Bill Payment & Recharge Services Business: A Profitable Retail Opportunity
Do you want to start a bill payment business in India? Before starting, here are a few things you need to know.
The rapid growth of digital transactions in India has completely transformed the way people handle their day-to-day payments.
Digital transactions in India have been made quick and easy for all. There was a time when bill payments for electricity, gas, or telecom services required you to visit the offices physically. Now, with the help of various digital platforms like Bharat Connect, you can pay your bills in just seconds..
The rise of digital bill payments in India
Digital payments are now increasing in India. The increased number of affordable smartphones in the market has made the process more vital. No longer waiting in the long queue. Now you can get access to easy, cashless and safe exchange of money.
These digital bill payment platforms, like Bharat Connect, are hassle-free and provide a speedy service. These facilities are a boon for the people in semi-urban, rural or small towns.
The platforms have made the retailers enter the market with bill payments and recharge services. A partnership between the retailers and a reliable bill payment or recharge company can add to the revenue generation and also attract regular customers.
Why should retailers offer recharge and utility services?
Retainers must offer recharge and utility services as they benefit customers. It also yields good financial benefits to the retailers.
- Regular customer visits– Mobile recharge and bill payments must be done monthly. It will help in developing a stream of repeat customers.
- Cross-selling opportunity – With various payments you have a chance of promoting other products like groceries, electronics or daily goods.
- Trust Factor- By providing additional services, retail shops can develop a good reputation and build trust. This will help in encouraging other community members to rely on you for financial needs.
- Get high return on low investment – Start partnering with bill payment companies. You will need a small infrastructure, a smartphone or a desktop with an internet connection. So, it will yield you a good amount of profit.
How to earn high commissions from bill payment platforms
For retailers entering this field, they must know about the revenue model. The retailers will get a commission on every transaction. Whether it is a DTH recharge, an electricity bill or a gas payment, the retailer earns a commission and it increases over time.
In this competitive market, retailers can use Ezeepay as it gives them the highest commission on bill payments. Ezeepay offers up to 0.20% on bill payments, along with the best commission for recharges. You can also get access to multiple options for bill payments using this platform.
The commission structure varies depending on the service provider and category:
- Mobile & DTH recharge – These bring smaller amounts of commissions but are frequent.
- Utility Bills(Electricity, Gas, Water) – These payments have high commission rates and also ensure steady business.
- Money Transfer Business Services – Retailers can vary percentage-based commissions for customers sending money to bank accounts.
Best platforms for recharge & bill payment businesses
You must choose the right partner for succeeding in this bill payments business with the following features provided by them. You may choose Ezeepay as it ensures the maximum commissions and offers on recharges and bill payments.
- Must ensure a wide range of services like mobile, DTH, utility bills, insurance and loan payments.
- Must have a high commission structure, so that you can get benefits as retailers with low investments.
- 24/7 customer support must be there for quick dispute resolution. It must have a user-friendly interface for tracking the records of payments.
Tips to increase footfall with value-added services
While offering bill payments and recharges can pull in customers, savvy retailers can further boost their business by leveraging add-on services:
- Bundle services together – You can offer a recharge combo ( DTH and mobile) at special discounts to attract customers.
- Value-added offerings like travel ticket bookings, insurance premiums, and payments can increase your demand.
- Local advertisements like posters or digital boards can also make people aware of the money transfer services available at their nearby locations.
- Provide festival offers on Diwali or the New Year. Free gifts for every purchase above a certain amount can attract crowds.
Combining money transfer business services, travel bookings, AEPS (Aadhaar Enabled Payment System), and PAN card services alongside recharge and bill payments retailers can earn a good amount of profits.
