How Contemporary Billing Platforms Can Boost the Growth of Your Market

It's not simple to expand your business into a new market. In actuality, only 40% of businesses achieve a return on assets of greater than 3%, and it takes them ten years to reach a meagre +1%.

Hence, the key to a successful foray into a new market is limiting cost, investment, and risk. Your billing platform is one significant impediment that might stand in the way of a quick, economical, and compliant market move.

Older billing platforms might not be able to:

• Make sales through joint ventures.
• Adapt product catalogues.
• Localize the currency and language of the invoice.
• Use the appropriate taxes and handle reporting.
• Recognize all forms of payment.
• Comply with regulations on data privacy and security.

Let's thus explore how a cutting-edge billing platform might facilitate your quick and effective expansion into new areas.

1. Boost centralized operations while giving partner entities more power

When companies first strategically evaluate their entry into a new market, it is crucial to examine which goods, services, fundamental competencies, and operational procedures may be applied in the new market.

Because of this, it's essential to have the mechanisms in place that enable partner companies in a different geographic area to quickly access this existing IP, assets, and know-how.

Businesses can avoid having to reinvent the wheel when entering a market by implementing a modern, channel-friendly billing system. On a channel partner portal, they can easily establish up their partner entities, expose a localized version of their current product and service catalogue, provide that entity billing authority for head operations, and manage any party settlements or commissions in real time.

2. Adapt product catalogues to the regional market

When the business expands and gains a deeper understanding of the industry, innovation opportunities might be found to upsell clients with tailored features, cross-sell them on related products or services, or even come up with new packages to persuade them to try something new.

Therefore, it is crucial that this partner organization has the freedom to modify and add to the current product catalogue in order to meet the specific requirements of their market.

Modern billing platforms can be effective in this situation because they give these partner entities the ability to add products and services and construct new packaged offerings without disrupting the configuration of the master entities. The partner entity can easily implement the multi-party settlement rules to make sure that the income is reaching the top-line should the master entity be receiving a portion of the sales proceeds from these bespoke products.

3. Check That No Information Is Lost in Translation

Businesses should be able to easily translate invoices into different currencies and languages when entering a new market. Additionally, in countries with two official languages, companies should be able to divide up their clientele and translate invoices into several currencies and tongues in accordance with client preferences.

Hence, this is made possible by utilizing a contemporary charging platform. Most of these solutions offer multiple languages, allowing invoices to be translated into more than 40 different tongues. Also, companies can adapt the client experience by making sure that correspondence and bills are written in the customer's preferred language.

Also, without human intervention, the contemporary billing platform can autonomously determine the customer's location and apply the appropriate invoice display currency based on their choices.

4. Obtain Tax Compliance and Control Reports

Tax compliance and reporting, even in a single region, can be a minor nightmare depending on the product or service category. The difficulty then increases as soon as you venture into new international markets.

However, hiring tax experts in those new areas can frequently be expensive, and following their recommendations can be difficult, to say nothing of maintaining awareness from year to year.

Modern billing platforms have thus acknowledged this difficulty and made native connections with specialized taxation platforms like SureTax, Avalara, and CSI Compliance Solutions available.

The appropriate tax codes and rates are automatically applied to the invoice in accordance with the type of goods or service and the selling region by utilizing these cutting-edge taxation solutions. As these platforms are continually updating their tax codes and rates in real time, there is no need for manual intervention or to double-check the current tax rates.

These tools can also handle the time-consuming tax reporting portion, ensuring that the corporate entity complies with all regulations in the new market.

5. Maintain Flexibility About Preferred Payment Types

Purchasing habits of consumers might vary greatly between markets. Their different preferred payment methods as a result can make it difficult for companies to manage their revenue operations.

To offer everything from online payments like credit card, wire transfers, ACH transactions, wallets, as well as offline check payments, it is crucial that a firm has a current billing platform that enables them to effortlessly switch between payment methods.

6. Keep privacy and compliance under control

There is no doubt that there is growing worried about data privacy on a worldwide scale. It is important that technology platforms do their share to uphold compliances and standards to guarantee the security of their databases and data sharing procedures.

Also, each nation has its own compliance and data privacy requirements that companies must follow in order to run smoothly and risk-free.

Using a modern billing platform makes navigating this market simple because these platforms have already done the legwork to ensure that authentication procedures (usernames, passwords, encryptions), compliances (e.g., GDPR, PCI), and keys (SSH keys) are in place.

At the end of the day, firms can be better prepared to reduce cost investment and risk, while increasing efficiency and the bottom line, in the intricate game of market expansion.

Investigate the benefits of a cutting-edge billing platform like Work 365, which can help your company manage partner entities, personalize product catalogues, localize invoice languages and currencies, maintain tax compliance, quickly adapt to accepting new payment methods, and meet data privacy and security compliance requirements.

Work 365 is an automated billing software and subscription management software for Microsoft partners to streamline recurring billing and quote to cash process.