More and more businesses want to have their invoicing processes as touchless and automated as possible. While some might go for a standalone Cloud Billing API provider, many more would prefer to have their billing needs covered by their bank.
What is Cloud Billing API?
Using a compliant Cloud Billing API, businesses seeking to automate their Accounts Receivable operations can create and manage regular and e invoices, thus reducing invoice mismatches and other risks. Cloud Billing API integrations translate to significant savings in terms of time and headcount needed to manage all outgoing invoices. After all, a comprehensive invoicing or billing API solution can enable businesses to:
- Send quotes and electronic invoices
- Issue compliant reminders
- Track unpaid invoices
- And more
To truly automate not just billing, but also other Accounts Receivable and Accounts Payable functions, SMEs often find themselves using multiple apps, APIs and platforms. With Monite, banks and financial platforms can help their clients automate the majority of AR, AP and Payments functions.
Neobanks are already offering billing functionality
The Fintech space is becoming more and more competitive, with platforms and neobanks offering advanced solutions for automating AR and AP functions. Some bigger names that already offer their customers billing include Oxygen, Tide, Qonto, and Spenda, among others.
Additional revenue with Cloud Billing API
By integrating Monite’s Invoicing API, banks and financial platforms can earn additional revenue via two streams:
- SaaS fees. Business customers can be charged a fee for getting access to billing. By providing billing as a core functionality of a higher-tier plan, there is an additional incentive for customers to upgrade.
- Processing fees. It is also possible to earn commissions on every invoice payment made through a link.
You can estimate your potential earnings from offering Cloud Billing API via our AR automation calculator.
Want to learn how Cloud Billing API can grow your business? Get in touch with Monite today.