5 Essential Features of a Telecom Billing System
The telecom industry has a market size of 1,707.96 billion and is expected to reach 2,467.01 billion by 2028. With the development of 5G technology, the demand for telecom billing software companies only increases. A larger customer base for MNVO providers means that greater resources are needed to track data and send invoices. This means billing for MVNO is more important than ever. By incorporating a reliable telecom billing system, telecom companies will have higher accuracy in their itemized bills. Knowing the available features will allow you to choose the right online charging system for your business.
Customer Relationship Management
Every telecom company needs a customer relationship management functionality because it helps personalize communication with your customers. As a result, it’ll boost engagement and convert more sales. A good billing system will manage the contact life cycle of every customer, handle customer-initiated contact, and oversee outbound contact. The CRM function can also perform many automated tasks, such as sending auto-reminders to subscribers to avoid late payments.
Identical Record Checking
Duplicate invoices can be quite a common occurrence for many telecom companies. A high-quality telecommunications billing software will help spot and prevent duplicates, so the company won’t ruin its reputation or lose customers. Double billing can even lead to eventual fraud investigation, which can hurt your business. The billing system can eradicate duplication by setting distinct identification with customer records such as date of birth, social security numbers, and invoice numbers.
Business Model Support
Not all telecom companies work the same way. Many have different business models such as usage-based, hybrid, pre-paid, and post-paid models. Telecom billing systems must be able to manage different services and different rate plans. In addition, it should offer event-based and session-based charging. Furthermore, the billing system can converge the different services and compile them into one bill for convenience.
Integration with Multiple Payment Gateways
Customers pay through their smartphones and use various online banks to pay for their bills. All of the best telecom billing systems have multiple payment options for subscribers to pay with. This makes cross-border payments easy and allows for greater convenience. Having integration with multiple payment gateways reduces the time and friction for customers to pay their bills, which can, in turn, lead to increased revenue. A billing system should have the most popular gateways integrated, such as Paypal, Western Union, Moneygram, etc.
Automatic Tax Calculations
Depending on the region of the telecom business, the tax structure will be different. This means a telecom billing system software must be able to automate tax calculations for their customers.
E-Bill Generation
Gone are the days of customers waiting for physical mail to check their bills. Paper bills have become instant throw-aways for most people. Billing in telecom should have an e-bill generation where the invoice can be viewed online using their smartphone or computer. This gives subscribers the ability to check their bills anytime.
At Telgoo5, we offer the essential features you need, so you can send out error-free invoices and place your focus on other core areas of your business.