In March we launched key updates to the product. Pricing rules being one of them. We have also included Wallet Management with Automatic Recharge, Custom Dashboard Widgets for data visualization, and Invoicing with Wallet Balance Netting. Read on to learn more about these updates and how they can benefit your billing experience.
Pricing Rules
Pricing rules give you the power to create flexible and unique pricing structures for your products or services. Think of pricing rules as a set of instructions that tell the billing system how to calculate charges based on various factors. This gives you the power to create sophisticated pricing logic that fits your unique business model.
To see how pricing rules apply, let’s look at a complex billing scenario of an IoT connectivity provider:
1. Shared Data Allowance Across SIMs: Pricing Rules enable the creation of a shared data allowance for customers with multiple SIMs on the same data plan.
Total pooled allowance = number of active SIMs x Inclusive volume per SIM
If a customer has 20 active SIMs with a 10MB inclusive volume each, the total pooled allowance would be 200MB, which can be consumed across all SIMs. Overage charges are applied only when the allowance is exhausted.
2. Differentiated Data Pools for SIMs: Pricing Rules allow customers to have different data plans for various SIMs within their accounts. Separate data pools are created for each plan, and overage charges are applied when a pool is exhausted.
- 5MB in Europe (GPS tracker) with 200 active SIMs
- 1000MB in Europe (Dashcam) with 10 active SIMs
- 5MB in Mexico (Dashcam) with 10 active SIMs
Pricing Rules enable the creation of separate data pools for each plan (1000MB, 10000MB, and 50MB, respectively). Pricing Rules can seamlessly handle SIM movements between data plans, adjusting the affected pools.
3. Location-Based Data Pools per SIM: Pricing Rules can create multiple inclusive volume pools per SIM based on geographic location. A single data pool is created for all active SIMs, deducting usage from different locations while ensuring usage from a specific location (e.g., Canada) doesn't exceed a predefined percentage of the pool
For instance, a customer might deploy 80% of their SIMs in the US and 20% in Canada, with a plan that includes 100MB for $5. If the customer uses more than 20% in Canada, Pricing Rules can automatically apply surcharges per MB.
Let’s look at another example, Consider a payment processing platform similar to Stripe, which charges a standard fee of 3% per transaction. They have entered into a custom contract with a large enterprise client that includes the following pricing terms:
- 2.75% for credit card transactions
- 1.5% for debit card transactions
- $0.50 per ACH or Wire transaction
If the total processed amount across all payment methods exceeds $2 million in a given month, apply a 15% discount on the overall invoice. To implement this pricing model using Togai's Pricing Rules, we can set up the following:
Create separate usage meters and rate cards for each payment method, Credit Card: 2.75% per transaction, Debit Card: 1.5% per transaction, ACH/Wire: $0.50 per transaction. The Pricing Rule will be triggered when the total processed amount across all payment methods surpasses the $2 million threshold. It will calculate the 15% discount based on the total invoice value and apply it as a separate line item, reducing the overall amount owed by the enterprise client.
Pricing Rules support a wide range of JavaScript operators, including logical and mathematical operations, string manipulation, grouping, and array operations. You can use various variables from your price plan to create conditions and computations, such as fixed fees, usage fees, license fees, entitlement fees, overage fees, credit grants, tags, and more.
Interested in learning more about Pricing Rules? Read our product docs →
Watch how Togai solves your use cases!
- Watch how we configured Observe Point’s pricing model. Watch here →
- Watch our Whiteboard video to see how we solved a very unique use-case for a payment processing company! Click here →
More Exciting Product Updates:
- Wallet Management with Automatic Recharge
Customers can now easily manage their wallet balance right from the dashboard! Simply set your desired recharge amount and threshold, and Togai takes care of the rest. - Visualize your data with Custom Dashboard Widgets
With pivot table widgets, you can now slice and dice your data. Choose row fields, column fields, and value aggregation fields to create custom views. - Invoicing with Wallet Balance Netting
You can now automatically apply your wallet balance to any custom ad-hoc invoice. When you create a custom invoice, simply choose to net off the amount against your wallet balance. Any remaining balance will be automatically calculated and reflected on the invoice
We can't wait for you to dive in and start exploring these features. Want to get a peek at how these features work? Schedule a call with us, and we’ll take you through everything new!
Let’s speak over coffee about your billing needs!
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