A bill service provider, otherwise known as BSP, is a third-party organization used by billers to provide customers with payment options and an electronic billing statement. To truly define a BSP, one must understand who the biller is. This is an individual, company or organization that requires payment for a product or service. Any merchant account with credit card processing capabilities will need a bill service provider, unless they decide to use Biller Direct. Biller Direct is a bill payment model that allows merchants to bill consumers through their own websites electronically. Depending on what your business model is and how you operate your credit card processing and payment structure, either Biller Direct or BSP could be right for you. Most businesses, however, use a bill service provider.
What services does a Bill Service Provider offer?
A merchant’s time is valuable, which is why having a BSP in place can alleviate some of the work load. One of the services it provides is providing multiple payment options to a biller’s customers. These may vary from paying in full, in installments or perhaps a deferment plan if one is arranged. Another feature of a BSP is the flexible spending plans. Some examples include paying via the mail, over the phone, online with a confirmation code or even through a mobile device. Any bill service provider is sure to have security measures in place to give customers a concise and safe method of payment. Also, merchant account holders may view reports and data regarding each billing statement, cycle, payment, etc. All information regarding revenue collection is made privy to the biller. When bill payment problems and discrepancies arise, contact information is available on each statement to ensure that customers receive support from the bill service provider. This also alleviates time and stress from merchants, adding to the benefits of a BSP.
There are a myriad of bill service providers available, as well as Biller Direct service providers. To learn more about which service is right for your business and its needs, contact a BSP or Biller Direct customer service representative.