PRISM™ Subscription Billing
Flexible and scalable billing is a key factor for success that is often overlooked by businesses as they rush to go live with their services. Home-grown solutions may work initially but can quickly become roadblocks to future growth. Inovaware’s PRISM™ Subscription Billing Software as a Service provides a low-cost entry point that allows for rapid deployment, flexible pricing and packaging, real-time payment collection, and the ability to easily scale operations as your business grows.
These days, Internet-savvy customers are more particular about what they want and when they want them. To meet this challenge, service providers must now find ways to quickly launch new products and services while addressing the complex task of tracking new subscriptions and subscription changes during the billing cycle to generate correct items for automated payment. Inovaware’s PRISM™ Rating Engine easily monetizes complex service packages with flexible promotions and discounts. Our years of experience with a multitude of business models ensure that the Rating Engine gives you the flexibility and power to price your service offerings to match the value you provide to your customers.
- Support real-time, prepaid, postpaid, usage-based, flat-rate, and one-time charges
- Create a variety of service offerings targeted at different market segments to optimize response rates
- Generate additional revenue by up-selling and cross-selling extra services through flexible packaging, promotion, and discounting options
- Offer services from outside partners in addition to in-house services
- Increase market share by supporting one-of pricing for special customers and situations
- Manage service contract pricing easily with automated renewals and reminders
- Rate for a mixture of different services on a single unified platform
Once charges have been calculated, Inovaware’s PRISM™ Billing Engine automates the presentation for your customers in an easily understandable format. With the flexibility to provide convergent billing of all the services that you offer on a single bill on any schedule and frequency of your choosing, we’ve made it that much easier to manage and collect payments from customers, to ensure that you get paid.
- Provide consolidated billing of multiple services and multiple types of charges
- Target specific market segments through multiple brands and multiple lines of business with different bill layouts
- Maximize sales by selling to both businesses and consumers with support for both invoice/credit notes and statements
- Reduce credit risk by pre-billing customers before products and services are delivered
- Support international sales with multi-language and multi-currency billing
- Meet complex customer invoicing requirements with multi-level hierarchical and sponsored billing like company/office/employee and parent/child
- Offer subscription billing on any billing cycle including weekly, monthly, quarterly, annual, or anniversary
- Eliminate postal costs by sending invoices via email or displaying them through the Web
Inovaware’s PRISM™ Payment Collection Engine ensures accurate and timely revenue collection of every charge that is billed to the customer. Relying on automation to reduce or eliminate manual processes, our Payment Collection Engine simplifies and improves the efficiency of your collection process.
- Automate the dunning process including the generation of warning and dunning notices, charging of late fees, and suspension of service
- Assign different collection processes to customers based on customer value, customer type, payment type, or other criteria
- Support for payment collection via credit cards, debit cards, PayPal, and ACH
- Retry payment collections automatically to overcome short-term lack of funds and avoid unnecessary collection processing
- Avoid payment defaults through customer notification of impending credit card expiration