IoT Billing Platform|IoT Billing Solutions|IoT Device Management

In today’s fast-changing digital world, the Internet of Things (IoT) is changing how businesses work. It connects devices and allows them to share data. To use IoT well, businesses need good IoT billing systems. These systems manage the billing for many connected devices, making sure everything runs smoothly and payments are accurate. IoT billing makes payment processes easier and helps businesses work better and manage their money. It is very important for modern businesses. Using IoT billing solutions can change how companies handle their finances and make customer experiences better.

Functionality of EarnBill for IoT Billing System

IoT technology is rapidly emerging in every sector of our lives. We know these IoT devices produce voluminous usage data/transactions every day. We can see the application of IoT devices/sensors in many sectors like the Healthcare sector, Home automation, Adoption in Smart cities, Energy sector, Industries, Agriculture & more. EarnBill IoT Billing Platform offers the following features & capabilities – a robust and flexible solution for all IoT-specific billing-related and IoT monetization operations smoothly.

1. Customer Management

A comprehensive module that allows you to create & manage customers with all standard features, including user-friendly UI and customized filters for searching data. In addition to that, the EarnBill solution offers various fine-grained features & controls that enable businesses to handle their requirements in a more effective way as per their choice – they can create diverse account types – corporate customers, government organizations and VIP customers to group similar types of customers into a particular account type or a category for organize customer data efficiently.

customer management for IoT billing system

Beyond this, you can also manage sub-customer accounts under one customer account to handle specific use cases where a parent-child relationship is involved. The solution enables you to capture additional information using OOTB user-defined fields. Further, you can manage the customer billing cycle and set customized invoice templates when a customer is a corporate type customer where you want to send a different invoice than other customers. Businesses dealing with IoT devices for managing customers prefer such capabilities to manage day-to-day operations and drive business growth hassle-free.

2. Centralized Product Catalog & Asset Management Capability

EarnBill IoT Billing system offers a comprehensive Product Catalogue to meet diverse IoT business use cases. It helps companies organize their products or services effectively in a structured and user-friendly manner while supporting you with a bunch of OOTB pricing models that businesses can configure easily with respective products/plans – in fact, you can chain more than two pricing models together for making out best pricing and its value. Further, the solution offers the most complex pricing strategies with the flexibility of customization.

EarnBill provides you with a centralized repository of your offerings where businesses can manage their offerings for multiple own child companies & reseller companies. Further, you can create unlimited subscription plans, products, and discounts and configure pricing strategies.

The EarnBill solution offers built-in IoT device management capability to manage assets and track their life cycle once added to the system. Further, you can create different device statuses in the system based on your business requirement; for example – Available, In Use (Sold or Leased), Rejected and Released. In the IoT domain, the assets could be SIM-based devices, sensors, gadgets, or anything with unique properties and connectivity features. Additionally, businesses can get complete traceability of each asset in the system at various levels like product, orders and customer.

3. Subscription Plan Management with Pricing Models

EarnBill gives a feature-rich, flexible, cost-effective solution for all sizes of businesses. You can easily create & manage unlimited plans with flexible trial periods, discounts as introductory offers and assets management capability. Furthermore, EarnBill’s IoT billing platform offers various built-in pricing models and enables you to customize them to suit your unique business requirements. Its robust architecture allows us to develop new pluggable pricing strategies. Things are very dynamic in the age of IoT billing, so the system should also be capable enough to implement new ideas and go to market quickly.

EarnBill seamlessly handles proration, plan upgrades and downgrades when customers change their subscription plans mid-cycle and ensures charges are accurate, preventing billing discrepancies.

4. Real-time Data Usage Tracking, Charging and Provisioning (Prepaid & Postpaid Billing)

IoT Billing System comes under a complex billing use case that controls tracking IoT devices for billing purposes. The EarnBill offers prepaid (an OCS system) and postpaid (consumption-based billing) solutions.

