Welcome Paytrust Users! SilverBills is creating a low priced, tech enabled, self-service product.
Details will be forthcoming from Paytrust over the coming months.
Frequently Asked Questions
- How do I enroll with SilverBills?
Contact us, and we will provide you with a service agreement. Return the signed service agreement via either email, text, mail, or fax. Your Account Manager will then contact you and help you enroll. You will need provide us with one sample of each bill that you would like SilverBills to manage. If you do not have copies of bills at the outset, you may send additional bills at any time in the future.
- Can I meet you in person?
We believe that it is better for our clients to interact with us over the phone, mail, email, video conference, text and fax. This way we can service clients throughout the United States without regard to location. In addition, during the COVID pandemic, we do not want to expose our clients to unnecessary personal interactions. Over the years, we have formed very strong relationships with clients even though we do not meet with them in person. We have extensive phone calls with you and, if you want, you can also have video calls with your Account Manager.
- Do I have to pay for postage if I send you documents in the mail?
No! We provide you with a supply of business reply envelopes. You do not need to provide postage. Furthermore, you do not need to address the envelopes as they are pre-addressed. You may request additional envelopes at any time.
- What type of bills do you handle?
For a complete list of the categories of bills we handle see the “Bill Categories” page on this website. In general, there are 2 types of bills: recurring bills and one-time bills. For recurring bills, send us one sample, and we will receive these bills directly from your vendor going forward. For one-time bills, simply transmit the bill to us, and we will handle it. You may email, text, fax or send bills to us in the mail.
In addition, some bills can be paid by authorizing an ACH debit. However, there are some vendors who cannot accept an ACH debit. In addition, you may want to send checks to family members such as birthday gifts to grandchildren. In these cases, we use a third party licensed company to send the recipient a paper check. We manage the entire process.
- Do I need to use a computer to benefit from SilverBills?
No: SilverBills was specifically designed to benefit individuals who do not have or want to use computers. However, if you use a computer and want to access your account, you will be able to do so at any time using the SilverBills secure portal. In addition, you may provide written authorization for third parties like adult children, accountants, and attorneys to access your information via the SilverBills portal.
- How does SilverBills ensure my bills are paid?
Once SilverBills analyzes a bill, makes sure it is satisfactory and approves it, SilverBills provides your vendor (i.e. the phone company) with the authorization to debit your checking account in the amount specified.
- How do you know if I have enough money in my account to pay my bills?
SilverBills uses a budget at the outset to understand your monthly expenses and income. If there is a significant variation from this budget for any expenditure, SilverBills will contact you to address the issue. SilverBills may have read only data from your bank account, so we can also check your bank balance if you choose. If you use our bank account monitoring feature, we will alert you if your balance falls too low for us to make a payment for you.
- How will I have access to SilverBills activities?
You and any of your authorized representatives will be able to see all bills online should you choose to do so via the SilverBills portal. In addition, some clients choose to continue to receive their checking statements showing all activity. You may also elect to get a separate detailed monthly SilverBills statement should you wish to receive one in the mail. Your monthly SilverBills statement is also available on your portal.
- Will I still have access to paper bills and a paper bank statement?
If you choose to, you can still receive any paper bills you wish. However, most clients choose to forego the paper.
- Who do I call if I discover a problem or have a question?
Call SilverBills any time at: 866 653 4427 or email: [email protected]. Once you have an Account Manager, you will receive contact information for him or her.
- WilI someone reach out to me if there is a problem?
Yes: SilverBills provides concierge level service and will contact you with any issues.
- What if I would like to add new bills at some later date? How does this work?
Call SilverBills anytime at: 866 653 4427 or email: [email protected]. SilverBills will obtain your authorization to add a new vendor. Again, after you have an Account Manager, you may provide this information to him or her directly.
- How does SilverBills know if I have sufficient funds to pay a bill?
At the outset, we will help construct a budget for you, and we will benchmark your customary expenses. If any charge is outside of those parameters, your Account Manager will contact you to alert you of the issue prior to payment being made. In addition, if there is an issue with a payment going through and we are notified by a vendor, we will communicate this with you. Finally, if you choose to provide us with view only access to your balances, we will see any issues with sufficiency of funds and alert you to the same.
