Top 6 Key Benefits of IoT Billing System in Your Business

There are multiple benefits of IoT billing system which addresses the unique demands of the IoT ecosystem and overcomes the challenges. Today’s billing solution offers various ready-to-use flexible pricing models, and not only that, they can adapt to diverse usage patterns, from flat subscriptions to complex pay-per-use models.

👉 What is IoT Billing?

The main challenge that most IoT companies have in maintaining a billing system that aligns with their business strategy is getting flexible solutions and deciding how quickly a new feature can be made available to the market for customer use.

Sometimes, the reputed vendors take more time to introduce any new features. Therefore, business ideas take longer to reach the market; as a result, they may not turn up as they would have if they had done so sooner.

The EarnBill team applies its domain expertise and business problem-solving skills in an agile working approach to identify the most optimal solutions that can save you a significant amount of money and enable you to work with a roadmap of your company’s preferences.

IoT Billing platforms provide better integration capability with device ecosystems to collect and process real-time data for usage tracking and accurate billing. It also helps businesses improve revenue management, reduce operating costs, and the ability to offer innovative, usage-based services to their customers. Eventually, the solution empowers companies to unlock the full potential of their connected device with scalability.

Let’s understand the benefits of IoT Billing:

• • Increased Efficiency:

The user-friendly UI and simplified approach to managing your IoT billing operations using well-aligned functionalities/capabilities reduce errors and free up the resources for higher-value activities by automating tasks like billing, payment, reminder notifications, and more.

• • Scalability:

The platform provides scalability as your business grows, which means accommodating an increasing subscriber base reduces your cost over traditional on-premise software that requires upgrades and supports additional features as needed.

• • Integration:

The EarnBill provides a bunch of REST APIs for integration with any other systems. Additionally, the system allows custom development for consuming external APIs for data exchanges or developing new ones specific to your needs. There is full support for the SOAP-based APIs suite. With this, you can easily integrate with your internal or external systems like CRM, ERP and payment gateways.

• • Security and Compliance:

EarnBill platform adheres to industry regulations and standards for data security and privacy. It provides data encryption and compliance with payment card industry standards. The EarnBill platform meets most security compliance and regulatory requirements through ISO 27001, SOC 2 Type II and PCI DSS.

The regulatory requirements vary from country to country; however, meeting any specific certification standards develops a solid foundation and makes it easier for the platform to meet the country-specific regulatory requirements by customization.

• • Self Service Portal & Mobile App:

The EarnBill web portal and mobile app empower subscribers to view their account/service status, usage consumption, invoices, payments and the ability to request new services and cancel existing ones. With convenient alternatives, companies can reduce the customer support burden & cost. Further, a convenient self-service option and engagement with targeted business promotions take the client experience to the next level.

• • Reliable Support and Training:

The essential aspects of any software system are flexibility & good support – EarnBill is a platform that provides adaptability for custom feature development according to your business needs and ideas. Further, a dedicated domain expert team conducts training for your staff, supports your billing operations team and helps resolve any issues. The team continuously monitors the system performance to identify and rectify potential issues.