Choosing the right billing platform is something that should be a priority because not doing so can cause major hiccups down the road. Resellers and IoT developers should consider their billing platform options and choose one that is not only able execute their billing needs but also able act as a partner in navigating billing as well as ensuring compliance with regulatory taxes and fees.
At a high-level your billing partner should be able to assess your business and work with you to put a system in place that invoices customers, collects receivables, and disburses funds to connectivity providers. Beyond that, here are the factors you should look for in a billing partner:
- Timely and cost effective. Billing partners should offer quick and easy setup on their billing platform. This will ensure lower production costs and aid is getting your product to market quickly. As a result you will begin earning revenue sooner.
- Registration setup. Getting properly setup with federal and state licensing requirements is time consuming and can be tricky to understand. A good IoT billing partner will handle this on your behalf and advise as needed.
- White label options. When billing your end user, it’s important to choose a billing platform that not only handles end-customer billing but also allows you to use your own branding and logo when corresponding with end-users.
- Compliance setup and maintenance. Registering with state, federal and local taxing authorities is a significant time commitment and is complicated to say the least. A good billing platform should handle all compliance and tax payments on your behalf. This frees your business from future tax liabilities that can reduce the value of your company.
- Proper planning. Businesses evolve and are often acquired or sold. A billing partner should be work with you during significant business changes to provide tax records and conduct due diligence audits.
A billing platform is more than just a way to reconcile billing from IoT connectivity providers and billing data for the end-customer. A good billing platform should come with a partnership with a team of people who understand the ins and outs of the monetary side of your business. Your expertise is on IoT. Partnering with a good billing platform frees you up to do what you do best- developing and selling your IoT products.
