5 Things Your IoT Billing Platform Should Have
Choosing the right IoT billing platform from the start can make a world of difference in both the ease of your internal operations as well as long-term customer satisfaction. Not choosing the one that’s right for your IoT business can not only create headaches for you and your customers but can also slow your company’s growth.
In The Current State of Communications and IoT Rev.io found that 73% of IoT companies said they’re seeing at least a 20% annual growth rate. Companies who see this kind of growth tend to have efficient billing processes in place that maximize productivity and revenue. Companies who suffer from revenue leakage, billing errors, or high employee overhead tend of lag behind in growth because they must focus a large amount of time to managing billing.
Choosing an IoT billing platform is typically not a quick decision or one that should be taken lightly. It’s a decision that involves research, multiple internal stakeholders, and many conversations with prospective billing platform representatives. There are a lot of factors to consider during this process that should be both researched online and discussed with the representatives of the various billing platforms you’re considering. Here’s where you should start.
1. Onboarding and Ongoing Support. Understanding how long the onboarding process will last and what will be involved can give you a good idea of how invested an IoT billing platform is in your success. Questions to ask may include:
- Will we have a dedicated point of contact?
- What is involved in the onboarding process?
- Is there a set schedule or timeline?
After you’re fully onboarded, what happens if you need help or if something goes wrong? Make sure there will be staff dedicated to your ongoing success.
2. Quote-to-cash features. Quote-to-Cash features enable service providers to quote and sell their services knowing they have the ability to rate, bill, and collect all in one place.
Rev.io recommends looking for a customizable IoT and communications billing platform with built-in inventory management, integrated tax calculation, and workflow automation capabilities. The leading software SaaS platforms allow users to consolidate multiple systems and provide a clear picture into revenue and customers.
4. API Integrations. Every business relies on multiple applications to help them run their business and serve their customers. A billing platform that integrates and communicates with other cloud-based software eliminates the need to enter information multiple times into multiple platforms, reducing errors and saving valuable time.
5. Compliance. Taxation and compliance are perhaps the most confusing aspects of managing an IoT business. Find out if the IoT billing platform you’re considering offers tax database integration and if they have a partnership with regulatory compliance firms. Consider your billing platform options and choose one that is not only able execute your billing needs but also able act as a partner in navigating billing and taxation and compliance.
At the end of the day, a good billing platform should come with a partnership between your company and a team of people who understand the ins and outs of the monetary side of your business. Your expertise is in IoT. Partnering with a good billing platform frees you up to do what you do best- developing and selling your IoT products.