Billing & payments for Internet of Things

The Internet of Things (IoT) refers to the ever-growing network of physical objects that feature an IP address for internet connectivity.  It broadens connectivity beyond the usual devices like desktop and laptop computers, smartphones, etc. to wider range of devices and everyday items with embedded technology. IOT is expected to usher in automation in nearly all fields, while also enabling advanced applications like a smart grid. [1]

Pricing Model

It’s important to have some form of metered billing or tiered pricing based on the number of agents/devices. Perhaps even based on the number of transactions or communications.

Dynamic Provisioning of Devices

The IoT model calls for devices on demand with fast changing activations and deactivations. This calls for an IoT billing system with a robust and advanced API, including capabilities for entitlement checks, metered billing, and provisioning.

Future Proofing

Just as the IoT is fast evolving, your billing model will likely change over time. Perhaps something similar to a cell phone “500 minutes plan” where pre-paid blocks of agents are purchased. With that comes the concept of “carry-over minutes” that permit unused agent charges to be carried over to subsequent months. Whatever your model, look for a billing provider that can handle advanced pricing models for IoT.

Customer Messaging and Self-Service

Providing customer visibility into their billing charges is essential. From advanced “sticker shock” communications to allowing the customer to enroll or change plans, you don’t want to drag down your growth with the burden of customer support that could be automated.

[1] Wikipedia