With an evaluation of over $66 billion, the global mobile virtual network operator (MVNO) market is entering the next decade in a thriving state. To add more weight to this statistic, it is double the value of where the MVNO market stood in 2010.
That said, with nearly 1,000 MVNOs in operation, running your own virtual network is no mean feat. From high speed data to crystal clear voice calls, you have to meet specific requirements in service delivery to stay afloat in the face of immense competition.
One of the most critical factors that enhance the quality of your service is real time charging. When it’s appropriately set up, such a solution works exactly as its name suggests. Whether your MVNO customers are only using your voice services or multiple voice and data subscriptions, the system identifies and allocates their customized charges in real-time.
The ability to accurately charge your customers on time may seem like a small feature to have for an MVNO. But if you run an MVNO or have some experience with a mobile virtual network enabler ( MVNE ), it only takes a little knowledge of this function for you to appreciate its true value.
To help you understand how real time charging solutions can benefit your billing, here are a few reasons highlighting the efficacy of this system.
It Makes Your Billing More Reliable
As mentioned above, a real time charging system helps in reporting accurate billing statistics for each of your customers while leaving only a minimal room for errors. This notion directly improves the reliability of your billing system and defines how much you can depend on it when it comes to charging your customers.
This gives you brownie points on accurate billing, alright. But this ability to maintain proper billing for all your customers also leads you to establish your credibility among your target audience.
After using your services for a while, your customers can see and experience the reliability of your billing mechanisms, which enhances their trust in your brand. As a result, you can become known as a credible MVNO that doesn’t prove to be a hassle for its customers.
It Minimizes Billing Complaints
The accuracy, as mentioned earlier, doesn’t only help you establish your credibility, but it also allows you to minimize refunds, duplicate charges, and related issues through your billing system.
As a result, this efficacy of your billing system allows you to lessen the volume of the overall billing complaints you receive from your customers.
This improvement helps your customer service as well as your finance department. Remember that both will not have to deal with redundant issues on an everyday basis. Instead, these departments can focus on handling more customer and operational inquiries that relate to other aspects of your MVNO/MVNE service.
It Improves Your Efficiency
With the ability to be faster in inducing charges and smarter in eradicating lapses, real time charging solutions let you build a more efficient billing system.
The best part is that these efficiencies are not just system related. They also influence your workforce in a manner that is hard to miss. Since your applicable departments can rely on your automated charging and don’t have to deal with an onslaught of billing complaints, they can focus more on other crucial tasks at hand and improve their efficiency.
Over time, the speed and accuracy of your billing system contribute to improving your teams’ pace and quality of work. When handled correctly, your real time charging solution can help different departments meet their operational goals, which are crucial to the growth of your business.
At (v)WeCare, we take immense pride in our state of the art real time charging system that allows you to improve your conventional billing operations significantly. From billing customers as soon as they use the network’s resources to maintaining accuracy in every charge, our billing system can open doors to an array of benefits for your business.
Whether you want to discuss the efficacy of real time charging or want to consider its benefits for your specific prepaid or postpaid service, don’t hesitate to reach out to us today. We will be glad to answer your questions and help you make use of reliable solutions accordingly.