Telcos utilizing traditional billing systems are at a clear disadvantage. Charging and billing prepaid, postpaid and broadband services distinctly under different platforms is not ideal for a telecom business, especially in the current scenario. As competition skyrockets and profits via staple services like calls, SMS and internet data diminish, the ARPU is decreasing fast. To counter this loss of profit, it is essential to come up with services that evoke customer trust and interest. This is where convergent real time billing system comes into the picture.
What Is a True Convergent Real Time Billing System?
A convergent charging and billing system is the one that allows for the printing of various service charges on a single invoice. A quality real-time charging billing system employs a centralized charging system like Online Charging System (OCS) and comes with a true real-time interface between PCRF and OCS. As all services are charged via a single platform, the charges are generated for all usage at a single point, which makes billing and charging convergent.
The Secrets to Ensure Business Success with a Convergent Charging System
A convergent charging system elicits customer trust by showing them bifurcated service charges in the form of a descriptive invoice. Also, it enables your customer support team to provide better support as they have access to all customer-usage information in an orderly form. Apart from these two primary factors, there are other secrets of a convergent real time billing system that can ensure business success:
Monetizing complex up and coming telecom technologiesThe telecom industry is in a state of flux as new technologies are launched every other day. Major tech like IoT and 5G are projected to generate high revenue in the future, which is why; you require a convergent charging system that can monetize these services effectively.
Innovative bundles for enticing customersProviding cross-product discounts and clubbing together complementary services is a sure shot way to evoke customer interest. A flexible convergent billing system has the potential to improve your marketing strategy and help you bring in rock-solid offerings that will definitely help you improve your revenue streams.
Security of customer informationA convergent OCS platform has an Account Balance and Management Function (ABMF) that stores all customer information. This information is vital as it includes customer ID, email address, home address, phone number etc. As a telecom operator, you cannot simply afford this information to land in the hands of the hackers as they will use it unethically. Therefore, it is essential that a convergent real time billing system should come with robust encryption that is updated from time to time.
Power of APIsApplication Programmable Interface (API) provided by a telecom billing services provider can help you enter lucrative partnerships with vendors. It is possible to employ the services of a payment gateway or shipping vendor conveniently when you have a billing partner that offers APIs for unique business use cases.
ScalabilitySuccess in a telecom venture can come at any time, which is why; you need to be ready with a scalable billing and charging platform. By accommodating for unforeseen requirements, you give yourself a good chance to scale your business at any time.
In the current state of the telecom industry, a convergent charging and billing system provides a great way to exploit emerging opportunities. However, before investing in a telecom billing system you should know about the features that can improve the quality of your billing. Look for APIs, scalability and the most important of all real-time and true convergence for ensuring constant revenue and perpetual growth of your business.