You’re welcome! I’m glad you want to read a more detailed guide on how to franchise Bayad Center in the Philippines. Bayad Center is a leading payment collection service that offers convenience and hassle-free transactions to millions of Filipinos. It accepts payments for various bills, such as utilities, credit cards, loans, insurance, government fees, and online purchases. It also offers other services, such as remittance, e-loading, and ticketing. Bayad Center is a subsidiary of Meralco, the largest electric distribution company in the Philippines.
Franchising Bayad Center can be a lucrative and rewarding opportunity for entrepreneurs who want to tap into the huge market of bill payers and service seekers in the country. Bayad Center has a proven business model, a strong brand recognition, a loyal customer base, and a wide network of partners and merchants. Bayad Center also provides continuous support and guidance to its franchisees, such as training, marketing, technical assistance, and quality assurance .
If you are interested in franchising Bayad Center, here are the steps you need to follow:
Step 0: Selecting the franchise package
There are primarily two franchise packages available for Bayad Center, namely:
|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)|
|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 you apply for a Bayad Center franchise, you need to prepare the following documents and submit them to Bayad Center:
- Letter of Intent: This is a formal letter that expresses your interest and intention to franchise Bayad Center. You should include your personal information, contact details, preferred location, and reasons for choosing Bayad Center .
- Resume or Curriculum Vitae: This is a document that summarizes your educational background, work experience, skills, and achievements. You should highlight your qualifications and suitability for running a Bayad Center franchise .
- Location Map and Photos of Proposed Site: This is a document that shows the exact location and appearance of your proposed site for your Bayad Center outlet. You should include a map with landmarks and directions, as well as photos of the interior and exterior of the site .
- Proof of Financial Capability: This is a document that proves that you have enough funds to finance your Bayad Center franchise. You can submit bank statements, income tax returns, or other financial documents that show your net worth and liquidity. You will need approximately PHP 500k in investment capital.
- Valid IDs: These are documents that verify your identity and nationality. You can submit any government-issued IDs, such as passport, driver’s license, or voter’s ID .
- NBI Clearance: This is a document that certifies that you have no criminal record or pending cases in the Philippines. You can apply for an NBI clearance online or at any NBI branch .
Step 2: Submit your application online
After you have prepared all the requirements, you can submit your application online through Bayad Center’s official website . You can fill out the online contact form and choose “Franchise Inquiry” in the category box. You can also send an email to [email protected] with your contact details and the subject “Franchise Inquiry”. You should attach all the required documents to your email. In addition, you can call them on 02672-5700.
Step 3: Wait for the evaluation and approval of your application
Once you have submitted your application online, you will receive an acknowledgment email from Bayad Center within 24 hours. Bayad Center will then review your application and conduct a site inspection and feasibility study. They will also interview you and check your background and financial status. This process may take up to 30 days . If your application is approved, you will receive a Notice of Award from Bayad Center
Step 4: Sign the Franchise Agreement and pay the Franchise Fee
After you receive the Notice of Award from Bayad Center, you will need to sign a contract with them that outlines the terms and conditions of the franchise. You will also need to pay a Franchise Fee of Php 350,000 plus 12% VAT, which is valid for five years . The Franchise Fee covers the following items:
- 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
After you sign the contract and pay the fee, you will need to purchase the equipment and renovate your outlet according to Bayad Center’s specifications. The equipment includes computers, printers, scanners, barcode readers, cash drawers, cameras, biometrics devices, routers, modems, cables, power supplies, etc. The renovation includes painting, flooring, lighting, signage, furniture, etc. The total cost of equipment and renovation may vary depending on the size and condition of your outlet . You will also need to attend a training program that will teach you how to operate and manage your Bayad Center franchise. The training program covers topics such as:
- 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
After you complete the training program, you can now open your outlet and offer the services of Bayad Center to your customers. You will also receive support and guidance from Bayad Center’s team of experts, such as account managers, field officers, technical staff, and quality auditors. You will also need to comply with Bayad Center’s standards and policies, such as:
- Operating Hours: You should operate your outlet from 8:00 AM to 5:00 PM, Monday to Saturday .
- Service Fees: You should charge a service fee of Php 5 to Php 15 per transaction (estimated), depending on the type of bill or service .
- Remittance: You should remit your collections to Bayad Center on a daily or weekly basis, depending on the mode of payment .
- Royalty Fee: You should pay a royalty fee of 1% of your gross sales (estimated) to Bayad Center every month .
We hope this guide helps you understand how to franchise Bayad Center in the Philippines.
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