5 Essential Features of a Telecom Billing System

The telecom industry has a market size of 1,707.96 billion and is expected to reach 2,467.01 billion by 2028. With the development of 5G technology, the demand for telecom billing software companies only increases. A larger customer base for MNVO providers means that greater resources are needed to track data and send invoices. This means billing for MVNO is more important than ever. By incorporating a reliable telecom billing system, telecom companies will have higher accuracy in their itemized bills. Knowing the available features will allow you to choose the right online charging system for your business.

Customer Relationship Management

Every telecom company needs a customer relationship management functionality because it helps personalize communication with your customers. As a result, it’ll boost engagement and convert more sales. A good billing system will manage the contact life cycle of every customer, handle customer-initiated contact, and oversee outbound contact. The CRM function can also perform many automated tasks, such as sending auto-reminders to subscribers to avoid late payments.

Identical Record Checking

Duplicate invoices can be quite a common occurrence for many telecom companies. A high-quality telecommunications billing software will help spot and prevent duplicates, so the company won’t ruin its reputation or lose customers. Double billing can even lead to eventual fraud investigation, which can hurt your business. The billing system can eradicate duplication by setting distinct identification with customer records such as date of birth, social security numbers, and invoice numbers.

Business Model Support

Not all telecom companies work the same way. Many have different business models such as usage-based, hybrid, pre-paid, and post-paid models. Telecom billing systems must be able to manage different services and different rate plans. In addition, it should offer event-based and session-based charging. Furthermore, the billing system can converge the different services and compile them into one bill for convenience.

Integration with Multiple Payment Gateways

Customers pay through their smartphones and use various online banks to pay for their bills. All of the best telecom billing systems have multiple payment options for subscribers to pay with. This makes cross-border payments easy and allows for greater convenience. Having integration with multiple payment gateways reduces the time and friction for customers to pay their bills, which can, in turn, lead to increased revenue. A billing system should have the most popular gateways integrated, such as Paypal, Western Union, Moneygram, etc.

Automatic Tax Calculations

Depending on the region of the telecom business, the tax structure will be different. This means a telecom billing system software must be able to automate tax calculations for their customers.

E-Bill Generation

Gone are the days of customers waiting for physical mail to check their bills. Paper bills have become instant throw-aways for most people. Billing in telecom should have an e-bill generation where the invoice can be viewed online using their smartphone or computer. This gives subscribers the ability to check their bills anytime.

At Telgoo5, we offer the essential features you need, so you can send out error-free invoices and place your focus on other core areas of your business.

Top Reasons to Integrate a Telecom Billing System

One of the main concerns of telecom companies is billing customers accurately. To build, grow, and maintain a large customer base as a telecom provider, billing for services must be accurately done with a telecom billing system.

Many factors go into accurately billing a user. The customer must be charged using the appropriate billing method - prepaid, postpaid, or convergent methods. Any taxes, debts, and other payments should also be taken care of.

When your business is working with thousands of customers who may also have multiple telecom accounts, the number of processes to monitor and charge go into the millions. You will then have to hire hundreds of staff workers to do that for you, or incorporate a telecom billing software that will easily automate all of the processes.

In a nutshell, a telecom billing system is software that gathers users' data and charges them appropriately for services used. A telecom billing solution creates CDRs for every usage by a customer account, records the data, charges the customer, and generates invoices as required.

Here are the top 5 ways that a billing system will save your telecom business time and money.

Billing in Real-Time

A telecom billing system uses an Online Charging System (OCS) to bill users in real-time. Every time a call is placed, text is sent, or data connectivity is turned on, the telecom billing software creates a Call Detail Record (CDR). The software uses the CDR to measure usage and charge the customer.

If the billing method is prepaid, the telecom software debits the user's credited telecom account. But if the method is postpaid, the software simply adds that CDR to records already held for the customer. Later on, the software generates and sends the invoice. Depending on the plan, a telecom billing software generates invoices every 30, 45, 60, or 90 days.

