Metered Billing is a digital pricing model or platform which is used to charge for services based on usage. For instance, a service provider may charge a customer for his service based on the amount of time the service was used, the CPU cycles, or the volume of data consumed. Basically, a Metered Billing System is based on the type of service on offer. If a customer uses a service that runs on a metered billing API, he or she will only pay for what they consume and nothing more.
How does Metered Billing work?
This method of billing has become popular in recent times as the right consumer agencies ramp up the pressure on service providers to democratize their billing method so as to ensure that consumers only pay for what they consume. For billing software to work, the service on offer must be delivered through a digital cloud. Once a customer/subscriber launches and starts using the service, the billing software will begin to track the level of usage while the value of the consumption is being calculated simultaneously. As a business owner, when you compare metered billing to other pricing models like a multi-year license or even the more traditional pay-as-you-go, model, you will realize that the first option offers your business more flexibility in terms of resource consumption and pricing. It also serves the interest of your consumers, too, who may wish to avoid incurring unnecessary costs for the service.
Why Metered Billing is the way forward for modern business
One of the greatest attractions of this billing method is the opportunity it offers businesses to adjust to changing consumer behavior without radically altering the nature of their service. For example, an online retailer planning a major sale launch can quickly spin up emergency virtual e-commerce servers for increasing traffic without paying for a maximum capacity server. Saas billing software is more or less a natural extension of subscriber-based services and digital application billing. Using a metered billing application like Tridens Monetization offers modern businesses efficiency and elasticity as they increase their service workload and subscriber base.
How Tridens can help your Business
Tridens Saas billing software is a huge draw for entrepreneurs looking to maximize their digital economies of scale. Here are some of the ways Tridens can boost your business potential.
- Manage your revenue
Tridens Monetization platform usesreal-time and innovative technology to manage your revenue via automation. You can operate a full-scale revenue management structure without any hitches whatsoever. With Tridens, you will also be able to generate and analyze business data with the help of their metered billing application.
- Customer Management
Managing your customers should rank high on your list of business essentials. If you realize at some point that you may be spending a significant part of your budget on customer management, you can successfully reduce cost by turning to Tridens Monetization for help. The system will help you not only to understand customer behavior but how to bill each customer without losing their loyalty or disrupting your service. Tridens Charge & Drive or Tridens Pay & Drive service can help you in this regard.
- Flexible System integration
Not every metered application system will work for your business because these applications are developed for particular businesses or industries. However, whether your business is a B2C, B2B, or B2B2C, it doesn’t matter as Tridens billing API supports these types of business models. Should you decide as a business owner to switch from one model to another at any point, you don’t have to change your billing software too. This is a great way to save future costs if you ask me.
- Real-time Value
For your usage-based billing strategy to work, the platform you deploy needs to collate the data of all your customers in real-time once they begin to use the service. Collating data is not all there is to it. The platform also needs to transmit the collated data to a dashboard where each customer’s level of usage can be viewed. All of this is made possible with Tridens multi-dimensional usage-based billing platform.
Managing customer relationships while securing your investment requires investing in a reliable metered billing software that is flexible and reliable. Tridens offers the best of both worlds to your business and your customers also.