Solving the IoT Puzzle: Billing and Payment Management
by Exosite, on September 6, 2016
Developing a scalable, secure, and functioning IoT solution can be a long journey. After understanding what kind of connected product you would like to develop, you should generate an IoT security strategy to ensure your data cannot be stolen. Once your data is secure you should consider developing a system for IoT data analytics, since data is the true currency of IoT. What about actual currency? How are you going to charge your potential customers?
Your IoT business integration won’t be free to you, so it can’t be free to your customers, right? Determining how to not only make money on your connected product, but also to bill and collect payment is a critical step in IoT success.
- Monetization: Understanding the value your solution provides to your end users can provide key insight into what they may be willing to pay for. Exosite’s Monetization Strategies for Connected Products white paper provides insight into the monetization strategies common to IoT solutions in order to help you hone in on what business model will work for your product.¹
- Billing & Payment Collection: Once you have determined how you will monetize your IoT solution, you must determine a way to collect payment from your customers or build the value into the payment for your goods. Your business could already have a partnership with a service that provides billing, invoicing, and payment acceptance, or you may have a proprietary billing and payment system with which your IoT solution can integrate. If not, you will need the expertise to research features to build your own or find partners that can provide off-the-shelf solutions that meet all of your needs. Either way, you must take into account federal and state laws, as well as contract terms.
Understanding how and what you will be charging for a single connected product or complete connected products fleets is critical to a successful IoT solution. The world’s leading companies understand how important this concept is and are jumping into the market quickly, just as Visa did earlier this year. ²
As a leading consumer and industrial IoT platform provider, Exosite’s goal is to assist companies and individuals in creating their perfect solution. Download the full white paper below for a complete description of billing and payment methods, or contact us directly to speak with one of our experts to kick-start your IoT solution today.