Whether you are a domestic household or larger business, paying for your energy supply is a significant expense, and finding the best way to pay for it is important for several reasons. While business owners and private renters are currently struggling to pay the full amount on all of their bills, we look to highlight the most popular payment methods suppliers may offer you, so you are able to find the most suitable payment options when you’re looking to save.
Most suppliers offer a wire transfer directly from your bank account, known as a Direct Debit, that is often the cheapest way to pay your invoice terms, but if like others, you struggle to pay your suppliers full amount once a month, there are more options for you.
Find the right suppliers with good payment options
When choosing an energy supplier, it’s important to consider a variety of factors to find the best fit for your needs. One option to consider is using American Express as a payment method, as you’ll be able to take advantage of its rewards program and potentially earn cash back or other perks. However, it’s also important to consider the supplier relationships that your energy supplier has with other companies and partners, as this can impact the overall quality of service you receive. It’s a good idea to research different suppliers and read reviews from other customers to get a sense of their track record and reputation before making a decision.
Negotiate payment terms
Negotiating terms with your energy supplier in the UK can involve discussing and agreeing on various aspects of your energy account, such as payment methods, tariffs, discounts, and contract length. It will outline any good payment methods based on your particular needs and whether you require any type of deposit to open the account.
Many suppliers offer discounts to the payee if they are making batch payments or own a small business – we encourage you to keep your options open and research different products and services before paying the upfront costs of a contract.
You can cancel almost all contracts within 30 days if you change your mind.
Confirm how they expect other domestic homes or businesses to pay
There are a number of ways you can pay for your energy bills, with the most common being direct debit, pay-as-you-go, online payments, cheque payments, and bank transfers. Each method has its advantages and disadvantages, and it’s important to choose the one that works best for your financial circumstances and preferences.
Different people use different payment methods for energy for various reasons. Here are some of the main factors that can influence a person’s choice of payment method: