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SURE! Blog

Will Billing Engines enhance MSPs Operations?

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16

Aug, 2016

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We discussed in our previous blog about the Technology tools and in specific to “Service ticket management” How it helps you to better connect with your customers and gain outstanding results in the long run.

  1. Service Ticket Management
  2. Billing Engines
  3. RMM
  4. CPQ
  5. Partner Management

This blog talks about “Billing and Collection process automation”. With which MSP’s have End to end payment and collection mechanism with proper follow-up track.

Billing engines

Another great benefit you will find in the world of tech for MSPs comes in the form of billing engines. These are designed in order to offer the best value and great results not to mention that it can help bring in front a truly outstanding outcome at all times. The billing and dunning features you can find here are a very helpful tool for MSPs. With their help any MSP can easily focus on renewals, refunds, credit and debit notes or invoicing. All of these are very important for any company and MSPs can harness their features as well. The following are the features that a billing engine should support and each of them has their own importance for MSP’s.

Pricing management

Pricing is a very significant tool for marketing and business success. The system has pricing functionality that enables tiered pricing, add-on pricing, dynamic price definitions and etc., based on multiple criteria.

Service providers use different billing models such as advance paid, postpaid etc., to cater to specific business objectives as well as to address preferences of different customer groups. The system should support the following models:

  • Pre-paid, advance and post-paid models
  • Flat-rate and usage-based Billing
  • Rating and Metering

Multi-currency

Managed Service Providers in the process of scaling their operations they sell their offerings in multiple countries. When an offering is sold in multiple countries, they may have country wise price, denominated in the local currency of a particular country. To meet these local billing and collection requirements, the MNCs can leverage on the multi-currency functionality in the system. Thus, service providers operating in multiple geographies can price their offerings in the local currency. Usually customers wish to pay in the local currency, which is enabled in the solution.

Discounts

Service providers can offer discounts in order to increase sales. The system should support:

  • Time-based discounts
  • Flat amount based discounts (Rebates)
  • Charge level discounts
  • Plan level and ad-hoc discounts
  • Hardware discounts 

Invoicing and Bill Presentment

Bill is a significant tool to influence customers and build brand image. It should clearly and accurately provide the statement of the cost of services availed.  Bills generated from the system can be at a summary level or at an itemized level.

The system can provide a single bill for multiple services, which ensures that customers as well as service providers get a 360-degree view of their service subscriptions.

Payment Processing/ Receivables

Payment processing is an important phase of customer acquisition and involves tracking of the collections made by the customers through the channel partners. Timely collection of payments will bring in the desired cash flow into the service provider organization and is a very critical function with respect to the stability of the organization

Magnaquest’s system has end to end Payment and collection features to support payments via different modes of payments as well as collection mechanisms to make sure that proper follow-up is performed so as to track the unpaid amounts.The solution even has a mobile app (Field Assistant) available for the field agents to access the information online and be available in customer premise to resolve the issues live.

By : Vishal Pokala

Vishal Pokala is The Marketing Research & Strategic Manager of SURE! (a Magnaquest product). SURE! is an internationally acclaimed player in comprehensive end-to-end Subscription Business Solutions for PayTV, Broadband and Cloud Computing businesses – through deployment of Metered Billing, CRM, Service Fulfillment, Value-Added Services, and Managed Services.

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