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Online Bill Payment Options Explained North bridge Insurance offers two types of Client Bill payment plans: Monthly Pay and Variable Pay.* Benefits of Online Bill Payment Monthly Pay Installments

How to fill out variable pre-authorized payment

How to fill out variable pre-authorized payment:

1. Begin by accessing the online banking platform or contacting your financial institution. This is where you will initiate the process of setting up a variable pre-authorized payment.
2. Provide the necessary information required for the pre-authorized payment setup. This typically includes your name, account details, and the payee's information such as their name, address, and account number.
3. Specify the payment amount and frequency. With a variable pre-authorized payment, you have the flexibility to determine how much you will pay and how often. It can be a fixed amount or vary depending on the bill or invoice you receive.
4. Set the start date for the pre-authorized payment. You can choose when the payment will begin, ensuring that it aligns with your financial needs and obligations.
5. Review and confirm the information provided. Double-check all the details to ensure accuracy and eliminate any potential errors or issues that may arise during the payment process.
6. Authorize the pre-authorized payment. This may involve providing an electronic signature or confirming your consent to proceed with the automatic deductions from your account.
7. Monitor your account to ensure the pre-authorized payments are being deducted correctly. It's important to regularly review your bank statements or online transactions to verify the accuracy of the payments.

Who needs variable pre-authorized payment:

1. Individuals with fluctuating bills: Variable pre-authorized payments are suitable for individuals who have bills that vary in amount each month. This could include utility bills, credit card payments, or rent payments that are not fixed.
2. Business owners: Business owners often have varying expenses and payments to make. Using a variable pre-authorized payment allows them to streamline their financial processes and ensure timely payments without having to manually initiate each transaction.
3. Individuals with irregular income: For individuals who have irregular income, such as freelancers or contractors, setting up variable pre-authorized payments can help them manage their financial obligations by allowing them to pay variable amounts based on their earnings.

Overall, variable pre-authorized payments offer convenience and flexibility for individuals and businesses with fluctuating payment amounts, allowing them to automate their bill payments while maintaining control over the payment frequency and amount.

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What is variable pre-authorized payment?

Variable pre-authorized payment is a payment arrangement where funds are withdrawn from a payer's account on a pre-determined schedule, but the amount may vary each time.

Who is required to file variable pre-authorized payment?

Entities or individuals who collect payments through variable pre-authorized payment are required to file this information.

How to fill out variable pre-authorized payment?

Variable pre-authorized payment information can be filled out using the designated forms provided by the financial institution or payment processor.

What is the purpose of variable pre-authorized payment?

The purpose of variable pre-authorized payment is to allow for convenient and regular payments to be made without the need for manual action each time.

What information must be reported on variable pre-authorized payment?

Information such as the payer's account details, payment schedule, and payment amount must be reported on variable pre-authorized payment forms.