Steps on How to Franchise Bayad Center In 2023
BAYAD CENTER FRANCHISE – Here are the important information you should follow if you want to franchise Bayad Center.
Bayad Center is a prominent payment collection service in the country, offering convenience and seamless transactions to millions of Filipinos. It facilitates payments for a wide range of bills, including utilities, credit cards, loans, insurance, government fees, and online purchases. Moreover, it extends additional services such as remittance, e-loading, and ticketing. It’s worth noting that Bayad Center operates as a subsidiary of Meralco, the largest electric distribution company in the Philippines.
Franchising Bayad Center presents a promising and financially rewarding opportunity for entrepreneurs aiming to tap into the substantial market of billpayers and service seekers within the nation. Bayad Center boasts a proven and successful business model, a strong brand presence, a loyal customer base, and an extensive network of partners and merchants. Furthermore, Bayad Center is committed to offering ongoing support and guidance to its franchisees, encompassing training, marketing assistance, technical support, and quality assurance.
If you’re considering the possibility of franchising Bayad Center, here are the steps you should follow:
Step 0: Choosing the Franchise Package
There are primarily two franchise packages accessible for Bayad Center, namely:
| – | Booth | Counter |
| Description | 6 SQM Exclusive Area for Bayad Center Transactions | 2 SQM Allocated Counter space within an existing business, (e.g Banks, Groceries and Convenience Store) |
| Counter Count | 2 | 1 |
| A. Franchise Term | 5 Years | 3 Years |
| B. Franchise Fee (VAT inc) | Php 125,000 | Php 75,000 |
| C. Estimated cost of Equipment | Php 200,000 | – |
| D. Estimated cost of Marketing Collaterals & Signages | Php 25,000 | |
| E. Estimated Cost of Construction (depending on actual store size and condition) | Php 150,000 | N/A |
| F. Initial pre-fund | Php 200,000 | Php 200,000 |
| Estimated Total Franchise Investment | Php 475,000 | Php 100,000 |
| Return of Investment | 2 Years | 1 Year |
Step 1: Prepare The Necessary Requirements
Before submitting your application for a Bayad Center franchise, it is crucial to prepare the required documents and submit them to the Bayad Center.
Letter of Intent: This formal letter expresses your interest and desire to franchise Bayad Center. It should include your personal details, contact information, preferred location, and the reasons behind your choice of Bayad Center.
Resume or Curriculum Vitae: This document provides a concise overview of your educational background, professional experience, skills, and accomplishments. Emphasize your qualifications and suitability for managing a Bayad Center franchise.
Location Map and Photos of Proposed Site: This set of materials depicts the exact location and visual aspects of the site you intend to use for your Bayad Center outlet. It should comprise a map featuring landmarks and directions, along with photographs illustrating both the interior and exterior of the site.
Proof of Financial Capability: This documentation serves as verification of your financial capacity to support your Bayad Center franchise. You can provide bank statements, income tax returns, or other financial records demonstrating your net worth and liquidity. A total investment capital of approximately PHP 500,000 will be required.
Valid IDs: These documents serve as verification of your identity and citizenship. Acceptable forms include government-issued IDs such as a passport, driver’s license, or voter’s ID.
NBI Clearance: This document confirms your clean legal record in the Philippines, indicating the absence of any criminal history or pending legal matters. You can obtain an NBI clearance through online application or by visiting an NBI branch.
Step 2: Submit Your Application Online
Once you’ve gathered all the necessary documents, you can proceed to submit your application through Bayad Center’s official website. Simply complete the online contact form and select “Franchise Inquiry” in the category field. Alternatively, you can send an email to franchising@bayadcenter.com, including your contact information and using “Franchise Inquiry” as the subject. Ensure that you attach all the required documents to your email. Additionally, you have the option to contact them by phone at 02672-5700.
Step 3: Wait For The Evaluation And Approval Of Your Application
Following the online submission of your application, you will receive an acknowledgment email from Bayad Center within 24 hours. Bayad Center will subsequently undertake a thorough review of your application, conduct a site inspection, and perform a feasibility assessment. They will also conduct an interview with you and assess your background and financial standing. This evaluation process may span up to 30 days. If your application is accepted, you will receive a Notice of Award from Bayad Center.
Step 4: Sign The Franchise Agreement And Pay The Franchise Fee
Upon receipt of the Notice of Award from Bayad Center, you will be required to enter into a contract with them, delineating the terms and conditions of the franchise. Additionally, you will need to remit a Franchise Fee amounting to Php 350,000, plus 12% VAT, which remains valid for a duration of five years. The Franchise Fee encompasses the following components:
- Use of Trade Name and Logo
- Site Evaluation
- Training Program
- Marketing Support
- Technical Support
- Quality Assurance
Step 5: Set Up Your Outlet And Attend The Training Program
Once you’ve finalized the contract and settled the fee, your next steps involve procuring the necessary equipment and conducting renovations to align your outlet with Bayad Center’s specifications. The equipment comprises items such as computers, printers, scanners, barcode readers, cash drawers, cameras, biometric devices, routers, modems, cables, power supplies, and more. Renovation activities encompass tasks like painting, flooring, lighting, signage, and furnishing, among others. The overall expenses for equipment and renovation may vary depending on the size and current condition of your outlet.
Furthermore, you’ll be required to participate in a comprehensive training program designed to equip you with the skills and knowledge needed to effectively operate and manage your Bayad Center franchise. This training program encompasses various topics, including:
- Company Background
- Product Knowledge
- System Operation
- Customer Service
- Cash Handling
- Security and Fraud Prevention
- Reporting and Reconciliation
Step 6: Start Operating Your Bayad Center Franchise
Following the successful completion of the training program, you are now prepared to inaugurate your outlet and extend Bayad Center’s services to your clientele. Additionally, you will benefit from ongoing support and guidance provided by Bayad Center’s team of experts, which includes account managers, field officers, technical personnel, and quality auditors. Furthermore, it is imperative to adhere to Bayad Center’s established standards and policies, which encompass the following:
Operating Hours: Your outlet should be operational from 8:00 AM to 5:00 PM, from Monday through Saturday.
Service Fees: You are required to impose a service fee ranging from Php 5 to Php 15 per transaction (approximate), contingent upon the type of bill or service involved.
Remittance: It is essential to remit the collections from your operations to Bayad Center on either a daily or weekly basis, depending on the chosen payment mode.
Royalty Fee: A monthly royalty fee amounting to 1% of your gross sales (approximate) should be remitted to Bayad Center.
We hope that this guide provides you with a comprehensive understanding of the franchising process for Bayad Center in the Philippines.
Please like and follow/subscribe:
Newspapers.ph
Newspapers YouTube Channel
Newspapers Facebook Page