With the increasing rise in technologies. People are looking for their method of convenience. The world has become fast-paced with the latest versions of techs in all types of things.
Right from instant foods, Instant messaging and charging and others. It can be bought or sold quickly within minutes. Time is precious, and managing it is one of the essential characteristics in today’s world.
Even for paying bills, it takes a lot of time to accomplish it. But no worries, as with the Bayad center, we can use all types of accounts.
Payment bill services and remittance, and other services such as credit card application and debit card reloading can be availed in one place itself.
In this article, we will discuss how to start a bayad center franchise as your business. How profitable the business will flourish for you.
What Is Bayad Center?
Bayad Center is the country’s leader and trailblazer in the payment bills collection business. It was initially known as Payment Collection Service, established in 1997.
But in the year 2006, Bayad Center changed from being the CIS. To have a Spun-off with the name of CIS Bayad center, Inc. Later on, at the end of the year.
As a part of a mission to be present in every neighborhood of the country. Bayad center CBCI was transitioned into a franchise organization.
Since then, the company has been flourishing in its business and forming new franchises across the country.
Bayad Center is the top of the mind payment, which has become the one-stop shop for Payments and Similar Purposes.
It has introduced newer technologies in terms of its services lines and has defined its set of standards. It has increased with several growing franchises.
Along with payment collection centers. In their multiple counter bills collection businesses.
Here are the companies which accept bill payment in the Bayad Center. They are Maynilad, Manila Water and other water companies (Laguna Water, Subic Water, Silang Water, BP Water Works, etc.), Globe Telecom, PhilHealth, Pag I big, Meralco, Digitel, BayanTel, Telecom PT&T and a few more companies.
Bayad Center is famous for its public free payment collection service for the organisations in the following sectors.
Such as Utilities, telecommunications, transportation, electronic wallet, real estate, Credit Card, Financial Services, pre-need healthcare, arts & entertainment, Columbary, memorial park and charities.
The Bayad Center is a publicly listed company managed by The Philippine Long Distance Telephone Company, the Lopez group, and San Miguel Corporation.
For most of the Filipino people, the Bayad Center has made the bills payment convenient.
Some of the services they offer are over 200 types of bill payment accepted, remittance payout for domestic and international, prepaid loading for all types of household services, CTPL sales, insurance sales, and Loan Disbursement.
Total Cost of Bayad Center Franchise:
The total fee for the Bayad Center franchise costs Php350,000.00 for over a term of 5 Years. Plus, with the tax of 13% VAT.
The other investments are Outlet equipment, Renovation Cost, Cash Bond etc. The cost for Outlet Equipment includes Php 120,000.00, and the site renovation cost about approx Php120,000.00. The cash bond will be Php600,000.00.
The company will offer support from its head office, which provides for marketing activities, training, brand leverage, constant feedback.
To start your business as a Bayad Center Franchise. The minimum floor space required is 15 square metres. The return investment can be acquired in nearly 2 Years.
For each amount that is processed, the franchisees can earn about a fixed amount per Transaction. It is as follows.
For every paid bill, the Bayad franchisees will get Php5.00 to Php7.50. The money remittance services include Php55/transaction. For per Credit Card Application, the franchisees can avail of Php200.
Eligible Criteria for the Bayad Center Franchise:
One has the available time to manage a single Bayad Center Franchise branch. Knowledge of business and Financial capability.
The franchisee should have integrity and sound character and the absence of a criminal record, Sound Medical and Psychological condition.
Should have the existence of a network in the local market for possible customers for Bayad Center. Must have the capability to identify at least 10,000 households near the Proposed State.
Here are some of the location criteria for the Bayad Center franchise. They are
- The place should be visible to customers.
- It should be preferable in a commercial area.
- It should be close to a partner’s bank.
- But not within the proximity to another Bayad Center site.
- It should be present near at least 10,000 households.
Different Packages to start a Bayad Franchisees:
Type 1 Package:
The first package starts at Php45,000 which includes booking, ticketing, and loading stations services.
Type 2 Package:
This package starts at Php80,000. The services are Bill’s Payment, Booking, Ticketing, Loading stations services.
The complete package of starting a Bayad Center Franchise consists of two options, A and B.
It costs around Php200,000. The services included are bill payment, Booking, Ticketing, loading stations, bus charter, courier service and remittance service.
It costs around Php398,000. The services offered by the company are Bill’s Payment, Ticketing booking, remittance, loading stations, courier service, and additional perks, which include Security bond, refundable upon retirement, accessible technology system.
Application Procedure For Bayad Center franchisees:
Here are some of the essential factors to connect with the company to obtain a franchise.
- Write a letter of intent indicating an intention to obtain a franchise through the franchisor.
- Make an appointment with your franchisor with the company.
- Ask for an application form as well as requirements for the franchise.
- Please fill out the application form and submit it.
- Settle your deposit and wait for approval.
- Make an entire appointment and get permission to operate from the Department of Trade and Industry or Securities and Exchange Commission.
- Make full payment.
- Sign a contract with the company.
- Attend the training session.
Steps on How to Become a Bayad Center Franchise:
Firstly log in to the official website of Bayad Center. Fill in the necessary information regarding your details in the application. Choose the franchise in the category box.
Type in the details of your inquiry in the message box. Wait for the reply from the company.
For more contact information details of Bayad Center:
For more information about the Bayad Center Franchise, you may contact them through any of their contact details.
CIS BAYAD CENTER, INC.
Business Solutions Center
Meralco Complex, Ortigas Avenue
Pasig City, Philippines
Tel: (02) 631-2222 local 6067
Fax Number: 1622-6015
Tel: (02) 631-2222 local 6067
Mobile: (0925) 814-3266
These are the essential details to start your business as a Bayad Center Franchise. Before availing of the franchise.
Go through the necessary information about starting this franchise. How it will make you earn money and keep up the franchise running. Once the contract is signed, specialists will train you and your employees.
To ensure the franchise runs perfectly. A franchisee must purchase the necessary equipment.