Convergent charging is a concept that all businesses in the telecoms industry need to familiarize themselves with. In the simplest of explanations, this type of charging method allows providers to consolidate all of their rendered services into one solo platform.
It is not a new technological innovation by any stretch of the imagination but given the sheer magnitude of the market and how much mobile technology has progressed in such a short time, convergent charging is a revenue solution that communication networks need to highly consider implementing.
Settling with charging solutions that are technologically limited and outdated can lead to quite a few different complications. Thankfully, all of the below headaches can be remedied with the utilization of a convergent billing system.
Lack of Seamless Integration
Without a convergent charging solution in place, handling all of the different types of payment plans and service options can become troublesome as multiple different billing solutions need to be dealt with. While certainly possible, it makes for a rather inefficient charging structure and can lead to errors down the road.
Convergent billing solves this as it enables seamless movement between the various amounts of service options that are provided (postpaid, prepaid, etc.). Since all purchases will, therefore, be issued via a single invoice, it helps both the business and the consumer.
The Difficulty of Incorporating New Services
In the telecommunications industry, virtually nothing remains static. Everyone is affected by the swift progression of mobile speeds, the IoT, and software and that means that the expectations of consumers are always increasing. While it is certainly not impossible to launch new and improved services without a convergent billing system, it is much more of a hassle.
Especially when such a system is implemented through an online charging system, it will possess superb flexibility which will allow for easier integration of new technologies. Thus, platforms will be able to offer services and packages that can compete with some of the larger brands.
Not Being Able to Account for the Newest Technologies
With the advancement of artificial intelligence (AI) and other technologies that are making the business world a more efficient place, the need for connection is growing. On the surface, this may not seem to have a direct impact on the billing scene but as noted, the world is becoming a more interconnected place (which goes back to the rise of the IoT).
Convergent billing can perform specific tasks that when paired with AI programs, can lead to improved data analytics. Preparing a billing system for the future is an incredibly wise investment.
This was touched on earlier but deserves a closer look. With the vast array of platforms that are currently flooded on the market, a user has many different outlets at their disposal. If what they are offered from one network does not satisfy their needs, they can easily cross over to a different one.
The dynamic nature of convergent billing solutions comes to the forefront once again as competitive pricing, discounts and package options can easily be forged.
Due to the modern billing demand, utilizing convergent charging is one of the smartest moves that any business can make. And, if you are looking for a world-class platform, look no further than Telgoo5.
Our next-generation, convergent billing real-time charging engine is powering some of the best brands in the world today. Our ears are always open and we would love to hear from you and your business today.