- Who will reimburse me for any financial errors?
SilverBills guaranties correct and timely payment and will reimburse you for any errors.
- How will I be reimbursed?
SilverBills will pay the vendor for any amounts attributable to errors. If you have already paid the vendor, SilverBills will issue a check to you or have funds directly deposited into your account.
- I am not an older adult. Can I still sign up for SilverBills?
Yes: we do not discriminate based on youth! We have clients of all ages who love the convenience and relief that they experience as SilverBills’ clients.
- I live in Florida. Can you help me?
Yes: we work with clients anywhere in the United States.
- Can you help with deposits of funds into my account?
Yes. We often work with our clients to have funds from their financial institutions, pensions and other income sources directly deposited into their checking accounts. So, most of our clients no longer need to make trips to the bank. Particularly in the time of the COVID epidemic this is a tremendous benefit to our clients. You no longer need to worry about lost checks or missed deposits. We will make sure that all sums are properly deposited. Your Account Manager will work with you to facilitate this, and it may require signing additional documentation.
- How can you speak to my vendors on my behalf?
Typically, we will have a conference call with you and your vendor if there are any issues. In some case, we simply need to provide the vendor with a copy of the service agreement, and they will speak with us directly.
- How can I send documents and bills to SilverBills?
You may transmit documents and bills to SilverBills in any way that is easiest: mail, scan and then email, text, or fax. Once you are enrolled, we will supply you with business reply envelopes. Should you choose to mail anything to SilverBills, simply place it in the business reply envelope. The envelopes are prepaid and preaddressed to make it easy. Please note: SilverBills only needs one (1) sample of each bill. Going forward, SilverBills receives bills directly from your vendors. So, you do not have to mail recurring bills to us monthly. You will receive a lot less mail.
- If I have a home health aide, can you pay her salary and make sure all taxes and other regulations are complied with?
We can certainly pay your home health aide. In terms of tax compliance including withholding, we work closely with a well-regarded national home payroll company to make sure that this is done correctly, and we supervise the process.
- What happens if I move?
We work with you closely to close all accounts related to the home you are vacating and open the accounts in the home to which you are moving. Our clients have found it very helpful to have us help them with this transition process.
- Is SilverBills insured?
Yes: SilverBills maintains both professional liability insurance and theft insurance.
- Can you provide investment advice?
No. You should only obtain investment advice from registered and licensed investment professionals. SilverBills is a concierge bill management company, and we do not provide investment advice, although we work closely with investment professionals to help maintain our clients’ financial well-being. Please be wary of anyone providing investment advice or investment “coaching” who is not licensed and registered.
- How do you pay a vendor or individual who does not accept ACH debits?
SilverBills uses a third party payment processor to send a paper check.
- Can SilverBills help me plan and disburse charitable donations?
Yes: SilverBills can help you plan and schedule for your charitable donations as part of our budgeting process. We will work with you to establish a plan for annual giving and implement the plan in accordance with your instructions.
- What if I want to use multiple accounts and specify certain accounts to pay certain bills?
That’s not a problem. We can work with multiple checking accounts. For example, you can direct us to pay the rent from one checking account and the car insurance from a different checking account. And you may change the accounts that you wish to use for payments at any time. Simply notify your Account Manager.
- What if I want to see a particular document, but I do not use a computer?
You simply contact your Account Manager and he or she will send you the document in the mail.
- Do I need to set up a separate checking account for SilverBills?
No. It is not necessary to set up a new checking account for SilverBills. We are a concierge service. We will use whichever account or accounts that you want us to. So, should you choose to open a new account for us to use, that is fine. However, it is not necessary and most of our clients do not do this.
- I am going into the hospital for a planned procedure and know that I will be unable to keep on top of all of my bills while I am hospitalized and then in rehab. Can you help?
Yes: we have many clients who enroll with our services in advance of a planned hospital procedure. We provide peace of mind to these clients. It is one less thing that they need to worry about, and they can focus on their health and recovery. And, of course, after they have recovered, they may choose to cancel our services. To be honest though, our clients rarely cancel.
- I am visually impaired how will find out what SilverBills has done?
SilverBills will contact you on the phone. SilverBills will go over your monthly expenses on the phone.
