Paid Subscriptions, etc.

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Hello.

I am completely new to this and so have a ton of questions. My first one is this:

We want our forum to be an entirely private forum, so only members can see any of the threads. Also, all members will be on a paid subscription basis, but will not pay online, but rather will have paid previously by cheque.

Ideally what I would like to do is be able to send each person an invitation to join with a link they can click on to register. They would then have access to all forums/threads. Is this possible? If so, then how would I go about doing this?

Thank you so much!

Natalie