Automating Back-End Processes

Apart from charging customers on the go for services used, a telecom billing solution helps to automate the back-end processes of telecom businesses. This greatly reduces the workload for the staff.

Some of these back-end processes include adding new customers, removing old customers, generating invoices for postpaid clients, collecting debts, implementing discounts, and so on.

A telecom business cannot rely on the staff to go through the large database, working on all these processes. A telecom billing software automates the process and saves time and money for the company.

Wholesale billing and reconciliation

Apart from charging users, a telecom billing system can be integrated to monitor all transactions with a supplier. The telecom billing solution automates the process of sending payments to suppliers and creating records for those transactions.

Generating Reports

The use of telecom billing software automates the process of generating a detailed report of customer and company transactions. With the aid of software, it is super easy to generate reports for any time interval of your choice.

Billing Service Provisions

If a customer makes a one-off purchase, or orders some hardware fix, a telecom billing software automatically generates the bill and charges the customer. It can take into account taxes, VAT, and so on.

Telecom Billing systems are irreplaceable assets for telecom companies. Feel free to contact us to learn how Telgoo5 will easily integrate with your business and CRM, to save you time and money.

How to Select the Right Telecom Billing System for Your Business

Billing is one of the most important aspects of a telecommunications company, since it directly impacts the flow of revenue. Billing customers incorrectly, or failing to bill at all can be disastrous for telecommunications businesses. Telecom billing is also very complicated. Each individual account must be tracked for usage, have the correct rates applied to that usage, have the total cost calculated and have the correct invoice go to the correct customer. It is not a simple transaction. 

The best thing a telecommunications company can do for the health of their billing (and therefore, their business), is to rely on a telecom billing software. The software will handle all calculations, invoicing, and debt collection. The right software can really improve the health of a telecom business, while unburdening employees.

Here is how to select the right telecom billing system for your business: 

1.     Make sure the software you choose can do everything you need it to. The question behind the question here is how complicated is your business? Do you need really robust telecom billing software, or will a simple invoice management system suffice? Choosing a billing software that cannot do everything you need it to can be very frustrating. Similarly, overspending on a software that has a bunch of features your business does not use can be a costly error. The best way to go about this is to come up with a list of features you need before you even start researching telecom billing software. This list will guide your search and help you to narrow down your options.

2.     Check to see if the software will integrate into your existing systems. If your company relies on a CRM (Customer Relationship Management), the billing software you choose should integrate. If it does not, your employees will likely wind up tracking customer data in two different places. Not only is this boring and tedious, but it is a system that is rife with human error. You want your two systems to communicate and integrate with each other. If your favorite telecom billing system does not integrate with the CRM  your company is already using, then you need to cross them off of your list, as painful as that may be. 

3.     Ensure that the system is adaptable. When you invest in a telecom billing software, you are making a multi-year investment. Your business may change over the years, industry regulations may change over the years...a lot can happen. Make sure that the software you choose has a history of adapting to changing circumstances and can support your evolving business. 

4.     Analyze pricing. Telecom billing software is a significant expense, so make sure that the cost is something that your business can support. Telecom billing software can help your company to save and make money in the long run, but you have to make sure that you have the funds available to support the software today. This is not a business decision to take lightly. 

Remember, telecom billing software exists to make your life easier and your company more successful. Those should be your expectations as you consider which software to use.

Prepaid and Postpaid billing for ISP's challenges and Telgoo5 Solutions

Most people do not think about their Internet connection until it fails them. Every day, people everywhere access the Internet hundreds if not thousands of times. People check their Twitter feeds, look up directions to a new restaurant, read the news, and even do their jobs online. No thought goes into their connection, how it is supported, or even how it is paid for. The only time most people consider the infrastructure behind their Internet connection is when they are unable to access the Internet.

Fortunately, Telgoo5’s billing services help ensure that interruptions do not happen.

Telgoo5 is a telecom billing provider that supports Internet service providers (ISPs) with both prepaid and postpaid billing. With Telgoo5 services, ISPs can accurately and reliably charge their clients without service interruption. 

