There are multiple recurring tasks in the day-to-day operations of a business. One such responsibility or job is related to the billing process. For this, the utilization of a billing platform is something that most companies considered these days. It is an easy way to automate your tasks and make it less complex for your team.
Moreover, software like Tridens Monetization allows you to adapt to all the latest market trends and execute billing solutions quickly. It also keeps you from manually having to feed the data into the billing platform and hence increasing your workload.
If explained in simple words, a billing platform is a software that allows you to indulge in all the tasks related to the process of invoicing your clients. If you are looking to understand the essential components of a typical subscription billing architecture, then check out the list given below.
A Billing Platform Architecture
The first component of a billing platform architecture like in the Tridens Monetization is the pricing segment. Businesses can use this component to price their products and services. The pricing model can be created based on packages as well as tiers, depending on your business model.
2. Billing & invoicing engine
To keep track of your invoices, a billing engine can be of great help. That is why it is included in the architecture of a billing platform like the Tridens Monetization. An invoicing engine assigns different numbers to the production bills, so that, the payment made against them can be tracked easily.
3. Rating engine
If your business has chosen a metered billing model, then the rating engine helps translate the customer data into invoice items. It usually depends on the package or pricing plan that your customer has chosen. It is a form of a more advanced pricing model.
4. Discount process
Adding deals or offers on a billing platform is also crucial to create accurate invoices. The discount process included in the Tridens Monetization platform architecture helps you do just that. Whatever kind of deals and discounts you may be offering to your clients, it can be entered into the system for a specific period so that you do not have to do it for every invoice manually.
5. Credit control
This particular component helps you assigned different credit classes to all your customers. It helps you control revenue and usage by doing so, as seen in the Tridens Monetization software. It even supports payment collection and keeps track of different invoices.
6. Report generation
Apart from billing your client successfully, a platform also needs to collect and store data for further use. One need for such information regards report generation for providing performance updates. Whether it is quality reports, management reports, or regulatory reports, it can all be done with the help of this particular component included in the building platform architecture of Tridens Monetization.
7. Payment processing
Lastly, processing the payment that you receive from your client into the appropriate account is also essential for an efficient billing platform. This is known as payment processing in simple terms.
Billing platform API
The communication track between you and your client is a critical element. Therefore, a billing platform API plays an important role in the architecture of the software. It is a protocol designed to simplify the software building on your client-side.
It makes the communication string easy between a client and your server. If discussed specifically, about Tridens Monetization, it supports REST API for a seamless integration process with any third-party application, that your client might be using.
Enterprise billing system
A cloud-based enterprise billing system like the Tridens Monetization can allow you to shift to a newer business model. It makes the setting process easy and less complicated for almost all industry verticals. Since these enterprise billing systems support automated features like billing, collection, and various other back-office tasks, it eliminates the requirement of manual procedures. Therefore, choosing a flexible subscription billing for your business is essential if you want to improve the workflow and simplify the operations.
A billing platform architecture might look complicated at first, but it is not. By going through the given list of components, you will be able to realize how much of your work time, and load can be reduced by incorporating an enterprise billing system in your business. So what are you waiting for!