Over the years, telecom operators across the globe have created different billing systems and approaches to help consumers and advance the telecommunications business. The growing number of users, along with the introduction of multi-play services, has resulted in intense competition in the telecom business. To keep ahead of the competition, telecom operators must use creative revenue management systems that enable correct billing, rating, routing, and roaming activities. One such system is convergent billing in telecom that is helping Communication Service Providers (CSPs).
What is a convergent billing solution?
The combination of all service costs onto a single customer bill and a single overview of the customer is known as convergent billing. When the consumer receives a single bill, making a single payment for all services becomes convenient. A convergent billing software may converge and integrate any number of telecom services into a single bill, regardless of their category or market niche, i.e., prepaid and postpaid offerings. It enables service providers to charge and bill consumers collectively for a number of devices, users, or services.
Major features of the convergent billing platform: -
Convergent billing is growing in popularity and therefore, development companies are building custom and advanced features. Some of the commonly available features in this software are listed below:
Customer management
Partner management
Vendor management
Convergent charging
Prepaid, postpaid, and hybrid billing
Policy control
Real time billing and charging
Reports
And more
Major advantages of convergent billing software: -
The convergent billing system is gaining popularity because of its speed to deploy billing systems seamlessly. There are several advantages to using this software. To give you more insight into this topic, here are the major benefits.
Integrate additional services without hassles: -
The most significant advantage of switching to a telecom convergent billing platform is the ease with which new services may be integrated. Convergent billing works far better than legacy systems or offline invoicing whether it is OTT (Over the Top), IoT (Internet of Things), or even 5G.
Fewer errors in billing: -
Most telecommunications companies manage a significant number of accounts. It frequently results in data difficulty and multiple inaccuracies. The introduction of convergent billing in telecom has minimized the likelihood of errors.
Improves customer satisfaction: -
A convergent billing system has the additional benefit of boosting customer satisfaction. Customers receive one statement for all services rather than separate invoices for each one, which makes it simpler for them to understand the amount they have spent. Customers would understand what they are paying for more effectively, possibly lowering the number of billing disputes.
Reduces cost: -
A telecom convergent billing platform can assist CSPs to minimize costs. The capacity of this technology to decrease the requirement for human involvement and the number of erroneous results in lower administrative costs is commendable. Furthermore, it reduces the need for multiple billing systems, lowering the expense of software and hardware.
Higher revenue: -
Communication service providers can also increase their revenue by deploying a convergent billing solution. This method makes it easier to promote additional services to clients since telcos have an extensive understanding of their customer consumption.
Concluding notes: -
The telecom business is rapidly developing, and telcos requirements are rapidly expanding. Billing is one of the integral parts of any VoIP business. Conventional VoIP billing solutions have been in use by VoIP service providers, telcos, and CSPs. However, the advantages of convergent billing have made this platform more popular. The convergent billing in telecom has emerged as the ideal alternative for meeting the newly developed needs in the present scenario. A convergent billing platform is the first step for all telcos aiming to deliver world class services to scale new heights.
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