With the use of convergent pricing, telecom operators may provide and oversee a wide range of services, such as phone, video, data, and multimedia, and bill consumers either pre-paid or post-paid.  Telcos may save operational costs and increase revenue by streamlining their billing and charging processes with a Convergent charging system in place. Additionally, they may create a single bill that openly shows all consumer use while offering and charging for bundled services and multi-play service options.

This approach is contrasted with the previous methodology, in which communication service providers depended on many invoicing and pricing systems for diverse requirements. The charging function was disorganized, unclear, and not nearly as effective in these settings as it might be with convergent charging.

What is the mechanism of Convergent charging system?

Telco operators may now monitor account balances and regulate services in real-time by using convergent pricing systems, which allow them to do the following: Alert customers when their account balance is about to be depleted so they can choose to pay for further services.

•       Before providing services, authenticate subscribers to ensure they have sufficient money in their accounts.
•       When a customer's credits are all utilized, cut off connectivity to avoid overcharging them unintentionally and sending them a surprise bill.
•       By interacting with people at prime opportunities for upselling and persuading them to try more services, you may increase income.

Telco operators may improve operational efficiency, lower revenue leakage, and foster customer trust by combining disparate charge and billing systems and giving consumers an itemized statement that distinctly details all the services they consumed during the billing period.

What benefits does convergent charging offer?

Convergent charging is being used by more and more telecom operators due to its many advantages, which we'll look at in this section.

1. A wider range of products.

Leading telcos have been providing customers with an expanding number of products and services in recent years, mostly due to 5G. Telecom companies may increase the range of products they provide and the range of services they provide by using convergent charging solutions. This helps companies to better target their consumer segments, offering new items to each one to boost sales, engagement, and loyalty.

2. Increased Operational Agility

These days, consumer attitudes fluctuate overnight and marketplaces change quickly. Convergent pricing allows carriers to launch goods more quickly while lowering the related expenses.

Telcos benefit from this by becoming more agile and quick to adapt to changing circumstances. They can provide clients with the offerings they want and quicken innovation as a result.

3. Improved Customer Experience.

Telcos may improve the customer experience by decreasing the likelihood that any client would get a bill that is significantly larger than they anticipated by providing them with access to real-time account information and usage statistics. Convergent pricing also lessens the likelihood that consumers may encounter billing problems, which lessens the aggravation that follows from attempting to get a charge fixed.

Convergent pricing also makes it possible for telecom companies to email clients detailed invoices directly to their smartphones, which contributes to a decrease in paper waste—a concern shared by many of today's consumers.

Furthermore, multi-service discounts may be automatically applied by telecom operators thanks to this technology, keeping consumer bills precisely where they should be and no higher.

where everything is considered, Convergent charging system has the potential to be genuinely revolutionary at a time when customer experience is a crucial difference.

4. Reduced Operating Expenses.

Telco businesses may lower their operational expenditures on several fronts with the aid of convergent charging.

First off, convergent charging solutions enable telecoms to combine several charging infrastructures. In addition to cutting expenses, this also lowers the amount of administrative staff required to oversee several systems. Convergent pricing systems also make billing errors less common, saving telecom operators money on the expenses of reviewing, correcting, and handling consumer inquiries.

When combined, convergent charging aids telecoms in lowering operational costs and increasing their profit margins.

5. Increased Revenue

Conversely, convergent billing allows telecom providers to increase their income streams by sending consumers tailored offers at the optimal moment for them to interact. Convergent pricing, when combined with lower costs, may have a significant effect on a telecom operator's total profitability.

Convergent charging for the 5G future.

Telcos must spend money on convergent charging solutions if they want to get the most from the 5G future. It is that easy.

These fixes also have to be quick. Telecom operators want convergent billing solutions that are driven by data platforms that allow them to make choices in less than 10 milliseconds if they are to fully realize the promise of 5G.

Every client event may be handled immediately if the correct underlying data platform is in place. Consequently, telecom operators can make decisions automatically about things like whether it's best to take advantage of an upselling opportunity or if a client has enough credits to use an extra service.