Streamline Your Billing and Mediation to Drive ROI
How billing mediation can help telecom providers increase revenue and retain customers.
What is billing mediation?
Billing mediation is the process of converting data during the billing process. Converting usage data to pricing, i.e., determining how much 5G data a customer used during the billing period, is one common example of billing mediation.
Billing mediation used to be done manually. It was often a time-consuming and error-prone process. Today, billing mediation platforms streamline the process, leading to an increase in revenue and higher customer retention rates.
Billing and data mediation challenges
Traditionally, multiple challenges existed in the billing mediation process. One notable concern, particularly as more customers adopted 4G and as 5G becomes more prevalent, is the sheer volume of data used. Today’s telecom providers need a data and billing mediation solution that can handle the data capacity used.
Another concern regarding data mediation is access to information. For the most efficient processing, your company needs real-time access to data. You can then use the data to promote new customer services, increasing loyalty and revenue.
As the world becomes ever more connected, data usage becomes more complex. Your customers may now use data on their phones, laptops, refrigerators and heating systems. As the Internet of Things (IoT) expands, the number of partner programs your telecom company operates will grow, too. You need a platform that can manage your connections with ease.
Benefits of using a billing mediation platform
Usage-based plans are likely to become popular as the IoT continues to grow and companies partner with each other to offer a range of services. CSG’s billing mediation platform transforms what seems like disparate data into actionable billing information. Using billing mediation, your company can charge customers based on the amount of data they use to access the internet, the number of SMS messages or network messages they send, or the minutes they use when making phone calls.
Here are four ways billing mediation can help your business:
- Increase revenue: Billing mediation can help telecom providers to increase revenue by enabling them to bill customers accurately and efficiently.
- Enhance customer satisfaction: Billing mediation can help telecom providers to improve customer satisfaction by giving customers more control over their usage data and bills.
- Reduce costs: Billing mediation can help telecom providers to reduce costs by automating the billing process.
- Improve compliance: Billing mediation can help telecom providers comply with regulatory requirements by providing accurate and timely billing information.
Billing mediation also creates flexibility for your customers. Instead of charging a flat monthly rate, you can charge customers based on what they use. Pay-per-use options make customers feel they are getting additional value from their services.
That flexibility works to your company’s advantage. Usage-based billing allows you to see how people use your company’s services, and that information can inform the partnerships you make or maintain moving forward. It also allows you to customize offers for customers, encouraging loyalty to your company.
A billing mediation platform that offers real-time updates means customers can always see how much data they’re using. They can adjust their usage if necessary to avoid going over their allowances. Additionally, your company can more easily spot and correct billing errors as they arise, reducing customer complaints and the need for lengthy exchanges.
Learn more about our mediation platform
CSG can help you make the most of partner programs through billing mediation. Contact us to learn more about how our platform works.