I recommend TRACT billing as a solid option, if you’re looking for a platform to manage pricing and billing.
TRACT Billing can be used for pricing and charging for virtually anything that you can measure… whether it’s monthly subscriptions, one-off purchases, or complex metered activity.
TRACT Billing provides the ability to measure and bill on activities. It supports recurring billing, promotions, coupons, multiple price lists, and subscriptions.
One of the strengths of TRACT is its support for complex and difficult billing requirements. It’s used in some of the most difficult industries in the world.
TRACT support complex revenue recognition rules, realtime, multi-dimensional pricing and charging. The platform also handles multiple currencies, and can also manage different tax authorities and tax rules. For more complex organisational structures, TRACT billing can handle a proprieter/tenant setup, with the ability to roll-up information.
Beyond billing rules, we’ve found that business analytics functionality is rather basic. The platform does provide good quality reporting, dashboarding and accounting information. However, comparing TRACT to some of its competitors, the more advanced business analytics functionality is lacking.
TRACT also provide some self-service tools, that you can use to provide self-service to your customers. If you are planning to use this, I recommend that you review it in some detail, as it’s an area we haven’t covered in this review, and is very important to your overall customer experience.
Transverse have a real pedigree in telecommunications billing, although the product is used across multiple different industries. Their strength is in more technical and difficult billing rules.
TRACT billing does have a smaller market share than the leading billing platforms. However, they do maintain a team of over 40 staff for ongoing support and development of the product, and have the size to sustain a high-quality solution. Transverse support all implementations directly, rather than through a network of partners, which can mean that you get more product-specific expertise and training.
The TRACT billing product provides a solid set of APIs for integration with your other systems. We’ve reviewed the APIs, and they cover the functionality you need to manage metering, billing, accounting and configuration. Transverse are also actively working on improving and simplifying integration in the coming months.
I recommend you review the data import/data export functionality to make sure it meets your requirements. Also consider how easy it is to migrate to another provider, if you choose to do so in the future.
TRACT billing meets a good level of security, in accordance with industry best-practice. They maintain PCI compliance, with the associated security controls including annual audits. Transverse also meet OWASP standards for security of application development. This demonstrates good quality, solid governance, and a company-wide commitment to security.
As billing is a sensitive area, I recommend that for any product you perform an independent security review against your own standards and compliance needs.
The platform has a historical availability of over 99.99%, which is very good, and on par with industry leaders. This is backed with redundant architecture, high quality data centers, and regularly tested disaster recovery plans.
If you are planning to use TRACT billing, I recommend you ensure that your contract includes refunds for any possible service downtime.
I’m surprised at how fast and frequent updates are made to the TRACT Billing platform. Transverse have a solid roadmap of changes over the coming months to mature and increase functionality. They are also demonstrating strong investment in research and development to improve the product.
I think the future for TRACT Billing is bright.
Customers can use the cloud-based TRACT solution to monetize anything that can be measured.
TRACT helps companies automate billing, increase revenue, identify customer trends, and deepen customer loyalty. TRACT users can make information-driven decisions based on customer activity that positively impacts business results.
Multidimensional Pricing, Business Intelligence, Activity Management, Order Management, Invoicing and Payments, Revenue Recognition
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