Major Challenges of Telecom Billing Companies and Their Solution.

According to Statista, the market for telecommunications services, including fixed and mobile services, was worth USD 1.4 trillion in 2017 and is expected to grow to almost USD 1.46 trillion in 2020. The largest markets for telecommunications services are Europe, Asia-Pacific, and North America.

The figures above must have given you an idea of the growth of the telecom industry. The bigger the industry, the more customers/clients it has, so you can estimate that it serves millions of customers worldwide. But can they send invoices to all their customers/subscribers the way they should? This question was almost unanswered, and an advanced and modern telecom billing software system is the answer.

But before we talk about advanced telecom billing software solutions and what to consider when choosing them, let's discuss the main challenges in managing telecom invoicing using solutions.

Major challenges in managing telecom billing with solutions

1. Managing many customers and payments

Today, the whole world is easily connected using advanced telecom tools, whether wired or wireless. In addition, the countless customers in this industry are clear and the best example of the industry's flourishing.

It is becoming almost impossible to manage all customer data. The fear of their data being stolen is always lurking. Moreover, it is not easy to manage payment details, billing, and enticing offers and discounts to customers according to their details and transactions.

Solution: countless software companies are well known for developing advanced billing software tools capable of handling data from such a large number of customers. And these solutions constantly remind them of the payments they owe. In addition, some software systems have high-tech features that provide your customers with attractive offers, discounts, and the like about their transactional data.

2. Timely management of subscriptions

Telecoms companies have subscribers who pay for their services, which they receive every month. This happens at the end of the month when the company's accountants have to prepare their bills taking into account the latest accounting records. Let us take an example of cable services from reputed companies like Airtel, Vodafone, etc. Such companies have their way of dealing with this problem.

Solution: the solution to this problem is to use telecom billing systems to prepare invoices and generate invoices at lightning speed. This way, you can reach out to your countless customers with the invoices ready and ask them to pay without delay.

3. Delayed payments lead to delayed cash flow.

Spending too much time preparing invoices and sending invoices to your customers/clients late is the main cause of late payments. This is because your customers also need a certain amount of time to collect money for the payment. When they suddenly receive invoices, they are usually unable to pay, which leads to an unsteady cash flow.

Solution: nobody likes surprises, especially when it comes to taking money out of your pocket. It's wise to rely on advanced software systems or modern telecom billing solutions that generate invoices and send them to your customers before payment. This gives your customers more time and makes it easier to pay. In this way, you nurture the relationship between your company and its customers and strengthen your business with a positive cash flow.

4. Billing inconsistencies and high customer loss.

If you do not send invoices to your customers at a specific and fixed time, they will look negatively at your company and consider your invoice management system unprofessional. This not only affects your cash flow but also creates problems for your customers by giving them the wrong idea of when to pay, making them angry, and forcing them to look elsewhere.

Solution: using advanced online telecom billing software, generating an invoice and sending it to your customers on a specific date will only take a few minutes and will look more professional, thus giving your customers a positive impression of your business. In addition, they prepare the payment very well and pay you on time.

5. Customer invoice exclusions and disputes

As the saying goes, "nothing is perfect," which applies to the invoices you send to your customers. Many times your customers receive invoices that request payment for more than just the use of your services. In such cases, you are going to ruin your relationship with your customers. Moreover, each customer uses your services by choosing a different package with a different price. It is not easy to prepare invoices in a short period, given these two factors.

Solution. It also takes into account the package the customer has received. It then generates invoices according to the usage of your services and package. Having such a software system for telecom service billing is nothing short of a blessing in such a complex and critical situation.

6. Integration with existing CRM and ERP tools for better process efficiency

It would be best if you had to be aware of modern CRM (Customer Relationship Management) and ERP (Enterprise Resource Planning) technologies and how important a role they play in helping you run your business efficiently and comfortably.

The telecom billing software you use should be integrated with these two software systems to enhance their functions and handle your business tasks seamlessly. Are you worried? Find the solution below.

Solution: Some telecom billing software can easily integrate with your CRM and ERP to enhance their functions. It is better to choose such advanced software as the market is filled with such software tools.

7. Customization as per specific business and tax requirements

Different packages come with different offers, discounts, and taxes, and it is worth expecting your invoicing software system to be aware of this fact and work accordingly.

Solution: Serving each customer differently and perfectly can be done with the help of a software system powered by advanced technology as it keeps track of the package, tax, discount, and offer and prepares the invoice after considering all these. So, don't wait and choose the one that will take your business to the next level.

8. Customer data security

When the invoices reach your customers, most of them use electronic means to pay the bills. As everything is becoming more advanced, so is the case with hackers. They are always looking for your customers' banking details to exploit them.

It is an ethical and professional obligation to protect your customers' banking data using advanced technological equipment or software. If you can't do this, you can't even dream of protecting your customers from being charged.

Solution: highly secure telecom billing software systems feature advanced technology to keep your customers' data safe, thus earning their trust. So, fulfill your professional and ethical duty by getting one for your telecom business.

What should you look for when choosing a telecom billing software system?

Having told you about the major challenges of managing telecom billing with solutions, we feel it is our duty to tell you what you should look for when choosing a telecom billing software system to not regret your purchase in the future.

Things to remember before buying a telecom custom billing software solution:

1. What does it give you besides generating invoices (features)?

The purpose of custom billing software is to produce invoices, but it becomes more valuable and special to us when it has some advanced and useful features. These features help us run our business much better. Some of these features are:

Project management: if you know what is happening in each phase of a project, you can manage it perfectly. It is also easier for you to know when to make changes and adjustments. It doesn't matter how far you have got physically. This feature keeps you virtually in the office.

Managing multiculturalism and multilingualism: online systems have removed world boundaries and made it possible for anyone to travel anywhere in the world via digital means.

So you have customers from all over the world, and they pay you in their currency, and a software system that can convert their currency to your own is very useful for both of you. Plus, if this software fills the communication gap by removing the language barrier, it will give you more than you bargained for.

Staff management: when you know what each employee is doing at any given time and how quickly they complete their tasks, you'll have a clear idea of how much to give them and which of your staff are perfect for a particular task.

2. Can your software be modernized to match the growth of your business?

Sometimes you reach your business goals at lightning speed, and your tools fail you by delivering services at their own pace, causing your business to stall. Your telecom billing software needs to adapt to your business growth so you can grow more easily.

3. What are the pricing options for telecom billing software?

There are generally two pricing models for telecom billing software on the market. There is a one-time license and a subscription-based license.

You have to pay a one-off fee upfront in a one-off model to buy the licenses and own the software forever. In the subscription-based model, you must purchase a license for a fixed period at a fixed price.

Subscription-based pricing is ideal for cloud-based offerings, while on-premises solutions are offered for the one-time license model. You will need to purchase software updates and upgrades when you choose an on-premises solution.

How did Invoicera help an international telecoms customer tailor its billing software?

One of our customers in the US state of Texas recently asked us to customize their telecom billing software completely. Below are some of the areas of work:

"The project involves implementing Invoicera offline, incorporating the existing features of the application into custom workflows/functions designed to convert the raw data from the billing CDRS and transform it into a readable detailed invoice for each customer."

Invoicera provided customers with custom solutions for their telecom billing software as needed.

Read on to find out how Invoicera tailors its telecoms billing solutions.

• From CDRS to the billing process
• Invoice Management
• Management of recurring invoices
• Customer management
• Staff management
• Customized reports
• And technical assistance.

Original article posted on Invoicera, https://www.invoicera.com/blog