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)
