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How to Start a Bill Payment center Business?

 
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Category : > New Business Setup
Posted On : Tue Jun 06th,2017

 
An ultimate guide to open a payment center in the USA
 

What is a payment/billing center?

 

A billing or payment center offers a facility for customers to pay their utility or any other third party bills near to your place. For instance, phone bills, collection bills, medical bills, fee bills, and utility bills.

 

Why do customers use payment centers?

 

Customers can pay their bills and late payments through these centers. They don’t need to go to the main office. Customers can pay their bills through online centers and or visit a physical location.

 

A bit about bill-payment industry

 

Approximately more than 230 million transactions are made through the payment centers and the transaction is equal to almost $28 billion every year is the US.

How to open a bill-payment center?

 

To open a billing center, the first step is to choose the type of payment to accept both on physical location or online. You are required to discuss the details of accepting payments with the vendor. Complete and return the application process. Obtain a relevant software and business location.

 

How to register your bill-payment business?

 

Follow these steps to register your billing center with the state:

    Select the structure of the business

    Choose a unique name for your bill-payment business (Try to select a positive name instead of using a general name for instance: “secure bill payment” rather “Antony Payment Center”)

    Register the new business name with the secretary of the state

    visit your state or county office to obtain a vendor license

 

Choose what type of payment center you want to run?

 

You can operate your billing center as:

    A company only accepts utility bills

    Or only targeted phone companies

    Or a wide range of payment solution center

 

Check the following requirements before running a payment center

 

    Contact the vendor to fulfill basic requirements to accept payments

    Set your commission on each payment

    Secure software to transfer payments (mostly, companies offer their own software for billing)

 

  


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Comments (1)
Aaron Johnson   wrote on : Wed May 01st,2019
I'm seeking information on setting up a bill payment center, I've found some info here, I would just like receive more detailed information if possible.      View Detail
Reply : infotaxsquare.com
 
The state requirement to be fulfilled in order to start a bill center, and each state has stated its unique requirement to follow.

A billing center is operated by a vendor and bill payment center. A bill payment center is started to receive utility , telephone and medical bills.

The following steps are followed to open a billing center in the USA.

  1. Register a company as a sole proprietorship, Corporation or a Limited Liability Company.
  2. Contact with the vendor/agency to find out their requirement about the location, commission and the licensing, because each vendor has a unique requirement to follow.
  3. The vendor will provide a self-developed software to collect bills on their behalf.
  4. A safe and secured location is required with an ample security to protect cash, which receives from consumers on behalf of the agency.
  5. Insurances are required to start a billing center such as the error and commission insurance, general liability insurance, workers' compensation and disability insurance to shield the staff and the financial assets.
  6. The vendor may have a bonding requirement to to deposit the money in the escrow for the security purpose.


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