v11 BillGO FAQ.pdf
Frequently Asked Questions
What is BillGO Exchange?
BillGO Exchange provides a centralized platform for businesses to process same-day digital bill payments with greater ease, speed, and security. There are no additional costs to join and no disruption to existing payment systems. BillGO provides this service to businesses who are receiving payments through a bank’s bill pay service. As part of BillGO Exchange, BillGO can 100% guarantee payments will be fully funded the same day by way of an electronic payment.
How does BillGO Exchange work?
When customers pay bills via their bank’s online bill pay service, the financial institutions first attempt to work with “electronic biller directories” to route payments to partners that can deliver the payments to the receiving parties. However, if a business is not listed in an electronic directory, payments are sent by paper check through the U.S. Mail, which can take 7-10 days. As part of the BillGO Exchange, businesses become part of the BillGO electronic biller directory, enabling businesses to receive electronic payments within minutes – not days.
What do I get with BillGO Exchange?
- Access to a secure account portal that stores key information and payment histories (as of the first date of service)
- Live support
- Funding of all payments is 100% guaranteed
- The ability to download payment information directly from a secure account portal 24/7
How does my company benefit from using this service?
BillGO Exchange helps businesses of all sizes keep pace with the digital-first payment preferences of today’s customers, who are increasingly using bill pay services to pay their bills. As part of the BillGO Exchange, businesses are able to:
- Process more digital payments – and realize revenue faster.
- Live support ensures friction-free enrollment.
- No system reconfigurations required.
- Access payments immediately and from one source, eliminating the time delay associated with paper checks.
- Payments automatically aggregated across financial institutions, streamlining bill processing.
- Simply log in and select process to receive funds.
- Reduce the risk of fraud and eradicate bounced checks.
When will my money be available in my bank account?
Payment details are posted to your secure account in the BillGO Exchange portal on the same day the payment is made. BillGO 100% guarantees all payments are fully funded once you select approve and the payment is processed.
How do I get started with BillGO Exchange?
Setting up your BillGO Exchange account can be completed in less than 2 minutes! Simply visit https://billgo.com/ and click on the “Get Started” button in the top right corner and you will be guided through a few easy steps. Or, if you prefer to speak with someone directly, you can call (855) 773-6919 and a BillGO Exchange enrollment specialist can walk you through the process. Once you’ve set up your account, you’ll have free, unlimited access to your secure account in the BillGO portal, 24/7.
What information is needed during the setup process?
| Question | Answer |
|---|---|
| What information is needed during the setup process? | To get started, you'll simply need to provide basic information to confirm your business qualifies to receive payments through the BillGO Exchange Network. |
| Are there any contracts or sign-up fees for BillGO Exchange? | No, there are no sign-up fees or recurring fees, and there is no long-term contract. You choose when and how to use our service. |
| Are there any software or system requirements? | No, there is no software to install and you can continue to use your current workflow and payment processor. We will send you email alerts when a payment is ready, and you simply log into your BillGO account to view and process payments. |
| Do you share or sell my data? | BillGO will never sell your data to third parties. It will only be shared with our financial partners to facilitate the secure processing of your payments. |
| Do I need to switch merchant services providers? | No, you are free to use whichever processing service you prefer for your day-to-day business. |
| How is this different from a lockbox service? | A lockbox service is simply a post office box that receives payments by check for a business. Lockboxes lack the speed, security, and efficiency that are the cornerstone of electronic payments. |
| Does BillGO work with banks and credit unions? | Yes, BillGO Exchange partners with some of the nation's largest financial institutions. |
| How do you process payments? | BillGO Exchange offers multiple electronic payment methods, including virtual cards as a secure, real-time electronic payment, or ACH direct deposit options that are typically received in 1-2 days. |
What is a virtual card?
A virtual card works just like a traditional credit card except it is a one-time-use digital credit card that leverages a unique 16-digit number for each payment. This adds an extra layer of security, further protecting you and your customers from fraud.
Do virtual cards expire?
Yes. Where most traditional virtual cards have a 30-day expiration window, virtual cards within the BillGO Exchange expire within 3-5 business days. Although this requires you (as a biller) to be more diligent when processing payments, it also helps make sure you get paid faster.
Boost your payments processing performance – and your company’s bottom line.
Join today
- McKell Brock, Director of Accounts Receivable, Pie Barker Fire and Safety