IP telephony is going through revolutionary transformations. According to GM Insights, in 2022, the VoIP market has exceeded the mark of 40 billion and it will grow even more rapidly. 5G networking has increased the number of users and consumers of VoIP networks and communication solutions. According to GM Insights, the VoIP market is going to reach the mark of 100 billion USD by 2032. This increasing revenue and market size have attracted many consumers to invest in the best VoIP solutions like VoIP billing software, multi tenant IP PBX solution, SIP trunking solution, and more.
All business types, whether new or established ones, need the right VoIP solutions along with other tools and elements to successfully run and thrive the business. The best VoIP billing software is one of the must have tools in this industry. Regardless of the business segment, target audience, service country, and other factors, it is necessary for a business to get a reliable invoicing and billing platform.
In this article, we will cover detailed information about this VoIP solution and other related points to give you a complete insight into the subject matter:
- What is a VoIP billing system?
- With which VoIP solutions can it be used?
- What are the major types of VoIP billing solutions?
- Why does a VoIP business need this solution to run a consistent business?
- Concluding notes
Without any further delay, let us cover all the details of this software to give you the necessary insight on this subject matter.
1. What is a VoIP billing system?
In simple words, it is a system built by the top VoIP development company to let IP telephony businesses and VoIP service providers charge their customers based on the VoIP services they use. Technically, VoIP billing software is a complete solution that blends several features into a single platform to manage customers, DID numbers, and several other VoIP business components. It also lets businesses create custom rate cards and subscription packages. The major function of this software is to automate the whole process of invoicing and billing customers depending on various factors such as subscription packages, default charges, usage charges, added expenditures, etc. Businesses can be completely stress-free from jobs related to invoicing, billing, and payment processing for their services.
2. With which VoIP solutions can it be used?
A VoIP billing platform is crucial for all VoIP businesses and not just one or two of them. In the VoIP industry, all providers need to bill their customers to get paid on time to keep their cash flow and revenue cycle working. As in the VoIP industry, the billing process is a bit complicated with so many factors and huge numbers involved, it is necessary to use the best VoIP billing software in each and every business. That means with all VoIP solutions, one would need to use an integrated billing and invoicing platform.
Some of the majorly used VoIP solutions in the VoIP industry that heavily use the top VoIP billing and invoicing software are listed below:
- Call center software
- Mobile SIP dialer
- SIP trunking solution
- Multi tenant IP PBX solution
- Calling card platform
- Virtual number management solution
- Retail and wholesale Softswitch solution
- VoIP rating and routing Softswitch
- Virtual fax over IP software
- And more
3. What are the major types of VoIP billing solutions?
The VoIP billing software solutions can be segmented based on the technology used to build that software or based on licensing type. The following are the type of solutions available in both cases:
Based on technology:
Asterisk billing software
This system is developed using Asterisk as the base technology to build this software.
FreeSWITCH billing software
The best FreeSWITCH developers develop this software, using FreeSWITCH as the core technology to build it.
Based on license type:
Open source VoIP billing solution
You can get this software for free under a general public license. You will also get access to its code and the right to customize it.
Proprietary or enterprise software
This software is offered by third party VoIP software providers. You will not get access to the code and you cannot customize it. You need to connect with your providers to use this software.
4. Why does a VoIP business need this solution to run a consistent business?
There are multiple reasons that make VoIP billing and invoicing software crucial to run a reliable and consistent business in the IP telephony industry.
Any VoIP business will have multiple clients with multiple VoIP offerings. Even for a single type of VoIP service offering, the business will have different billing slots for clients along with complicated invoice structures involving custom fees, tax, service charges, and more. Manual accounting and bookkeeping for this type of complicated business would be quite tedious and prone to error. Moreover, as different consumers can have different usage, it can get quite difficult to manage the billing process. However, with the right VoIP billing platform, this can be achieved with ease.
One of the major reasons to use Asterisk or FreeSWITCH billing software is accuracy in the billing process. While numbers are huge and varied for different clients, it becomes difficult for accountants to keep an accurate check on the usage and bill clients. This can make the whole process error-prone even if you have a highly experienced team of accountants. Here comes the best billing system in place. It can automate the whole process and the system makes it highly accurate as there are no chances of manmade errors.
Unlike manual invoicing, everything will be automated if you use the right proprietary or open source VoIP billing solution. Businesses can eliminate billing delays, impress clients by sending timely bills with payment links for hassle-free payments.
As your team does not need to get involved in the billing process and once you get your Asterisk or FreeSWITCH billing software integrated into your VoIP software, you will not need to put any resources in the system. You can even send reminders automatically to customers that don’t pay their bills within the stipulated time. This helps in saving you multiple resources such as time, money, manpower, and more.
Secure and reliable billing
No manual effort involved means no tempering in bills possible by human resources. Moreover, the system will work as an integrated module of your VoIP software. This will make it one of the most reliable and highly secure billing and invoicing platforms for your business.
Affordable and profitable
If your VoIP system does not have an integrated billing system, you can integrate it from one of the VoIP software providers. This is a one-time investment, if you are using an open source VoIP billing software solution, it will be available for free. You only need to pay for the integration cost to the developers. “Once you integrate the system, you will not need to pay anything to use this software on an ongoing basis. This affordability enables the VoIP service provider to enjoy ongoing profits and benefits from the platform.
All VoIP billing software solutions are developed by keeping scalability in mind except those, which are absolute or developed ages ago with no upgrades. Thus, this system will support your growing business with its scalable nature. Enjoy increased capacity as your business grows with more clients, calls, and VoIP service users.
Business owners across the globe are showing interest in investing in the VoIP industry, and the number of competitors will increase. But, as the market size is expanding in leaps and bounds, with the right tools, strategy, and manpower, businesses can beat the competition with quite an ease.
VoIP businesses that have been catering to consumer needs also need to upgrade their strategy and infrastructure to compete with the big giants that are going to launch their VoIP business and take over the market. On the other hand, businesses that are all set to launch their first venture in this telecom segment are all set with their market seizing approach.
A billing and invoicing system for any VoIP business is vital for consistent business execution and thriving. A seamless business model and consistency of cash flow achieved with a features rich VoIP billing software solution makes it an inevitable and reliable VoIP system in the IP telephony industry. There is no telephony business that can run without this software.
We have the #1 open source VoIP billing software along with an enterprise version of this software. For decades, it has been catering to thousands of VoIP businesses across the globe. To learn more and discover how our services can benefit your VoIP business, contact us.