We often make a mistake, at Tridens Monetization, of using terms like agile billing, agile monetization, dynamic billing, or intelligent billing, assuming that everyone knows what we are talking about. For us, it is what we do, but of course, not everyone is aware of what agile billing is.
So, we’d like to take a few moments to explain the basics of this business-critical system and inform you of the competitive advantage that your business can gain from using it, regardless of the industry you’re operating within.
By the time you’ve read this brief article, you will hopefully have a better understanding of the benefits to be gained from agile billing, and whether it is a suitable solution for your business.
What Is Agile Billing?
Traditional billing platforms might be sufficient for your business if you have a simple pricing structure and are selling relatively low volumes. However, you may become stuck if you experience a rapid upturn in sales, if your business model becomes more complex, or if you need to start adding usage-based elements to rapid-launch products or services.
Agile billing is a flexible, cloud-based model that satisfies customers and businesses at the point of transaction, matching your customers’ payment needs with flexible payment solutions from the business. An agile monetization platform provides speed, agility, and friction-free payment for your business and your customers.
Agile monetization platforms are designed with sophisticated billing and payment models in mind. Their flexibility allows you to integrate them into your existing front and back-office operations seamlessly.
Why Is Agile Billing So Important?
Consumers are becoming more demanding in today’s anything-as-a-service environment. They want greater transparency, more speed, and increased flexibility in all transactions. Businesses are having to keep pace, and one way of achieving the scale and flexibility to keep up with change is with agile billing. Agile billing allows your business to increase revenue and stay ahead of the competition.
Switching to agile billing will allow your business to offer a sophisticated level of subscriptions, including usage-based models. Subscription billing used to occur on a one-size-fits-all basis. With agile billing, you can provide a host of flexible options, including usage-based charges, one-time payments, and recurring billing.
The agile billing model gives customers more control over their spending and more spending options. It also offers businesses increased opportunities for cross-selling or up-selling, reducing customer churn, and creating new revenue opportunities.
With opportunities come challenges, and increasingly complex billing models require increased real-time processing, more visibility of customer behavior, and higher-powered reporting and invoicing capabilities. As traditional systems struggle with the necessary level of sophistication, manual fixes and support need to be applied. However, these can take time and produce errors, leading to customer dissatisfaction.
Does Your Business Need Agile Billing?
You will probably be in a position to answer Yes to this question if you experience the following:
- When you realize that you have outdated pricing models, you also recognize that reconfiguring your existing billing system is too costly and hassle.
- When you miss opportunities because you cannot get new offers out in time.
- When you are suffering revenue leaks, missed deadlines, and frequent invoicing errors.
- When you are losing customers to the competition’s more attractive billing structure.
- When your billing is slowing down other business operations, leading to friction and frustration for both staff and customers.
An agile billing platform is designed to help you through the growing pains of expansion. However, like everything else, some platforms ate better than others. Find out if Tridens Monetization can assist with your business growth. Contact us today to arrange a personalized demonstration.