Tridens Monetization is a usage-based billing or Metered billing software platform which track customer’s consumption of a product or service. Also, organizations using this model can create bills for customer’s product and service usage over a billing circle. These days, industries are moving to this type of models because of the flexibility and ease of use they offer.
Billing preferences for industries wanting to deploy this model must be clear. Once you’re able to state your billing requirements for a product or service, the system would do the rest. Moreover, it automates rating, charging, innovative pricing, taxation, billing, invoicing, payments, collection, client communication, support, optimization, real-time analytics, and reporting. For businesses that have a global presence, they cannot effectively manage billing without using this software.
Billing systems are usually built with high-level programing language with an agile approach. Moreover, they can generate bills dynamically. Alternative names for billing platform software’s are also known as metered billing software. They adopt a pay as you go billing approach. So, this ensures that clients pay only for the products and services they use for every billing circle.
Usage-Based billing software
Another name for usage-based billing is metered billing. They adopt a pay as you go approach. Businesses bill their clients per product or services consumption. However, paradigm is not new, different originations like telecommunications, water, electricity, Taxi, streaming, etc. have been using it for some time. Organizations can use metered billing to align price with value and get reviews about their products/services.
Subscription-based billing
A subscription-based billing model is a system that bills client’s product and service usage on a time determined basis (eg. per month, quarter, year). The company determines a set price, and subscribers usually make payments on a monthly or yearly basis. An example is the Apple store, where clients subscribe and use the services for one year to download video, and music. Another example of organization using subscription-based billing are media organizations. Customers can access media websites or mobile applications for a specific period after subscribing. Other common uses of subs billing are e-books, software’s / applications such as Microsoft office 365, games, and lots more.
How Usage-based Billing software works
A customer consumes a product or service, and the provider creates a usage metering system using software solutions. Moreover, with most Usage billing software, businesses assess customers usage bill in real-time. This can enable users to carry out roper budgeting and plan. With Metered billing software, customers can swiftly make payment for their bill on the go. It offers flexibility in payment option, and users can process payment using different channels and gateways. This can improve the client’s satisfaction. Organizations can decide to either build a bespoke (custom made) software or an off the shelf type (already built). When they deploy and configure it with parameters such as setting an upper unit plan, base subscription, discounts & promotions, and payments the system is ready to go.
What do usage billing software offer?
Accessibility
Usage-based billing software ensures that customers can access products and services from anywhere around the world. Accessibility can significantly increase market share or product for businesses. Moreover, implementing a billing platform gives people from different geographical locations the opportunity to access products and services. Also, it creates a positive image of your organization and ensures that your business break into new territory.
Branding
Usage-based billing software gives organizations the ability to brand their products and services better, which can increase brand recognition. Organizational logo, colors, themes, marketing features, and slogans can be attached to invoices.
Flexibility and Control
Usage-based billing software comes with different payment plans and subscriptions systems. You can have weekly, monthly, bi-monthly, or annual billing circles with it. Payments can also come with threshold models which bills a user is automatically once he has exhausted a certain usage limit. Also, it gives users complete control and flexibility over how much they consume and spend. As we know, customers are the driving force of every business. So keeping them happy ensure that businesses avoid customer churn. Moreover, managing a wide range of billing circles across multiples locations manually is counterproductive. Usage billing software allows clients to choose a plan that works best for them.
Productivity
Usage-based billing software greatly improves productivity. It generates and present bills digitally, which goes automatically to the client. Also, they can collate separate invoices and send a consolidated bill to the customer, to save a lot of time. Moreover, this process improves productivity because personnel’s can focus on other activities. Also, the system handles other areas, such as account receivable management, credit management, payment, and usage disputes management effectively.
Revenue Growth
Usage-based billing software’s result in direct cost saving for organizations and revenue growth. The software automatically calculates customer’s Usage of product/services and creates invoices automatically. This will enable you to focus on other activities and decreases personal workforce. Moreover, the system eliminates errors that arise from manual method of invoicing.
Application of Usage-Based Billing Software
A wide range of organization uses metered Billing software. They are flexible enough to suit your billing requirement without compromise. Let’s take a look at some sector implementing Metered Billing software.
Telecommunication
Telecom is the first sector that comes to mind when it comes to Usage-based billing software. They deploy billing software’s to ascertain users activities such as text messages, calls, voice mails, data, and much more.
Entertainment industries
Cable Tv networks make use of usage billing software’s to bill their customers as per service use. Video and audio streaming also use this system to detect the number of downloads and also create bills automatically for clients. The rates can be flat, and sometimes clients gets bills per download.
Taxi Services
Car services are now installing Usage-based billing software in their vehicles. This software will automatically check drive distance and generates a bill for the customer seamlessly.
There are other industries such as Airlines, Energy, Cellular , VoIP, Video Engineering Satellite Oil and Gas Aerospace Transportations Teleconferencing Network Intermodal Media Medical, Financial Services, Internet of Things, Cloud Apps & Infrastructure, Communications where usage-based billing software could be used.
