Top 12 Benefits of Telecom Billing Software
A telecom company has two different ways of charging its customers. It either manually calculates costs or uses billing software to automate the process.
Businesses prefer billing software to manual billing for several reasons: automated billing, increased brand trust, high transparency, and accuracy. In this blog post, we will discuss what telecom billing software is and its benefits.
What Is Telecom Billing Software?
A telecom billing software is an application that a telecom service provider uses to calculate fees owed by customers. Sometimes, it charges customers based on the services used in real-time and automatically deducts the charge from a prepaid billing account. Other times, it automatically generates an invoice after a set time interval for a postpaid customer.
Every telecom billing software incorporates billing, rating, tariffs, discounts, prorating, and payment processing. It uses the three main ways of charging customers – prepaid, postpaid, and convergent.
Benefits of Telecom Billing Software
A telecom billing app allows your company to:
Increase Billing Accuracy
Telecom billing software uses pre-written and tested algorithms to determine how many services a customer has used and how much to charge. It may deduct the cost from the customer’s prepaid account. Accurately charging users increase their trust in your company because of the transparency and accuracy in billing.
Easily Compile Detailed Invoices and Expense Reports
A telecom billing software automates producing detailed reports and invoices for your users.
Customers like to see what they are being charged for in detail. A billing software lists, in a tabular form, the services used, days they were used, duration, and total tariff. It also incorporates any discounts or prorated refunds.
Expense reports take the average human hours to compile for each customer, not to mention when you have thousands of subscribers. For billing software, it takes seconds and mere minutes for thousands of users.
Prevent Corrupt and Duplicate Data Entry
A human manually entering and compiling data is prone to errors like typographical mistakes or data omission. They may even process an entry multiple times.
A telecom billing software prevents you from making human errors due to billing and rating. It also helps you filter out duplicate users by comparing credentials like social security numbers.
Fairly Bill and Manage a Large Number of Users
For big telecom companies with tens of thousands of subscribers, using telecom billing software is essential. Telecom businesses need to accurately and fairly charge all of their customers. Their users should be able to automatically generate account statements or apply a discount. Billing systems make it all easy.
Stand Out From Competitors
Your company is at an advantage over your competitors that do not use telecom billing systems. This is because your company will be regarded as more trustworthy than your competitors. Because you charge customers in a transparent manner they become repeat long-time customers.
Timely Manage User Subscriptions
If you run a subscription model telecom business, you need a telecom billing solution. Some billing processes will have to be automated to avoid errors and to speed up processing.
For instance, imagine a customer who switches from a monthly payment to an annual payment method. You must immediately remove them from the monthly billed customers. Think also about upgrades, downgrades, and cancellations. Handling these sloppily is enough to destroy your brand.
Integrate With CRM and ERP Software
Telecom billing software integrates with Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP) tools to facilitate smooth customer experiences and expand self-service options. These self-service options include checking the account balance or topping it up.
Avoid Delayed Cash Flow
Telecom billing software helps you to reduce late payments from customers. If you have a human team working on generating invoices for clients, you are going to be dealing with a lot of late payments and even cancellations.
A telecom billing software sends out invoices and payment reminders at a regular interval. It allows customers to expect and plan for billing so that they are ready to pay immediately or soon after they receive an invoice.
Minimize Billing Errors And Customer Attrition
Too many errors and inconsistencies in billing lead to a depletion of brand trust. Also, customers will be annoyed at you and will cancel their subscriptions more often. Plus, your brand will suffer a barrage of bad online reviews.
Effectively Manage Invoice Exceptions And Customer Disputes
Telecom companies dealing with lots of customers will have many customer complaints. If you have telecom billing software that is transparent about how it collates data and bills customers, it will be easier to settle disputes.
Secure Customer Data
Telecom billing applications protect the data of customers. User data will not go through the hands of several human operators before it gets to the customer because processing happens between the billing software and the computer. So, a telecom billing app ensures billing data security.
Customize Billing according to the Tax and Business Requirements
Telecom billing software personalizes billing by generating invoices per user. The software considers discounts, the customer’s taxes, and the company’s compliance requirements.
Integrate Telecom Billing Software in Your Business Today
Telgoo5 has helped dozens of businesses integrate telecom billing software into their companies. Contact us today for a free consultation and free demo.