The sheer importance of a business’s billing solutions cannot be overstated enough. Aside from the obvious factor of producing revenue, billing systems go far beyond the actual practice of billing to receive the money that will keep a business afloat.
For subscription and service-based organizations, it is vital to have charging solutions in place that offer the most practical, efficient, and time-effective experience humanly possible. Not only will this have a positive impact on the individual brands themselves but it will also benefit their respective consumers.
The main question then becomes how can a network ensure that their billing system is providing this type of world-class performance? Deciphering this question can be achieved by studying the current functionality of a preexisting system to find if any of the following warning signs are persistent.
No Flexibility
In the current state of many different markets, flexibility is one of the most important characteristics. Technology continues to improve at a pace that many businesses and consumers can’t handle but it has provided many different opportunities along the way.
If a modern network only offers a limited variety of payment and pricing options, problems are going to arise. An updated platform needs to have the capability of handling several different pricing models from prepaid and postpaid options to dynamic subscriptions to recurring payments.
Consumers need to have this type of variety at their disposal and it also allows a platform to appeal to a much wider demographic.
Manual Operations
Changing and adapting with the times is essential for any business as technology has mandated so. With so many markets (such as the IoT and MVNO markets) set to ascend dramatically over the next several years, it is becoming increasingly difficult for service providers to rely on manual operations.
There are still some tasks that humans need to perform but modern networks need to rely on automated performance for some of the more monotonous tasks that need to be done. Duties such as invoicing, day-to-day online customer interactions, and data gathering should be achieved with the assistance of automated applications.
The artificial intelligence market becomes prevalent here and with the estimated expansion of this technology, it will soon become the norm for service providers.
Confused or Disgruntled Consumers
There could be a plethora of reasons why customers are dissatisfied with a particular brand so this one is not a dead giveaway. However, world-class billing solutions will positively affect users and sub-par offerings could be the main cause of their irritation.
For example, if a provider offers more than one type of service, a normal consumer will prefer to be invoiced for all the services at once as opposed to individually. They can have a single view of their account and pay for all their debts in one shot. This is known as convergent billing.
Additionally, if customers are unable to access their account information in real-time this may also lead to headaches and complaints.
No modern network should take their billing solutions lightly as they truly can make or break any platform. With the real-time charging solutions that we deliver here at Telgoo5, none of the above warning signs will ever come to pass. Our magnificent engine is constantly being evaluated for elite-level performance and is always delivering on all fronts.
If you would like to reach out to learn more, we would love to hear from you and your business.