- I am hearing impaired how will you communicate with me?
You may continue to receive your monthly checking statement. You can also choose to receive an additional SilverBills statement in the mail. If you use a computer, you may login to the SilverBills portal and see all documents in the portal.
- What if I only want SilverBills to pay one bill? What if I want to resume paying a bill that I have already provided to SilverBills?
SilverBills is a concierge service meaning SilverBills focuses on customer service and providing services tailored to the requirements of each individual client. A client may want SilverBills to manage one bill per month. That is not a problem. A client may also want to remove a bill from SilverBills services. Removing a bill simply means contacting SilverBills and indicating that SilverBills should no longer handle that particular bill. All choices are completely up to you. You may add or subtract bills as you wish.
- What if my gardener, for example, is only able to issue paper statements?
SilverBills receives paper bills from vendors from all over the United States. It is not a problem for SilverBills to manage paper bills. SilverBills employs the same process of scrutinizing and storing paper bills that it uses for all other forms of bills. We will simply inform your garden to send the paper statements directly to us. Alternatively, you may mail us the paper statements upon receipt or scan and email, text photos or fax them to us.
Budgeting and Savings
- Can you help me increase my savings?
Yes: we will ask you at the beginning of our relationship if you would like us to transfer a fixed amount on a regular basis into savings. We will include this number in your statement monthly and discuss with you if the number should be adjusted such that there is a cushion in your savings account. You may also periodically ask us to transfer funds into a savings account at your option.
- Do you help me with budgeting?
Yes: at the beginning of our relationship with you, your Account Manager will go over a detailed budget with you. Then, each month you will see how your actual spend compares to your budgeted spend. If you want, we can also include savings and implement a deposit into savings as you direct.
Benefits of SilverBills
- What are some other benefits of SilverBills aside from having bills paid correctly?
We make tax season much simpler, because everything is stored in one secure portal. For example, all information about charitable donations and medical expenses can be accessed from your SilverBills portal and is therefore stored in one safe place. There is no need to scramble to find documents to provide them to your accountant. You can also transmit any receipts that you would like us to store in your SilverBills portal for you, and they will be located in one secure easy to manage location. We frequently work with our clients’ accountants or tax preparers. If you provide us with written authorization, we can provide access to your documents making tax preparation much simpler. In addition, if you are applying for certain benefits, you may be required to provide copies of the types of documentation that we store for you. So, accessing benefits is much simpler for our clients than were they to have to organize and locate the documents themselves.
Also, if you are online, you need to keep track of many different passwords in order to access your account information. In other words, you will have one set of login information for the electric company, another for the telephone company, etc. And you need to visit multiple websites in order to access your information. As a client of SilverBills, all of your information will be in one secure place, and you will only need to have one login and password.
In addition, our clients and their loved ones enjoy much more free time and much less aggravation after they begin working with SilverBills. We give you peace of mind. This is an incalculable ancillary benefit.
We have helped clients restore and increase their credit scores because we ensure that their debts are paid correctly. Because all of your bills are guaranteed to be paid on time, your credit score will likely improve. Finally, you will have the option of having SilverBills help protect your financial security by monitoring your bank account for both a low balance and suspicious transactions. We will alert you if we see anything concerning.
- I get so much paper in the mail and it is all over the place in piles in my home. Will SilverBills help with that?
Yes. You will receive much less paperwork in the mail. And we will receive much of it directly and it will be organized in a clear, secure way and stored for you. All of your documents will be organized and stored for you. You will have a lot less clutter to deal with if you become a SilverBills client.
Privacy and Security
- How carefully is my information handled?
No personal identifying information is shared with any unauthorized third parties whatsoever.
- I am concerned about privacy
SilverBills does not release any personal identifying information to any unauthorized third parties whatsoever. We perform a monthly audit to make sure that nothing is out of the ordinary. All Account Managers undergo a thorough background check, and we are fully insured with multiple types of insurance so that we are able to compensate our clients should something go wrong.
- How do I know that I can trust SilverBills?
