment is due on or soon after a holiday (such as October 21 in this example), make sure you allow at least four business days between the day you send the instructions and the delivery date.
Avoid late payment charges! Depending on your payment processing, you can change the delivery or processing date to any later date within the next 12 months. Enter a delivery date that is three or four days before the due date printed on your bill. This allows time for the payee to process your payment by the due date so that you avoid any late charges.
How often can you download transactions and update payment information?
Some financial institutions limit the number of times you can download transactions each month without additional charges. If you have recently downloaded transactions, you may want to clear the instruction to download when you connect to send transfer or payment instructions.
However, you can update payment information as often as you like (at no extra charge). These updates include information about payments, transfers, and e-mail. To update payment information, be sure to send the Bring my payment information up to date instruction each time you connect.