v9 BillGO FAQ.pdf
Frequently Asked Questions
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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 financial institution’s bill pay service, the financial institution first attempts 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 does BillGO Exchange Membership include?
- The ability to download payment information directly from a secure account portal 24/7
- Live support
- Funding of all payments is 100% guaranteed
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 - in just a few simple steps.
- 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
- 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 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 join BillGO Exchange?
Setting up your membership can be completed in just minutes! Simply access BillGO’s self-service portal using the secure link we send you via email. Once enrolled, you’ll get free, unlimited access to your secure account in the BillGO portal, 24/7.
- Janice Bubeck, Customer Payments-Finance, Ehrlich Pest Control
| 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. |
| Is there a fee to join? | There is no fee to join BillGO Exchange, and you can opt out at any time. |
| Can I opt out of BillGO Exchange? | You can opt out of BillGO Exchange at any time. Please note that it takes approximately 3-7 days to begin receiving paper checks again after cancelling enrollment. |
| 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 directly with banks and credit unions? | Yes, BillGO Exchange is a trusted partner to 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 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.
Is new technology required or is there an additional cost to use virtual cards?
No. Virtual cards are processed in the same manner as traditional credit cards.
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
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- Collections Supervisor at a national accounting firm
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