What are enterprise billing platforms, and how do they support subscription business models and usage-based billing models?
A cloud-based enterprise billing platform is an automated billing software to rate, charge, and bill product and services using user information from a customer. It can produce an invoice, accept payments, and generate reports for the organizations.
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Why do organizations need an enterprise billing platform?
There are several reasons why organizations need an enterprise billing platform. It can monetize products and services and help you break into new markets. Also, it offers flexibility, automating invoicing, payment processing, and lots more.
Enterprise billing in today’s ecosystems rapidly evolves, and the changes can disorient organizations if they don’t join the trend. Moreover, transformation in a digital system and changes in marketing/sales is revolutionizing billing practices. So, businesses today must move along with the dynamics of the modern-day market.
The digital reinvention of billing comes with real promise, including the ability for organizations to monetize their model globally. So, let’s take a look at some billing systems.
SaaS enterprise billing platforms
SaaS is an acronym for Software as a Service. It’s a modern billing system where engineers store applications on the cloud and access them through connected devices. Also, it’s a distribution billing model where third-party organizations handle the development, installation, networking, and maintenance of applications on the cloud. A good example is Microsoft office 365.
With the Saas billing model, companies subscribe and start using the service immediately without worrying about complex IT infrastructure or software development. Also, Saas offers you scalability- you can add new features and modules easily. It provides flexibility in payments – companies can purchase the blades they require instead of buying the entire modules of an application.
- Accessibility – Clients can access applications from anywhere.
- Automatic updates – providers can update apps, thereby improving the functionality of the use.
Subscriptions billing platforms
A subscription enterprise billing platform is a billing model that bills product or service usage of clients on a time basis. One good example is a magazine website that charges its readers a monthly fee to access its publications. Also, Video streaming services, gaming, software organization, and cable TV use this model.
The purchasing pattern is evolving; recently, people do not want to pay a one-off fee for products and services anymore. They want a model where they can pay the subscription and opt to cancel or renew a service whenever they want. So, the system automatically generates invoices and processes payments. That saves cost and time, which positively impacts the organizational bottom line.
Usually, when subscribing to these services, a user provides his credit card information to subscribe or renew the services.
Usage-based billing software
Metered billing is another term for usage-based billing software. It’s a billing model that generates bills for product and service use of clients according to usage. These platforms use advanced software solutions to track product or service use and create an invoice for each client. Also, it uses a pay-as-you-go model. Internet Corporations, water, electricity, and Taxi services, amongst others, are using this model to measure products/services used by their customers.
A business that wants to adopt this model must have a precise unit of measurement for its product/services. It will configure this unit into the platform for accurate enterprise billing. Also, they must engage a platform with a sound metering system or other methods of collecting client usage data. Lastly, devise a compelling logic to convert product or service usage data into readable and understandable billing information. That will facilitate the creation of an invoice.
Usage-based billing has its advantages. This model works better than paying a flat rate for a product or service. Moreover, for customers that need to subscribe to a product seasonally, this model can also save a lot of costs.
Metered or usage-based billing platforms give customers control over their consumption and spending to increase client satisfaction and retention.
Enterprise Billing platform architecture
Tridens monetization has a highly reliable architecture. It enables horizontal and vertical scalability to support the billing of many usage-based billing events. Also, the architecture is robust and able to handle various billing scenarios.
With Tridens architecture, businesses can innovate around the ever-evolving billing models. Java is the language used in developing the platform. It’s a high-level programing language that supports polymorphism, encapsulation, abstraction, and object-oriented approaches. Spring Boot, and Angular, are other platforms used with Java in developing the architecture. Also, Redis, Apache Ignite, and PostgreSQL are the different tools we use for the full-stack development of the architecture. We use elastic search, a distributed multi-tenant system for real-time intelligent reporting. The platform runs on Amazon Web Services.
Enterprise Billing platform API
API is an application programming interface that allows applications to talk to each other. Our Tridens Monetization cloud enterprise billing platform has REST APIs, which enable seamless integration of different third-party applications such as SAP and NetSuite enterprise resource planners (ERP). You can also integrate it with other ERPs, CRM, Portal, mobile apps, and much more.
Tridens Monetization is pre-integrated with different payment gateways such as Braintree, Wirecard, Authorize.net, Stripe, and much more. Also, it’s integrated with different Tax gateways such as Avalara, Vertex, and SureTax. Lastly, Tridens Monetization is integrated with CRM tools such as Salesforce, HubSpot, and Microsoft CRM.
What makes Tridens Monetization great?
Our cloud monetization platform comes with significant advantages. We offer flexibility, innovation, and ease of use. Moreover, we deliver real-time usage-based billing, great analytics, and fantastic customer service.
Tridens Monetization can optimize and automate your quote-order-cash process, including orders, rating & charging, enterprise billing, invoicing, payments, collections, dunning, and much more.
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