Coffee with Carl - Using Technology to Pay Bills

Introduction

• Host: Carl Zellner
• Affiliation: Anderson Business Advisors
• Topic: Using technology/websites to pay bills usually requiring a check or a linked bank account

Overview

• Personal experience with paying large bills using a credit card
• Introduction to a website called Plastic (not sponsored or endorsed)

Personal Example

• Bill: Mortgage payment
• Credit Card: Points card for airlines
  • Strategy: Pay the card twice a month; same as cash with a minor fee
• Benefits: Collecting additional points, managing cash flow in tough situations

Advantages of Using Plastic

• Flexibility: Helps in scenarios like loss of job to float money if credit limit is sufficient
• Pandemic Use: Useful during periods where mortgage deferrals were options
• Payments: Acts as a middleman sending checks on behalf of the user (e.g., mortgage company gets a check even though payment is done via credit card)
• Automation: Helps in automating payments and avoiding missed due dates

Limitations of Plastic

• Setup Lag Time: Setting up payments takes time; need to set it up well in advance
• Processing Time: Mailing and check processing takes time; dates might not align perfectly

User Experience

• Reliability: Found to be very reliable; no issues encountered
• Tracking: Ability to track payment status (submitted, processing, sent, delivered, deposited)
• Memory Aid: Helps in avoiding forgetting payments by automating recurring dues

Conclusion

• Not an Endorsement: Sharing personal positive experience, without any endorsement
• Future Content: Possible creation of content around creative workarounds for financial management
• Call to Action: Like, subscribe, and share the content

Catchphrase: Thanks for joining this episode of Coffee with Carl, see you in the next one!