High productivity is the ultimate goal of any business, whether it is big or small. Every minute is crucial which is why spending your time judiciously is preferred by business owners and their employees. One thing that can affect your productivity to a great extent is invoicing or billing process.
In order to facilitate your business, you can use the Tridens Monetization billing platform instead. It will not only increase your productivity levels but will also automate the process. In short, you will have more than enough time to focus on other important business activities by using this billing platform. You will also not have to indulge in repetitive tasks.
What is subscription billing?
It is a billing process that is time-based. If explained in simple terms, one of the most common examples of subscription billing can be the monthly invoices that you generate for customers using your products or services. It is a recurring process that is predetermined as per certain fixed intervals.
A few examples that can give you an idea of using subscription billing is digital downloads, downloadable software, E-books, etc. Ours is an innovative convergent charging and monetization platform, which offers a cloud billing feature. Overall, it can help simplify your billing needs.
Advantages of subscription billing platforms
1. Market time acceleration
Since these subscription billing platforms are easy to use and in real-time, you will be able to reduce your time to market duration significantly.
Real-time capabilities of billing platforms allow instant updates and data synchronization across various systems and channels. This means that pricing changes, subscription modifications, and billing updates can be implemented immediately. Moreover, real-time functionality enables agile responses to market demands, reducing delays and ensuring a quicker time to market.
2. Customer loyalty
Another thing that our subscription and usage-based billing platform does is increase your customer loyalty levels. The software provides personalized offers, discounts, and promotional deals, which in turn benefits your customers.
A subscription and usage-based billing platform allows you to offer flexible pricing models and discounts based on individual usage or subscription plans. It can facilitate the implementation of promotional campaigns, which creates a sense of urgency and excitement among customers, motivating them to engage more actively with your products or services. Furthermore, promotional deals can also encourage customers to refer others to your business, further increasing loyalty and expanding your customer base.
3. Revenue maximization
The billing platform architecture includes pre-integrated payments and receivables. This helps maximize your revenue as well as get faster ROI and a lower TCO.
Integrating payments and receivables directly into the billing platform enables you to capture payments from patients and insurance providers efficiently, reducing delays and minimizing the risk of revenue leakage.
Instead of investing in and managing separate payment processing systems or third-party integrations, you can leverage the built-in functionality of the billing platform. This consolidation eliminates the costs associated with maintaining multiple systems and simplifies vendor management, resulting in a lower overall cost of ownership.
4. Reports and real-time analysis
Analyzing and reporting the data with the help of our billing platform also becomes much easier. You will be able to understand buying patterns, project cash flows, and identify profitable customers conveniently.
Many billing platforms have integration capabilities with other software, such as physical therapy management software. These allow for seamless data exchange and streamline the billing process.
For instance, such capabilities enable the automatic transfer of patient data, treatment information, and billing codes from the therapy management software to the billing platform, eliminating manual data entry and reducing errors.
Moreover, the integrated system can generate and submit insurance claims directly from the billing platform, using the relevant patient and treatment data. This speeds up the claims process and improves accuracy, leading to faster reimbursement.
What is usage-based billing?
Tridens Monetization also allows you to utilize a usage-based billing feature as well. When you invoice customers according to their usage level of your service or product, that is known as usage-based billing. It can be ideal for industries like communications, media, education, and the internet of things.
The tracking system in place, allows you to monitor the usage of your customers to a precise degree. It then helps you complete the billing process while following different models like B2B, B2C, and B2B2C. With usage-based billing, it is much more convenient for certain companies and customers when they do not have to pay a fixed price like in the case of subscription billing.
Billing platform API
The API of our usage-based billing platform is integrated with four major application categories. These applications will allow customers to communicate their needs with any other program conveniently. Tridens Monetization also supports REST API. Due to this, the billing platform can be easily integrated with a third-party application.
1. Taxation gateways
Our billing platform comes with predefined integrations for taxation gateways. It supports applications like SureTax, Vertex, and Avalara.
2. Payment gateways
The list of payment gateways that are supported by the subscription and usage-based billing platform includes Wirecard, Authorize.net, Stripe, PayPal, Braintree, and CyberSource.
3. ERP applications
Automating certain recurring tasks is important in order to increase your productivity. Our billing platform supports ERP applications like Netsuite and SAP. So, now you or your employees will be able to focus more on other important tasks that generate sales.
4. CRM applications
Popular CRM applications like SalesForce and Microsoft Dynamics also come in handy when talking about higher productivity. Since our billing platform supports these CRM applications, you will be able to follow common business processes with ease.
As discussed, using a billing platform can facilitate your business in many ways. Whether it is due to the pre-integrated applications that make your job easy or the number of advantages, it is all worth it in the end. You can now increase the productivity levels of your employees as well as the overall business, by considering Tridens Monetization as your potential billing platform.