By Aadel Mar
Based on the products or services you offer, you need a billing system that lives up to your expectations. Cloud billing platforms are one such alternative that can be modified as per your requirements. Businesses offering services based on a metered billing model can also seamlessly incorporate cloud billing systems into their organization.
With this article, we have tried to explain the basics of cloud-based billing. Here you will also find a list of things to be considered while choosing a similar platform. So, we suggest you read it till the very end!
What is a cloud billing platform?
A simple definition of cloud billing is the process of creating invoices based on resource usage data while using certain predefined policies. These platforms support both subscription billing as well as metered billing models.
The reason a cloud billing platform is preferred these days is that it can be integrated with your existing business infrastructure. Furthermore, since it can be modified based on a metered billing business model, it only adds to the convenience.
Another benefit of such billing platforms is that they do not affect the quality of your service. It even has a service availability of 99.9% which is far better than traditional metered billing systems.
Things to look for in a cloud-based billing platform
The functionality of your chosen metered billing software is an important factor. A flexible platform will allow you to quickly adapt to new monetization strategies. That too without any problems. Support for different pricing plans, channel management, entitlement management, and reporting insight are examples of important functionality factors. The best part is all this can be found in the Tridens Monetization cloud software as well.
2. Time to market
Cloud-Based billing software can also reduce your time to market significantly. It allows you to offer your products and services to customers within a few weeks. This is done by streamlining the billing process. Even if you need modifications to suit your current metered billing model, the cost is usually very nominal. Overall, you do not have to deal with licensing costs, capital investments, and high service costs.
The entire aim of starting a business is so that you can grow. For this, you need to be sure that your cloud-based metered billing software is also capable of the same. While another important thing to consider is the support capacity for the excessive workload. Your cloud billing software should be able to keep running efficiently even during extremely busy days. In short, when the volume of transactions grows, your billing system should not backfire halfway.
4. Service management
A typical metered billing software has to handle many different activities at the same time. This includes creating accounts, making changes to customer plans, updating payment information and processing payments. For all this to happen seamlessly and quickly, your cloud billing platform should be powerful enough. It should have the capacity to automatically track the progress and notify external systems when required.
5. Low system downtime
Any cloud billing platform can not afford to crash or go under maintenance for hours on end. Mainly because it will affect your business drastically. So, another thing to look out for in your billing software is that the downtime for the application should be minimum.
6. Security measures
Lastly, since customers use their personal financial information on your website to pay, you are bound to protect these details. For this, your cloud-based billing software needs to have some security measures in place. For instance, it should be able to protect your customers’ card details and your company’s information from hackers.
Why Tridens Monetization is the best cloud-based billing software
- It has an innovative offer design
- Can support business models like B2C, B2B, and B2B2C
- Offers customer management facilities
- Rating and charging can be done online and offline
- Complete revenue management including payments and collections
- Can help generate accurate financial reports and
- The software can be used for real-time analytics
Keep these points in mind the next time you are looking for a new cloud-based billing platform.