Top considerations when selecting the right billing engine

There are five very specific things to consider when selecting a billing engine.

Cost: No one likes surprises, so make sure the pricing model for solution deployment is very clear. Ask whether you have a fixed cost that includes extra integrations and changes, or will adjustments mean additional fees? How does your billing partner incorporate regulatory change? What happens if you move into a different area of the market like IoT? This can really affect your profitability and options to scale, so it should be your number one priority to pin down how your future growth and business direction influences your overheads.

Effortless integration: You need a partner with proven, stable and secure APIs and a strategy that meets market demand. A good example is a partner who can handle multiple payment methods like direct debit, Paypal or credit card as standard, or one who will integrate with your web sales platform or credit check agency or dunning partner. They will also have a proven and pragmatic approach to providing an integrated provisioning platform and ensuring compliance with GDPR. Clarity on this will help you build a differentiated service model your customers want and trust.

Flexible and creative: A great partner won’t be phased by the challenge of innovation, integrating with new systems, or trying to automate process so you can lower your cost and risk, and grow market share. Look for one who has demonstrated experience in delivering varied business models. It’s a sign they understand a complex market, and can be responsive to your needs.

Scalability: Ask yourself if the technology on offer will scale with you, or would you incur development costs if you smashed your target of 250,000 subscribers? Will the technology, the support, service level agreements, KPIs and business as usual processes they provide still be relevant when you are twice the size you are today? It’s crucial to understand how your billing partner will support you as you grow.

Electric chemistry: A sense of trust, shared values, industry accreditations, easy access to experience and a sense that your success is your partner’s success, make the difference between a good billing engine provider and a great one. You’ll be able to collaborate with the right partner, who will understand and support your goals, and help deliver your ideas and aspirations for your business. Get the chemistry right and the resulting synergies will help deliver your business plan.

Please visit www.lifecycle-software.com to find out more about the services we offer and how our technical expertise could enable your innovative business idea.

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