When does Bill Payer pull funds for payment?
Due to the nature of Bill Payer, payments are pulled form accounts in a two-step process. The two steps are “authorization” and “posting”. Authorization means that the payment account (your member account) has enough funds in it to cover the bill. Bill Payer funds are authorized in the late evening of the day the bill is due. The posting is done the next morning. Posting means that the money is actually taken from the account. The posting date has no bearing on the authorization date. The bill is considered by our processor as valid on the authorization date. Just because the funds are not pulled from your account until the next day has no effect on the paid-date of the bill. For example, if today is Tuesday the 13th and a bill is set up to be paid on Thursday the 15th, the bill will be authorized for payment on the evening of the 15th. The funds will not come out of your account until the next morning when the payment posts. This posting date has no effect on the bill’s due date, thou