SilverBills was founded in 2014 by an attorney and a CPA and has an A+ rating from the Better Busines Bureau. SilverBills has an exclusive contract with the New York City Department for the Aging as sole service provider of bill paying services to New York City residents. The New York City Department for the Aging pays us to provide free services to qualified New York City residents. Thus, SilverBills has been fully vetted and approved by the City of New York.
We are also one of the recommended startups in AARP’s AgeTech Collaborative: https://home.agetechcollaborative.org/startup/directory
SilverBills has been mentioned in numerous national publications including, Consumer Reports, Next Avenue and AARP Magazine.
We would also be happy to provide references with whom you can speak about our services.
- Who has access to my checking account?
Your vendors are granted permission to debit their payments, but they cannot see any information in your account. SilverBills may see read only information from your checking account if you choose.
- Can SilverBills be hacked? What do you do to prevent hacking?
We safeguard your accounts and personal information by using 256-Bit encryption and state of the art firewalls. This is the level of security that is utilized by the largest and most sophisticated financial institutions in the country. All data is securely stored in IBM’s Hyper Protect Database within a virtual private network. A network of firewalls and encryption algorithms ensures that client data stays safe and secure. Two factor authentication is offered for all client logins and required for all staff logins. Every transaction is reviewed by AI-enabled algorithms, human auditors, and the client’s Account Manager.
Account Manager Questions
- Who will be helping me?
You will have a dedicated, specially trained U.S. based Account Manager. You will be able to call your Account Manager on the phone. Alternatively, you may email, text, video conference or send faxes to your Account Manager. Our Account Managers are reviewed and audited regularly to ensure that they are providing the highest levels of customer service in the financial services industry. Your Account Manager is supervised by our Director of Customer Care, Ronni Leo. Ronni is a licensed CPA. Should your Account Manager be unavailable because, for example, he or she is on vacation, or for any other reason, Ronni or another supervisor from the Account Management team will be able to assist you during the period of unavailability.
- What if I do not like my Account Manager?
Our Account Managers are beloved by our clients. In the unlikely event that you want to change Account Managers, you simply let us know, and we will provide you with a different Account Manager. We have an entire team available to work with you.
Third Party Questions
- Can my children or attorney see my information?
Yes: you may provide access to anyone you would like. Many clients authorize their children on their account. You simply have to list them on the service agreement or sign a written authorization. Your Account Manager can assist with this process. In addition, you may want to authorize other third parties such as accountants or attorneys to be able to access your information.
- I take care of my mother’s bills. I worry about who will help her with this if I am unable to do so for any reason. For example, I am concerned that if I need to have a hospital procedure or if I am going to be away on vacation for a while or even if I pass away before she does, she will have an issue. I worry about whether someone will take advantage of my mother because she needs help with managing her bills. Can you help with that?
Yes. We are a professional services company which provides an alternative to informal and familial arrangements for managing household finances. We have been in operation since 2014. We can take care of this for your mother, so you do not have to worry about what will happen to her if you are unable to do this. We are here for our clients when their loves ones cannot be for whatever reason.
- I have to go into the hospital for a planned procedure. I need someone to handle my bills when I am in the hospital and rehabilitation facility but then when I get home, I want to resume doing it myself. Can you help?
Yes. This is the exact scenario of many of our clients. Many of our clients enrolled with SilverBills in anticipation of a planned medical procedure. You may always terminate our services for any reason.
- Have many clients terminated?
To be honest, it is very, very rare that we have had anyone cancel. In the instances where a client has cancelled, it is typically because the client has moved in with a child. Other than due to a client’s passing, our customer retention rate is 91%.
- How much notice must I give to cancel services?
You provide thirty (30) days’ notice to cancel. There is no cost to cancel. And we are able to offer this free cancellation policy because our clients rarely cancel.
- What happens after I cancel?
Your Account Manager will work with you to make sure that you start receiving your bills directly rather than SilverBills. In addition, all personal and confidential information will be destroyed once it is legally permissible to do so.
- What happens if I pass away?
SilverBills will work with the administrator of your estate to close your accounts. SilverBills will need a copy of the death certificate and any other applicable documentation.
Questions Regarding the SilverBills Fee
- How do I pay the SilverBills monthly fee?