Benefits of Telgoo5’s prepaid billing:

When clients pre-pay for Internet data, they expect it to work when they need it to. Think of it this way - if you prepay for a meal and then arrive at an empty restaurant with an absent chef, you are not going to be too happy. Similarly ISPs need a way to track whether or not they have been paid, how much their clients have remaining on their account, and if or when services are paid for again. Consider it this way, if you are a restaurant owner serving customers who pre-paid for their meals, you need a way to reliably track which courses your clients have been served in order to ensure that one person isn’t being served two entrees when he only paid for one.  In order for ISPs to provide reliable prepaid service, they need a billing company that handles the payment to connection relationship seamlessly. 

Telgoo5’s prepaid features include charging, billing, automatic workflows such as degradation or plans, suspension and cutoff of services and restoring of services. Complete financial integration and reporting, Notifications via email, & SMS. With Telgoo5, ISPs will receive payment, and end-users will receive exactly what they paid for, nothing more and nothing less. 

Benefits of Telgoo5’s postpaid billing:

When clients post-pay for Internet services, their monthly bill varies based on services rendered. Let’s revisit the restaurant example. Most dining experiences represent post-paid models. Throughout the meal, customers can order as much or as little as they want. Once the meal is complete, they are billed for what they consumed. Someone who ordered only a few items will be billed less than someone who ordered a full 5 course meal. In order for ISPs to handle postpaid contracts reliably, they need billing partners who can track exactly how much data has been used, and which accounts are using data services when. 

Telgoo5’s postpaid features include complete control over the process of provisioning, activating and deactivating customers, a multitude of billing applications for charging, billing, and discounts, full control over postpaid tariff plan creation, and more.

At Telgoo5, we help ISPs to separate themselves from the competition by supporting whichever billing system they or their clients prefer. We have got your back regardless of how you choose to handle billing.

Expand Base by Launching Different Plans with MVNO’s Favorite OSS billing system

For a telecom operator to stay relevant in the current times, it is very important to gauge the pulse of the market. Even more significant is to address the immediate needs of customers and grab a share of the market. Those who dilly-dally often end up on the wrong side. Those who take initiative, they often end up as the winners amongst competitors. Nowadays, customer service in the telecom industry has become very important. But due to silos between systems and telecom billing, operation and business support departments, the information is often compromised. A lack of transparency in telecom operations can lead to the faltering of the entire system. An OSS billing system is required to overcome the challenge of modern-day telecom operations.

Get Customers on Your Side with a Stable B/OSS and Telecom Billing Software

Consistency is the key in business operation. More so, when you are in a highly complex domain such as telecom. Customer’s behavior is hard to gauge; even a single bad instance in individual service delivery can lose you a customer who subscribers to many plans. It is impossible to create a stable strategy for business expansion when you are unsure whether your customers are on your side or not.

But when you utilize a unified B/OSS and telecom billing software that is already proven in the industry, it becomes easier to manage the different dynamics.  Telgoo5 is one such telecommunications billing software that not only adheres to telecom billing system architecture but also stays updated with the latest rulings of FCC and 3GPP.

Due to its efficiency, accuracy and an ability to handle more than 50 million transactions every day, it automatically becomes the go-to software for telecom operators such as MVNOs and ISPs.

Access Telecom Billing Solutions with a Real-Time Charging System

When you have customers on your side, you can increase your revenue streams by launching a wide range of telecom services plans in a timely manner. But that is only possible with cutting-edge charging technology provided by a real-time Online Charging System (OCS). An OCS performs both event- and session-based charging and ensures accurate credit limit implementation. It provides a platform for convergent billing, meaning you can now start launching different plans for different types of services in a single subscription.

Telgoo5 is devoted to timely supporting all its clients and launching intuitive APIs that work perfectly for telecom services operators.

