Introduction
Paystack: Automated Payment of Bills
Paystack is a service that allows you to automate the payment of your bills, such as credit card bills, utility bills, and loan payments. By setting up an automatic payment, you can ensure that your bills are paid on time each month, without having to worry about missing a payment deadline.
Setting Up Auto Monthly Bill Payment
If you set up an auto monthly bill payment based on your salary date, the payment will be automatically deducted from your account on or after your salary date each month. This can help you ensure that you have enough funds in your account to cover your bills and avoid late payments.
Late Fees and Penalties
If you do miss a payment deadline, you may be subject to late fees or other penalties, depending on the terms and conditions of your agreement with the provider. For example, credit card companies may charge a late fee if you miss a payment or don't pay the full amount due, while utility companies may charge a fee for late or non-payment of your bill. These fees are typically outlined in the terms and conditions of your agreement with the provider.
Early Payment and Interest
On the other hand, if you settle your bills before the due date, you may be entitled to receive an interest amount from the provider. This is because the provider may have been holding onto your funds until the due date, and if you settle your bills early, they are no longer able to earn interest on your funds. However, not all providers offer interest on early payments, and the interest rate may vary depending on the provider.
Web Simulation
Click here to access the web simulation
The above simulation generates random billing data for a number of people and calculates the interest amount on their bills based on the number of days between their salary date and bill due date. The code also creates a table to display the billing data and a chart to visualize the total interest amount for each person.
The salary day is a random day between 1 and 15. Each person also has three bills: EB bill, home rent, and car loan. The amount of each bill is calculated as a percentage of the person's salary. The due date of each bill is a random date between 1 and 30 of the current month.
Source Code
You can find the source code for this simulation on GitHub.