In today’s fast-moving digital age, the billing function has become a strategic differentiator for organizations of all sizes. End users are increasingly demanding pricing flexibility for the products and services they use, forcing a shift away from traditional billing models. As a result, companies are turning more and more to cloud-based monetization platforms that can deliver an intuitive front-end experience while managing added complexity on the back end.
When implemented effectively, cloud-based billing can help capture new revenue, reduce costs, and enhance the customer experience. All of these benefits improve your company’s bottom line. With the right monetization partner, organizations can differentiate themselves from the competition and keep pace with the constantly evolving digital landscape.
1. Launch New Revenue Opportunities Quickly
A billing function that can adapt and scale over time is essential to long-term financial growth. Providers of cloud-based billing solutions understand the need for companies to deploy. Exceptional billing solutions empower companies to quickly respond to industry disruptors and identify new revenue opportunities that improve the bottom line.
Cloud-based billing systems with flexible, platform architecture enable businesses to:
Speed new products to market without IT intervention
Support multiple monetization strategies in a single solution
Package products and services quickly to create competitive offerings
Leverage Disruptive Technology
Being able to roll out combinations of subscription, recurring, and usage-based payment models efficiently will become more and more important as technological advancements continue to accelerate. For example, with an IoT explosion underway, consumption-based pricing models are increasing exponentially. The number of IoT devices hitting the market puts a tremendous strain on companies that don’t have the systems and support to capitalize on this latest innovation.
Cloud-based billing systems can handle the volume and complexity that come with transformational billing and innovation. In addition, some cloud-based solutions offer platform architecture that enables agile monetization and often offers a suite of features to help companies compete in any industry all across the world. Platform solutions also offer tiered pricing and a set of subscription management tools designed specifically to help companies automate recurring revenue invoicing and collections.
Being able to adapt and scale effectively will be crucial for companies that are trying to maintain an edge over the competition in the years to come. A strong billing services partner can provide a dynamic platform through which companies grow their revenues and secure their success.
2. Significant Cost Savings
Maintaining an in-house billing system can be costly and time consuming, especially given the recent rise in innovative pricing models. As subscription and usage-based payments continue to grow in popularity, companies need to bill and collect revenues in a variety of ways without detracting from the front-end experience. This upkeep can be challenging for organizations, particularly as they grow, requiring heavy capital investment and changes to existing IT infrastructure.
Closing Payment Gaps
Replacing in-house billing with a cloud-based platform can lead to more efficient workflows that increase overall profitability and reduce billing-related costs. Sophisticated platforms can easily automate invoicing and collection at a high volume, as well as execute many time-saving activities. For example, sophisticated cloud-based billing platforms save time and money by enabling you to proactively send notifications to end users when their credit cards are about to expire, preventing a gap in payment.
Without the support of a powerful cloud-based billing platform, routine billing operations and maintenance can drain internal resources, especially given the degree to which end users are demanding pricing model customization today. With these restrictions in mind, BillingPlatform offers a cloud-based solution to scale with your needs.
3. Enhanced Customer Experience
In addition to creating cost savings through efficiency and automation, an effective billing function can enhance the overall end-user experience. Superior billing software can:
Support highly tailored pricing and packaging models
Enable companies to offer flexibility and choice to their end users.
Cloud-based billing platforms integrate seamlessly with existing enterprise applications to create a consistently branded experience for buyers.
Cloud-based billing systems enable businesses to provide customers with:
Customized, branded information and payment portals
Instant access to real-time account information from anywhere
Self-service views into their usage, invoices, and payment history
Additionally, these systems can generate highly detailed reports and dashboards so that clients and internal stakeholders can analyze buyer behaviors more closely. This level of transparency enables companies to serve their end users well and enhance their overall experience with purchasing products or services.
Much More Than Outsourced Billing
On the surface, the billing function seems like a siloed set of operations that are relatively easy to manage. In reality, a sophisticated billing capability can differentiate companies within their respective segments and enable them to attract long-term loyalty from buyers.
Today, there are a number of cloud-based billing solutions that offer some of the capabilities needed to be successful. However, BillingPlatform is the only company to provide a comprehensive platform that adapts to meet the full scope of your needs, today and in the future. By equipping companies to capture innovative revenue opportunities, reducing operational costs and enhancing end-user experiences, our platform is a strategic investment worth considering for any organization.
Request a Demo
To learn more about BillingPlatform’s suite of solutions, contact the company here.