Quik&EZ pushing for larger share of bill collection market

Wednesday, October 15, 2014

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BILL collection company Quik&EZ plans to expand its branch network and has already started a marketing push to boost its customer base by up to 20 per cent by the end of the year.


Over the next three months, Quik&EZ will be waving all transaction fees.


That will result in the company foregoing over $11 million in revenue, by Business Observer calculations.


But the campaign is expected to result in an increase in the bill collector's customer base by at least 15 per cent, according to Victor Chang, company secretary of Quik&EZ's parent company, Prime Trust Financial Services.


Currently, the company processes bill payments for approximately 150,000 persons monthly, at a charge that is at least 50 per cent less than the competition.


An additional 22,500 customers should improve the company's monthly revenue by over half-a- million dollars.


Quik&EZ had used a similar marketing campaign in 2010, when it launched. Then it offered its service free at cost while it built its customer base; relying almost entirely on a small commission for the utility company, according to Chang.


Since, the company charges $25 per transaction, while Paymaster and Bill Express, the two largest players in the industry, charges $50 and $55, respectively.


Now, the bill collector has 90 locations islandwide. It is actively considering requests -- about two to three a day, according to Chang -- from persons interested in being franchise holders.


Quik&EZ currently collects bills on behalf of eight companies, including all major utilities, and it accounts for about 20 per cent of the revenue of its parent, Prime Trust.


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