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Paying bills on time could save millions

Paying bills on time could save millions

Failing to pay bills on time cost Aussies more than $280m last year, according to recent research from CommBank.

Forgetting a bill’s due date was the most common reason for late payments, with losing the bill and not having enough money also frequently cited.

Gen X hardest hit

Australians pay an average of $24 for each late bill, with Gen X paying the largest share of late fees, closely followed by Gen Y, the 2016 research showed. 

Being organised can go a long way to helping save money, according to CommBank’s General Manager Deposits and Transactions, Danielle Murrie, who says trying to manage a mix of paper and online bills can be frustrating. 

Managing bills online and on the go

CommBank customers can now ask billers to send bills straight to NetBank and the CommBank app

This allows you to see bills on a timeline, more simply track and pay them. 

Reminders are sent when a bill arrives and then flagged on the timeline before a payment’s due. 

BPAY® a bill using a smartphone

Photo-a-bill is a feature in the CommBank app that allows you to BPAY® a bill in a few easy steps. 

Currently available for iPhone 5 and above, an Android version is coming soon. You simply take a shot of the bill with an iPhone. Optical Character Recognition (OCR) technology scans the bill before automatically populating the details required to pay.

“Paying bills, particularly new bills, can be a cumbersome experience as you need to manually input a number of fields such as a Biller Code and Reference Number. This can lead to human error and unnecessary frustration,” Murrie said.

“Photo-a-bill in the CommBank app not only ensures fewer mistakes, but it gives our customers a much easier way to pay their bills. It also speeds up the process, as we know Australians are spending on average 15 hours a year managing their bills.” 

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. BPAY and BPAY View are registered trademarks of BPAY Pty Limited ABN 69 079 137 518. Research referenced relates to Commonwealth Bank bill payments study undertaken by ACA Research, August 2016.