A raft of new cell networks has begun trading in the 21st century. They seek to offer a fresh alternative to existing companies that offer similar services. As with their competitors, these new cell networks will adopt real time billing.

The thing about real time billing is that you and your customers know what they have spent money on and what services they bought. When cell networks first started decades ago, they would usually have to invoice their customers once a month.

Looking up your billing details online was unheard of, especially as the World Wide Web was in its infancy. Nowadays, one can log onto their account and find out exactly what they’ve spent.

Are you considering setting up a new cell network? If so, you need to know that real time billing should form an essential part of your business plan. Here’s why:

You can keep track of your customer’s spending

Perhaps the main use for real time billing is the fact that you’ll have access to their account details at any given time. That means you can determine what they’ve spent, and contact them if you spot any suspiciously high usage.

Mobile networks are getting proactive at preventing fraudulent use of customer accounts. If a cell phone gets stolen, it can sometimes be hours or even days before the customer realizes what has happened. Meanwhile, they end up receiving a hefty cell phone bill at the end of the month!

Many cell networks also allow customers to set a cap on the amount of spending they do with you for that reason.

If offers new revenue opportunities

Real time billing isn’t just about keeping track of call, messaging and data usage on a customer’s account. It also allows them to buy stuff using just their mobile phone! For example, they can make donations to their favorite charities by texting a special number.

As a cell network, your company can generate extra revenue from such services through the use of real time billing. These days, customers want to have greater choice when paying for things. Using their cell phone is one such option that makes life easier for them.

It helps to prevent fraud

It’s no secret that identity theft is a growing problem in all corners of the globe. One of the ways fraudsters get free stuff is by using their victim’s mobile account. They use it to order things like new cell phones and accessories.

Real time billing is a useful tool in the war against identity theft. That’s because systems can detect unusual activity on an account and “flag it up” for review. If your compliance team determines that fraud is getting committed, you can freeze the account. Following that, you can then contact your customer.

From the points above, you will know by now that real time billing is a popular and essential function of all modern cell networks. I recommend investing in the technology for your new enterprise. When you do, you will realize that you’ve made an excellent decision!

This post was submitted by a contributor. Check out our Contributor page for details about how you can share your ideas on starting a business, productivity or life hacks with our audience.