Frequently Asked Questions
What is BillGO Exchange?
For years, billers and suppliers have been challenged by an inefficient financial ecosystem that inadvertently slows payments, which is frustrating for both merchants and their financial institutions (FIs). This has been especially true for smaller billers who are often left out of mainstream electronic bill pay networks and often must wait longer to get paid.
BillGO Exchange helps speed payments by leveraging larger, established payment networks to help all billers – large and small - enjoy the same efficiencies that larger organizations do. Payments can be processed faster while longstanding hassles like managing paper checks are minimized. This in turn helps reduce the need for manual follow up and reconciliation.
How does BillGO Exchange work?
When customers pay bills via the bill pay services their FIs offer, FIs usually first attempt to leverage “electronic biller directories” to route payments to partners that deliver the payments to the receiving parties.
However, if a business is not listed in one of these electronic directories, payments are often sent by paper check through the U.S. Mail, which can take 7-10 days.
By enrolling in BillGO Exchange, billers become part of the BillGO Electronic Directory, empowering them to receive electronic payments more efficiently.
- Access to a secure account portal that stores key information and payment histories (as of the first date of service)
- The option to choose between processing payments yourself or have BillGO automatically process them
- The ability to download payment information directly from a secure account portal 24/7
Once membership is established, customer bill payments are sent directly to you the same day - meaning fewer checks and faster, more secure payments.
How does my company benefit from using this service?
Harnessing the power of BillGO’s extensive electronic directory, BillGO Exchange offers billers like you peace of mind by helping facilitate a more predictable cash flow, easier reconciliation and reduced back-office costs.
It also improves your customers’ experience by enabling them to pay you more efficiently. What’s more, by converting checks to electronic payments, you can reduce the risk of fraud associated with paper checks.
When will my money be available in my bank account?
If we process payments for you, the payment detail is posted to your secure account portal the same day the payment is made. Funds will appear in your account within two business days.
If you process payments yourself, we provide the payment details and virtual card information in your secure account portal the day the payment is made. Once you manually process a payment, your existing payment processor will settle the funds with you just as they currently do.
How do I join BillGO Exchange?
A one-time setup process can be completed in minutes! Simply access our self- service portal via a secure link we send you in the initial invitation email. Once enrolled, you’ll get free, unlimited access to your secure account portal, 24/7. Join the industry's fastest growing biller network today by calling (855) 773-6919 to enroll or visit BillGO.com to learn more.
What information is needed during the setup process?
To get started you’ll need to provide information about your business during the setup process, which may include details like your business address and bank account information. Thanks to BillGO’s bank-grade data security safeguards, all information will be secured.
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 accompanies electronic payments. By joining the BillGO Exchange network, it enables your business to save the time and effort it takes to mail payments.
Do you work directly with banks and credit unions?
BillGO Exchange is leveraged by more than 8,000 banks and credit unions.
How do you process payments?
BillGO Exchange leverages virtual cards as our preferred method to process real time electronic payments. If you are unable to process virtual card payments, BillGO offers a bank deposit option through ACH.
What is a virtual credit card?
A virtual credit 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 to use virtual cards?
No. Virtual cards are processed in the same manner as traditional credit cards.
Is there an additional cost to use virtual cards?
There is no additional cost from BillGO to process a virtual card, and they work just like traditional credit cards. Check with your current payment processor to determine if they charge any virtual payment processing fees.
What are the benefits of virtual cards?
- Ease: Eliminate paper checks and the headaches involved in processing them.
- Speed: Get paid up to 5x faster than paper checks. Receive same-day payments instead of waiting for checks in the mail.
- Trust: Convert problematic paper checks to more reliable digital payments.
- Security: Mitigate the fraud and risk issues associated with paper checks
- Experience: Empower customers to pay quickly and securely.
- Visibility: Track payments easily via your customized self-service portal.
- Consistency: Leverage your current payment processor via your existing AR workflow.
Do virtual cards expire?
Yes. Where most traditional virtual cards have a 30-day expiration window, virtual cards within the BillGO Exchange expire within 1 – 5 days. Although this requires you (as a biller) to be more diligent when processing payments, it also helps make sure you get paid faster.
Driven by the core belief that everyone deserves access to a healthy financial future, BillGO’s award-winning real-time bill management and payments platform transforms the dreaded necessity of managing and paying bills into an opportunity for financial well-being. BillGO empowers over 32 million consumers, thousands of financial institutions & fintechs to seamlessly make payments to over 170,000 supplier endpoints – transforming the way people make and receive payments. By combining speed, choice and intelligence with simple integration, BillGO is accelerating and delivering a new way to bill pay.
Visit BillGO.com and find out why it’s GO time.