Inspire Innovation Immediately with a Convergent Telecom Billing System

2021 requires telcos to think on their feet. It is very important that a telecom operator frequently changes its strategy and adapts to the current market situation. For smaller operators such as Mobile Virtual Network Operator (MVNO), the challenge is to perform in the segment they are in. This segment is actually very competitive, especially in the developed countries such as the US and UK. In order to overcome the challenge of competition, it is required that you either develop a good telecom billing software or employ telecom billing services that have proven their worth.

Choosing a Telecom Billing System that Inspires Innovation

A telecom billing system that allows telcos to be innovative is very important in today’s time. Below are some essential features of such a phone billing software solution:

Convergence

Real-time charging platforms allow for convergence, which is very important in today’s time. A convergent charging platform is the gold standard for today’s telecom operators. It allows them to print single unified invoices that have all service charges reflected at the same place.

Faster monetization

Rapid monetization is the key to succeeding with your plans in the telecom industry. When you bring your plans to the market quicker, you are able to attract the interest of your customers.

Point of Sale

A point of sale is where the customers buy their telecom plans. The point of sale should be well-tested and work as per the requirements of different groups of customers.

Self-Care Options

Nowadays, many customers want to build their very own telecom service bundles. Therefore, you should offer self-care options. A multi-tenant platform that supports multiple user logins is required for this option to be a success. The self-care should come with options such as plan changes, payment methods, upgradation of services etc.

Analytics for Decision Making

An analytical package alongside a telecom billing system can make all the difference in your business strategy. It allows you to make impactful decisions, which ultimately help your business to grow.

Scope for Monetizing Every Old and New Service

Monetization of both old and new services is very much required. Nowadays, your telecom billing system should excel at service offerings such as prepaid, postpaid, IoT, 5G and broadband apart from the new-age OTT services like video streaming.

At Telgoo5, we have a readymade platform that caters to the exact needs of telecom operators. We also offer intuitive APIs, which can be easily installed for bringing in new functionalities into the system.

Inspire Innovative Strategy in 2021 with Turnkey Telecom Billing Solutions

The innovations in telecom technology are taking place at an unprecedented pace. With 5G technology in full flight and mass employment of IoT by industries, the onus is on telecom operators to provide quality services to their subscribers. Given the current state of telecom industry and the prevalent competition, it has become all the more important to use telecom billing solutions that can be immediately put to good use.

Turnkey Telecom Billing Software for Rapid Growth

If you are stuck with traditional telecom systems and still use offline charging, it is time to make a major overhaul in your telecom billing strategy. The best telecom billing software solutions offer turnkey functionalities that can be used immediately. There is no time to waste as the potential of new technologies is really high. Before your competitors attract your existing customer base, it is crucial that you change the odds in your favor. A turnkey telecom billing software solution offers the following functionalities:

Point of Sale

The ability to sell your services in a convenient way can make your life a lot easier. The best telecom systems such as Telgoo5 have already been tested to deliver a proven point of sale platform.

Improved Management of B/OSS

B/OSS is a very important paradigm. Business and operation support services determine the quality of services you can offer to your customers. Employing NFV and SDN technologies gives you more efficiency. Improved fault-management and network maintenance via top platforms like Telgoo5 can be a real game change for your MVNO.

Enhanced Revenue Assurance

An intuitive platform that offers complete revenue assurance allows you to manage your yearly revenue. It provides a transparent overview of your earnings and revenue generated through different services. Customers get exactly what they pay for, and their trust in your services rises. Telgoo5 allows you to audit transactions, detect frauds and stay completely assured about the revenue.

Real-Time Convergent Billing System

With an Online Charging System (OCS), you can perform day-to-day charging and rating functions in real-time. It allows you to charge every service at a centerallized place and create consolidated bills that reflect every single charge on a single piece of document. Credit limits are enforced accurately and customer are kept in loop of every charge they have incurred over the billing cycle.

With backward-compatibility and seamless integration into existing workflows via APIs, Telgoo5 offers a sound platform for MVNO, MVNE and MNO in 2021. It simplifies day-to-day functions and allows telcos to strategize well for the future.