    • Online Charging System (Prepaid Billing):

EarnBill Online Charging System (OCS) is a prepaid rating system used for mediation processing of online, real-time usage events generated by a device for a prepaid subscriber. EarnBill OCS system offers numerous functions like authenticating, authorizing, and accounting/charging support for prepaid billing.

Additionally, the solution comes with an in-built auto-recharge configurable feature that recharges your subscription plan automatically when it expires and helps customers enjoy uninterrupted services. Internally, it connects with a provisioning system to activate or deactivate the service.

    • Mediation Engine (Postpaid Billing):

A mediation engine is a crucial component of the consumption-based billing system. It accepts raw Call Data Records (CDRs) from the network side and rates these call/data events based on the pricing rules defined for the consumption/usage of the service.

In EarnBill, the billing mediation job processes millions of postpaid call events and converts them into chargeable entities. As a result, the usage information becomes ready to be rated and applied in any currency. After the mediation process, the IoT billing system generates customer invoices with usage charges (processed through the mediation engine).

    • Provisioning System:

A dedicated provisioning module works with the network system to activate or deactivate the service based on the plan & customer status. Everything is automated in the billing system to internally send messages to the provisioning system based on events such as unpaid invoices after the due date or payment received on a suspended account. Thus, based on the subscriber status maintained in the billing system, the provisioning system can activate or deactivate the service on the network.

5. Automated Invoicing and Payments

It is also a crucial pillar of the IoT Billing platform where businesses want to rely on the system for generating invoices regularly, sending reminders and collecting payments automatically.

EarnBill recurring billing process offers a bunch of capabilities like generating customized invoices with all usage charges applied correctly & sending them as PDF via email, and sending a reminder notification to customers before the due date if unpaid.

The system automatically selects and processes all eligible customers for sending invoices based on their billing cycle, which may differ for each customer. You can set up an integrated job scheduler plugin to run the billing process daily, regardless of the customer billing cycle.

Most importantly, EarnBill also enables business owners or administrators to preview the outcome of the billing process and get valuable insights into total invoiced customers along with revenue trends, which allows data-driven decision-making.

The EarnBill system provides many out-of-box payment gateway integrations, and its automated payment collection feature can process thousands of payments securely. EarnBill offers API and UI options to process credit cards and bank account information (or ACH information) securely and safely over the payment gateway, which includes recurring payments and one-time payments.

The platform offers flexibility to integrate with any payment gateway while supporting various ready-to-use payment methods.

6. Company Hierarchy

EarnBill’s multi-tenant functionality enables you to create as many companies as you need. For example, you could set up more than one company while maintaining separate billing information for each company. The billing information consists of the listed products, customers and billing cycles. In other words, EarnBill allows you to establish parent-child relationships and have a unified/summarized view of all its subsidiaries and a detailed report of all the transactional history subsidiaries every month.

Managing sub-entities and child companies is a daunting task for your business, and EarnBill simplifies and automates the invoicing for each company so that you can focus on your core expertise and thereby think of adding more product offerings and driving growth. In this case, there is extremely little room for failure because repeated failures may damage the reputations of many entities, companies and individuals. Earnbill solution assures an accurate invoicing and charging system for all child companies.

7. Revenue Realization

With the help of the EarnBill automatic collection procedure, businesses can send automated payment reminders, collect payments, and enhance revenue realization while improving customer happiness. This further minimizes revenue leakage by automatically recovering failed payments using the EarnBill configurable retry mechanism.

8. Reporting & Data Analytics

EarnBill IoT Billing system offers various built-in administrative reports which help businesses gain better insights into their billing data. The finance reports include Accounts Receivable, Ageing Balances Report, Top Customers, Detailed Billing Report, GL Balances Report, Unearned/Unbilled report and many more.

EarnBill also offers a report called the Data Consistency, which checks orders and other data for inconsistencies that may lead to incorrect invoices. It could help analyze and identify areas for improvement, fix any issue early and make better business decisions.

With the EarnBill platform, businesses can leverage its reporting design & framework for customizing and developing a new report based on their business or accounting system requirements.