Business ProfileforSilverBills Inc.

2/23/2024 I have to repeat Geo H's review as it is 100% CORRECT. I have had the exact same experience. Paytrust paid the bills electronically - payments would be received the next day by payees.Why am I using this new SilverBills company when I could send a check and it would get there faster !!! It is archaic! You would think this is 1985.Also- their website is not compatible with all browsers If you use Firefox the scroll bar does not work. I have given them every chance to resolve these issues- I have called 3 times since the beginning of January - Oh and by the way when you call you get the ***********...My experience as well:They take the money from your account on the day it is scheduled and they put it in a bank. Then they send out your payment which they say will *********** days maximum to reach the payee. In the mean time they collect interest on you money until it gets paid. So far its been taking well over a week until its paid. Paytrust (who they bought out) would send out a payment (if not electronic) to the payee with a check from your bank account, thus it stays in your account until payment is made and if for some reason you needed to cancel the payment, you could go to your bank to do it. In addition they have no reports to look up what bills are going out on a particular day, only a generic report stating all upcoming payments. They also are charging 3 times what Paytrust charged before they were bought out. I can see an increase, but 300% is crazy in addition to them taking your money into their account on day one and keeping it until the payment is received by the payee! They sent an e mail apologizing for the extended time it is taking for the payments to get to the payee (Up to two week). Why would they be sorry, they collect the interest from their account with our money in it. The longer it takes to get to the payee, the more money they make!!!

We appreciate the concerns that *************************** (hereinafter the Client) raises and her frustration with the ***************** and we will provide background and an explanation. ******** is an online platform that customers use to pay their bills (www.paytrust.com). The Client has been a long-term customer of ********. Beginning in January, 2024, SilverBills assumed the operations of ******** services from RealNetPayments LLC . In connection with the assumption of the operations, SilverBills changed some of the ways in which the services had previously been provided. Please note that in order to continue to receive services after the assumption of operations by SilverBills, all clients agreed and accepted a new terms and conditions document which outlined all of the changes effectuated by the new provider of services, SilverBills. Thus, although the Client may not have read the new terms and conditions carefully, she nonetheless was provided with notice of the changes and agreed to them by consenting to the terms and conditions. One new aspect of the service is that SilverBills partners with ***************** N.A. to be able to send the funds from the customer to the customers designated bill ****** This is a different process than customers were used to under the old provider of the ******** services. When customers enrolled in the new ******** services, to begin service on January 3, 2024, the customers accepted the terms and conditions of service, including the new process of using a **************** account to accept the funds in advance of sending them to the Payees. ************** accepted the terms and conditions of service. SilverBills/******** uses a Verified Funds model of payment, which means that ******** will not send the payment to the Payee for two business days to avoid the payment being returned for insufficient funds in the customers funding account. This process adds 2-3 business days to the payment flow but avoids the customer having an overdrawn account by not sending payment out to the Payee until the funds are verified. The payment process works as outlined in the steps below. For this example, Customer A will schedule a $100 payment to ******* on March 6, 2024. 1.Mar 6 - Customer A schedules the payment to ******* in the ******** portal. 2.Mar 6 - ******** initiates an ACH pull from Customer As funding account (their personal bank account) in the amount of $100 to cover the payment. 3.Mar 7 - The $100 is credited in Customer As **************** account (1 business day). 4.******** waits two business days so that the funds are verified. 5.Mar 11 (two business days after Mar 7), ******** sends the payment electronically to *******. 6.Mar 13 - Customer As payment arrives at ******* (two business days after being sent). If the customers payment was not made electronically but with a check, such as to a local business or individual, then the arrival date would be about 3-5 business days after being sent, due to the time necessitated by the physical delivery of the check via ***************** Postal system. As you can see from the above example, ******** is not holding a customers funds any longer than necessary given the regulatory framework in which the company operates. ******** does not benefit from any float on the funds nor does the company earn any interest whatsoever. Based on initial customer feedback, ******** sent funds out to the Payees on a trial basis after waiting only one day, which led to many returned items for insufficient funds and resulted in customers having overdrawn bank accounts with ****************. Out of an abundance of caution, ******** went back to the two-business day validation period, and since then there have been no overdrawn bank accounts. To comply with federal regulations, ******** can no longer transfer funds directly from a customers bank account to the payee. All funds must pass through the customers bank account set up with the ******** banking partner, ****************. If the customer would like to cancel a payment, the customer may call our ******** Support team or email ********************* ******** is aware that customers would like a more robust reporting feature. In the five months the company worked to engineer a new bill pay system from scratch (we did not simply take over the existing system), ******** focused on making the bill pay flow work (customer funding account to **************** account to Payee) and is working on bringing more enhancements to the user experience over the next few months. The ******** portal displays all payments, and customers can easily view bills that are ready to be paid, any scheduled payments and all payments that have begun or completed processing. ********s monthly service fee increased by an average of $9/month from the former service provider. The current fee structure for services is $19.99/mo for up to 10 payments, and $0.89/payment for each payment above 10 in a month. The Client was fully informed of this price increase and consented to same. Thank you.