Let’s face it, selecting the right monetization and billing platform can be a daunting task. With the global subscription & billing management market set to rapidly grow at a compound annual growth rate (CAGR) or 14.40% and reach $10.0 billion 2026, there’s no surprise as to why there are a plethora of solutions in the market available.
However, it’s important to be wary that not all platforms help facilitate the end-to-end business of launching dynamic products, rapidly monetizing them, automating workflows, expanding to new markets, managing customer retention, maximizing revenue growth and scaling with ease. Without this capability, you can easily end up investing in multiple different SaaS solutions to help fill the gaps.
This is where OneBill comes in with its unified, fully configurable and agile billing and monetization platform.
Let’s explore what makes OneBill different from other monetization platforms in the market.
1. Configuring dynamic and unique products
While we very much live in a subscription economy world, more and more businesses are turning to other more dynamic product and pricing models to offer a point of difference and stay ahead of the competition.
However, billing and monetization platforms have not kept up to speed with this movement, with many of them not being able to support the configuration and bundling of varying product charge types.
Through leveraging the OneBill platform, businesses can easily setup, configure and monetize any type of product with a one-time, recurring, usage-based, rule-based, or even hybrid pricing charge type. Furthermore, these varying charge types can also be conveniently bundled to offer unique solutions and add-ons for customers.
2. Keeping on top of varying product usage
Many businesses have recently shifted to a consumption-based product strategy. This means charges can be made to the end customer based on varying units such as kilobytes, MB, GB, calls, minutes, licenses, features, software usage, data, messages sent, bandwidth, or any form of storage.
As a businesses customer base and their resulting usage expands, it can be cumbersome and difficult to track usage and accurately invoice for the appropriate charges. Furthermore, it is imperative that usage can be captured to the detail of multiple decimal points, otherwise the rounding can have a compounding impact on long term revenue gains.
To date, many monetization platforms lack an internal usage-rating engine which can cope with computing and translating large amounts of usage-data. In fact, OneBill is one of the few solutions on the market that has the ability to process more than 3 million usage transactions per day.
Now getting into the details, through leveraging a platform like OneBill, businesses can map their CDR files to usage charges and correctly manage bulk usage transaction records. Furthermore, it has the API integrations between the source system and the billing platform or offers a file-based approach that can be connected to the FTP location for processing CDR rating. This ensures that no usage goes unnoticed.
3. Automating monetization and activation workflows
Customers are increasingly demanding instant product delivery. Furthermore, they also want the autonomy to change their products ‘on the fly’, and easily upgrade, add-on, or downgrade their products.
Consequently, the monetization and billing side of the business can not afford to skip a beat, as products should be fulfilled and delivered promptly after checkout or repurchase.
When observing the various monetization and billing solutions in the market, most of them can automate accounts receivables workflows, however only a few like OneBill offer the ability to create workflows that call on downstream integrated systems to automate the orchestration, fulfillment and provisioning of an order. Hence it takes adopting a system like OneBill to ensure the Finance and Product functions of the business are talking to each other and delivering a seamless experience for the end customer.
4. Leveraging partners to expand rapidly to new markets
When businesses first strategically assess their move to a new market, it is vital to analyze what products, services, core capabilities, and processes in the central operations can be leveraged in another market.
Hence, it’s crucial to have the systems in place that can easily empower partner entities in another geographic region to lean on this existing IP, assets and know-how. Sadly, not all monetization platforms in the market have the functionality to easily extend this capability.
Through adopting a platform like OneBill, businesses don’t necessarily need to reinvent the wheel upon market entry. They can simply set up their partner entities on a channel partner portal, reveal a localized version of their existing product and services catalog, empower that entity to bill-on-behalf-of the head operations, and manage any party settlements or commissions in real time.
As we step into a new era of more dynamic products, blurred geographical boundaries, and shifting customer usage behavior, it is imperative that businesses adopt a superior monetization platform like OneBill to ensure that revenue growth can be fully maximized. To learn more about OneBill and its core features, take a tour of the platform today.