Your monthly SilverBills fee is deducted from your checking account and is reflected on your statement. There are no additional fees or charges other than the monthly fee. There are absolutely no hidden fees or costs. Nor do we receive any compensation from any third parties in the form of commission or anything else in connection with any of the services that we provide to our clients. We are 100% on your side and are vigilant about preventing conflicts of interest.
- What exactly is included in the monthly fee?
The flat monthly fee includes: management of all bills related to one residence, unlimited access to your Account Manager, storage of all bills and other documents provided to SilverBills and the monthly budget and statement.
- What if my son or daughter wants to pay the fee on my behalf?
That is not a problem. We simply need your child to fill out and sign a form and provide bank account details for the account that he or she wants to use to pay the SilverBills fee. We have many clients whose children provide our services to their parents as a gift.
- I handle my mom’s bills and my siblings do not do anything to help. This has caused a lot of resentment on my part. Also, my siblings sometimes question what I am doing as if they think I am stealing from my mom. Can you help with this situation?
Yes: this is a very common scenario. Often one sibling providing a disproportionate amount of care leads to resentment among the siblings. This is compounded by the fact that handling the finances may lead to concerns of stealing from parents. By hiring a professional service to handle the bills, you are creating checks and balances and alleviating many of these intra family issues. In addition, there is total transparency to all SilverBills activities, so all authorized family members can view all information in real time.
Autopay vs. SilverBills
- Why should I pay SilverBills when I can simply enroll with autopay?
SilverBills provides numerous benefits above and beyond what autopay provides.
You will have a dedicated Account Manager who knows you and your situation in depth. He or she will be responsible for all of your bills. If any issue arises, your dedicated Account Manager will work with you and your vendor until the issue is resolved to your satisfaction. Our Account Managers form close personal bonds with our clients, and our clients rely on our Account Managers to take care of them. We once even had a client ask us if she could pay us more than her monthly fee because she felt so well taken care of (we politely declined, but this was one of the biggest compliments we have received).
As opposed to autopay, your Account Manager can keep track of refunds. In other words, should you return an item, you can alert your Account Manager, and she or he will confirm once the credit has been issued to you.
Autopay does not track medical reimbursements or pay medical bills or co-pays. Your Account Manager will do this for you as well. Autopay is also set and forget. The monthly bills are not vetted and checked prior to payment. Your SilverBills Account Manager will review the bills before they are paid. There is an extra level of scrutiny and security that Autopay simply does not provide.
Autopay does not create a portal that stores all of your bills. With SilverBills, you will have access to all of your historical backup documentation in one place.
Autopay cannot process all types of bills. As evidenced by the SilverBills “Bill Categories”, SilverBills can accommodate all of your payment needs, so there are no gaps in terms of payments. Autopay cannot send a check to your granddaughter for her birthday. Autopay cannot pay a medical bill that you must pay after insurance has been applied. SilverBills can do it all.
- How does SilverBills differ from autopay?
Autopay can be a confusing concept and the term is not used consistently. In general, autopay is when an individual provides banking credentials to a vendor, such as the electric company and that is the end of the interaction. The electric company simply deducts the monthly amount with no further action on the part of the individual in terms of reviewing the charge prior to the payment. As opposed to autopay, SilverBills stores the actual electric company bill and analyzes the bill prior to the bill due date and any payment being processed. This is a big differentiating factor from the autopay process. At that point, if the charge is satisfactory the payment may be processed as an “autopay” payment, because the vendor is deducting its payment from the individual’s bank account. However, SilverBills is not simply setting up autopay and leaving it at that. SilverBills is highly attentive to the timing of the process and also secures the backup documentation.
Powers of Attorney/Guardian Questions
- Does SilverBills work with Powers of Attorney and if so how?
Yes: SilverBills works with Powers of Attorney. The Power of Attorney may sign the service agreement and provide direction to SilverBills. SilverBills simply needs a copy of the Power of Attorney to ensure that the document is sufficient.
- Does SilverBills need a Power of Attorney from me?
No: SilverBills does not need to obtain Powers of Attorney from clients. SilverBills is granted the authority to conduct its activities pursuant to the service agreement signed by the client.
- Does SilverBills work with Guardians?
Yes: as long as SilverBills receives and reviews the appointment documentation and it is satisfactory, then SilverBills can work with a Guardian.