What is Billing and Revenue Management (BRM)
Billing and Revenue Management (BRM) is a solution that supports all the processes that generate revenue, from charging, rating, billing, and invoicing. Billing and Revenue Management (BRM) systems integrate with other complex IT infrastructures to simplify billing, invoicing, and payments to optimize and maximize revenue.
Billing and Revenue Management (BRM) solutions offer secure and scalable solutions for pricing design, subscription management, and operations.
Billing and Revenue Management (BRM) solutions integrate with Siebel, PeopleSoft, SAP, Moneris, CIBC, Verisign, Equifax, address verification software, multiple data warehouses, internet-facing applications, and convergent billing systems.
Billing and Revenue Management (BRM) is a major factor in any business, especially for Business-to-Consumer (B2C) and Business-to-Business (B2B) industries. The telecommunications industry is one of the top industries that implement Billing and Revenue Management (BRM) systems.
Benefits and advantages to small and medium-sized enterprises (SME) businesses
The benefits and advantages of Billing and Revenue Management (BRM) services and solutions provide knowledge about your customers’ expectations and you’ll gain insights on how to improve your products and services. This can also help you develop new solutions to help customer requirements.
Billing and Revenue Management (BRM) services and solutions help you to remove manual processes. Automating repetitive processes reduces errors and mistakes, freeing up time for other tasks and improving productivity. Reporting can be automated to reduce time on downloading and printing of reports to analyze all the data.
Billing and Revenue Management (BRM) solutions help you calculate product usage, apply charges, manage invoices, send reminders, collect payments, and track revenue data.
What other payment gateways are involved?
Some of the payment gateways from digital payment providers that are involved are Stripe, Authorize.net, Braintree, Cybersource, Elavon, IPpay, Merchant e-Solutions, Zuora, Digitzs, Bamora, and many others.
Billing and Revenue Management (BRM) lifecycle
- Order management includes registration and management of customers. This step also includes subscription and order management for service usage and recurring billing.
- Billing management includes authentication and authorization of customer logins to compile a balance into a bill, usually every month.
- Revenue collection includes billing customers and requesting / collecting payments.
- Revenue reports include collection of customer usage and data for reporting purposes.
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