MVNO (Mobile Virtual Network Operator) is one of the household terms in the VoIP industry. Moreover, it is growing in popularity due to the ease of getting started in this spectrum. MVNO is a mobile network operator but with a virtual setup. In simple words, an MVNO offers mobile phone services to consumers. However, he or she does not have the whole infrastructure of a mobile network operator business. Therefore, their whole business is set up and operated virtually. MVNOs are resellers of MNOs (Mobile Network Operators), who actually possess licensed radio spectrum frequency allocation and the required infrastructure. MVNO uses the MVNO solutions of mobile phone service offerings along with one of the best MVNO billing solution.
MVNOs are one of the building blocks of the modern VoIP industry or even traditional telephony networks because they can cover smaller or distant markets for MNOs. Moreover, they increase the revenue generation opportunities and jobs in the country they live in. As a result, they help boost the economy of their residing country and all other geographies with which they do business.
One of the most important tools for this business is an MVNO billing system. In this blog post, we are going to cover all the necessary insights on this software. Moreover, you will learn how this system helps MVNOs to drive revenue growth to their business.
1. What is an MVNO Billing Solution?
MVNOs are resellers of MNOs in one way or another. Typically, an MVNO leases network and other MVNO billing solution from multiple mobile network operators. Therefore, they need to pay the predefined service fee, account fee, and usage fee. On the other hand, they create subscription packages for their clients and track their data and phone service usage.
Generally, there will be a billing cycle managed by the MVNOs. During this cycle, an MVNO tracks the usage of each customer and logs them into the software. At the end of the billing cycle, a bill gets generated. This bill will have all the details of the usage. Moreover, it will also add charges per minute, per usage, and more. Therefore, a complete bill with all the required details gets generated and shared with each client.
An MVNO billing system is a software suite that has a range of features to automate the invoicing, rating, and billing processes. Moreover, this software simplifies the whole intricate job of calculating ROI by managing both parts: MNO and Customers. As a result, the billing process is completely painstaking and simplified.
2. MVNO Billing Drives Revenue Growth for the Business
The formula for calculating revenue growth is pretty simple. When you keep getting new business by eliminating errors, onboarding new clients, and retaining existing clients, you can keep growing revenue generation. Additionally, you can also boost ROI (Returns on Investment) by simply cutting down costs. Do you find doing all these things difficult? Then, using a mobile virtual network operator billing system is a must for you.
2.1 Improved Billing Accuracy and Efficiency
Billing in the VoIP industry is anyways complicated as so many elements are involved in the whole process. Moreover, in an MVNO business, it is even more difficult because multiple added aspects are also involved. For a mobile virtual network operator, it is necessary to stay accurate with invoices, bills, and payment processing.
The software automates more than 90% of the job. Therefore, there are no chances of human errors. Moreover, these solutions track usage, too. Some MVNO billing solution are capable of tracking usage and generating bills in real time. As a result, real time billing for highly accurate invoicing is possible. This makes the whole process accurate and efficient. Additionally, it benefits customers with dependable details that they may need for processing.
Accurate billing and efficient invoicing processes directly reflect healthy cash flow. As a result, MVNO keeps receiving high revenue growth.
2.2. Enhanced Customer Experience
In the competitive world of VoIP, the customer is the king. Therefore, you have to focus on everything that can help you delight customers. Nowadays, clients prefer transparency. Adding efficiency in bills with meticulous details can help you delight clients. Moreover, your customer care team can use this information to answer any queries that your clients may have. Your clients will have a delightful experience. A happy client will be less likely to leave your service. Therefore, you will be able to increase customer retention and loyalty. As a result, you can drive revenue growth for your business. Moreover, you will receive reference business, too. This will keep driving the growth and revenue generation for your MVNO business.
If you are thinking of taking a deep dive into learning about mobile virtual network operator’s business, then we have a really interesting blog post. Read, A Complete Guide on Starting Your Own MVNO Business. It gives all the required details of this lucrative business line. Moreover, it provides a lighting guide to help you start your own business in this industry.
2.3 Automated Collection and Dunning
It is necessary to keep running a regular payment cycle for a healthy revenue generating business. Along with accurate billing, on-time payment is important, too. The MVNO billing software can help here as well. It can automate generating invoices. Moreover, it will send invoices at the right time at the end of the billing cycle. So, payment can be received on time. In addition to that, the system can also send automated reminders for collection and dunning if clients skip paying as per the billing date.
2.4 Real-time Data Analytics for Decision Making
The billing solutions for MVNOs are developed by the best FreeSWITCH developers. They add advanced features to this software. For example, real time data analytics and billing are two important pieces of data shared to the admin. This information is available on the dashboards. Moreover, reports also show this data.
Real time data analytics help in making real time changes in rates, subscription packages, discounts, and similar elements. For example, if there are busy hours, then the billing system will show a spike in call volume. The MVNO can make the decision to increase the cost per call. There are multiple other decisions that mobile virtual network operators can make to benefit businesses.
2.5 Scalability and Growth Opportunities
MVNO is one of the rapidly growing businesses. Therefore, there are several growth opportunities available for mobile virtual network operators. They can focus on expanding business in other territories. Moreover, they can add more products to the offering bouquets. In a nutshell, the growth opportunities for a business that can accurately run billing and cash flow are abundant. The billing system has to be scalable enough to support this growth. As a result, development companies develop this software in FreeSWITCH, so they can easily get scaled up. Moreover, cloud hosting and cluster architecture for hosting make it easier to scale up. The best billing solutions for MVNOs support all of these requirements of businesses.
3. Must have Features of MVNO Billing Platform
Depending on the service provider, features available in this software may vary. Some standard features for invoicing and billing will be available in all solutions. However, there are some features that a mobile virtual network operator must look for to drive revenue growth for your business.
3.1 Usage Based Billing
Now, a majority of clients prefer usage-based billing because it is more transparent. Moreover, it makes it easier to calculate bills and gauge their accuracy by themselves. Therefore, all MVNOs have to provide usage-based billing. Therefore, your billing system must have this feature.
3.2 Subscription Management
Subscriptions are vital to adding subscriber services such as balance checks, network top-ups, SMS activation, and more. Different subscription plans will cost differently because they will offer different services. The software must provide a subscription management module.
3.3 Customer Self Service Portals
Customers should be allowed to self-serve themselves. For example, they should be allowed to top up without the help of any executives. Moreover, they should be able to generate bills or check balances. All these are vital features that your software must offer.
3.4 Integration Capabilities with third-party Systems
Several MVNOs use a suite or range of tools and solutions. Moreover, technologies like AI, IoT, etc. are paving the way in this software industry. Therefore, a mobile virtual network operator billing system must support integration of third party tools and solutions.
MVNO business is lucrative because, without a huge investment, one can start this business. Therefore, one can earn a high level of ROI. However, for that, it is necessary to keep driving revenue growth to the business. Tools like a billing system play a very crucial role in this quest. As shared in this blog post, this software has a lot to offer and enhance. As a result, MVNO businesses can keep focusing on growth opportunities while revenue generation keeps driving autonomously.
We offer one of the best and most feature rich MVNO billing solution that is flexible, scalable, and secure. To learn more details about this software, contact us now!