5 Essential Features of a Telecom Billing System
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.
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.
Not all telecom billing systems are the same. What makes a difference?
Telecom billing systems are more than invoice software. Depending on the services you offer and your customer’s needs, your business may require unique billing methods.
Every telecom business needs a robust system that accurately tracks usage and bills invoices automatically. Using a simple invoice management tool simply won’t cut it since it may not be suitable to track usage or handle a large number of customers.
Here’s how telecom billing software can help your telecom company:
Precise Billing
Inaccurate billing can jeopardize the relationship between you and your customers. These mistakes can hurt your brand image and the customer experience. Billing errors will ultimately lead to losing your faithful subscribers to your competitors.
Many telecom service providers have complex services such as charging by the minute, time of day, types of usages, etc. This means a one-size-fits-all invoice cannot work. Any telecom billing system features accurate tracking based on usage, time, managing discounts, and service types so that your customers receive accurate billing. Furthermore, the invoice will provide detailed billing data on telecom usage, which allows the user to make more informed decisions in the future. Subscribers are able to access the detailed report through an online portal, so they can reduce telecom expenses or optimize them to their needs.
Integration With Other Tools
Many telecommunication businesses use software tools such as an ERP or CRM, which aims to improve efficiency and track performance. Working with many separate platforms can lead to disorganization and chaos. Telecom billing companies usually offer integration with other tools so that the information captured from one software can seamlessly transfer to another. For example, CRM software organizes customer data. The telecom billing system will be able to upload the invoices to the CRM software so that you can filter out which customers have paid and which haven’t.
Offer Multiple Billing Methods
Telecom billing systems are more than invoice software. Depending on the services you offer and your customer’s needs, your business may require unique billing methods. Most high-quality telecom billing systems vendors offer a variety of billing methods:
● Prepayment: Services are paid for in advance.
● Post-payment: Payment is billed after service is rendered.
● Convergent billing: An accumulation of service chargers that an operator used in a single invoice. Customers can have greater insight into the services they’ve used in one coherent invoice.
● Roaming: When a customer goes out of a specified range and utilizes services from another service provider, there may be extra charges; thus, roaming is billed separately.
Automatic Billing System
As a business, you don’t want to spend time creating each invoice manually. Invoices should be able to accurately track, bill, and collect without any human intervention. The system may even be able to reject certain subscribers based on disqualifiers that your business may deem unfit. From the customer’s perspective, they will be able to easily customize and manage their plans online without having to call customer service, which can place more burden on your team.
Managing a large customer base can be challenging for telecom providers. However, a telecom billing system will keep your business organized and prevent potential billing errors.