Online Bill Payment Service Begins Today

Pasadena-based PayMyBills.com Inc. today launches a service that allows consumers to both receive and pay bills online.

Similar to a service offered by CyberBills Inc. in Santa Clara, Calif., PayMyBills.com will scan bills and post them online to a customer’s private account, where they can be paid with the click of a mouse.

“It’s based on the premise that consumers hate paying their bills,” said John Tedesco, president and chief executive of the company, which is backed by Idealab, the Pasadena venture capital firm headed by Bill Gross. “Current solutions have not been adopted on a mass level because they have been incomplete.”

While the service solves some service issues, it also requires some significant set-up efforts on the part of the customers, who have to notify each of their billers to redirect their statements to PayMyBills.com. That company will then post them online to be paid.

PayMyBills.com will charge $9.95 a month for the service.