You can add a biller one of two ways: by searching their database or manually adding one yourself. Currently, their database has nearly 5,500 billers, with 20,000 more on the way. I had no issues finding mine (I was actually surprised at how simple it was), but if you can’t find one of yours for some reason, you can reach out to the Prism team and they will work on it with you. One thing to note: you must have an online account with your biller in order for the app to pull in your information each month. If not, it has no way to access your information.
In addition, you can also set up a manual biller, which is beneficial if you either can’t find your biller within their system or don’t have an online account for your biller. I use this for my mortgage payment, mainly because I don’t have an online account set up for it and I can’t pay for it electronically (yes, I have to send in a check or call them each month to pay – it’s like I live in the 1990s, here). Even though I can’t pay through the app for this bill, I still receive reminders of when the due date is approaching, which as I’ve stated before, is extremely beneficial.
2) Setting up your Payment Account
Adding your billers will ensure that you receive notifications regarding their availability and due dates; however, if you also want the functionality of paying your bills through the app, you will have to set up your payment account. You can either select a bank account or credit card to link to the app, and when you pay your bill, you will be able to choose which payment account you’ve previously set up to pay from.
One of my initial concerns with linking my bank account was the security of my personal information, especially in the light of all of the recent online hacks (I’m talking to you Target and Anthem); however, I spoke with Rachel Santee, the Director of Customer Engagement at Prism, and she assured me that security is a top priority. In fact, in regards to security measures, she stated the following in regards to keeping the customer safe:
“We do not store any sensitive information, such as passwords or account numbers, on customers’ devices. Furthermore, all information that travels between the customer and Prism is encrypted with bank-level security, and the data store itself resides in Microsoft’s highly secure cloud service.”
In other words, your information is as safe as it could possibly be. Still have concerns? Feel free to visit their website at https://www.prismmoney.com/about/security or contact them with any questions.
3) Add your Paydays
One of Prism’s newest features is the ability to add your paydays into the mix, giving you the capability to see how much of your income is taken up by each bill. I haven’t had the opportunity to utilize this yet as this upgrade just rolled out this week, but I think having a visual of how much certain bills cut out of your income is great information to have. Who knows? Maybe you’ll realize you don’t need to spend half of your income each month on a 3-bedroom apartment for you and your cat.
BEST PART ABOUT THIS APP: the notifications. This is what helps you avoid those credit-damaging late fees and keeps you in your biller’s good graces. You will receive a notification when your bill becomes available, the day before your bill is due (if it’s not already paid), and the due date of your bill (again, if it’s not paid). I don’t know about you, but basically having a virtual personal assistant to track this for me is worth its weight in gold. Especially when it comes free.
Using the App