The International Monetary Fund (IMF) is projecting a significant slowdown over the coming years, with global growth dropping sharply from an estimated 6.1 percent in 2021 to 3.6 percent in 2022 and 2023. Meanwhile, Reuters polls reveal that the global streak of high inflation is far from over.
As such, businesses need to be doing all they can to maximize their revenue – not through increasing spend on new infrastructure, but by getting maximum business value out of their existing product. You’ve expended significant treasure on building your APIs, don’t sell it short by undercharging.
Usage-based billing enables you to achieve the real business value of your APIs. Instead of basing income on crude, raw counts, it allows you to create highly-unique filters to bill for specific endpoints and how they are used. Moesif has long led the field when it comes to inferring actionable insights from data in your APIs. Now, you can use that intense granular scrutiny to monetize your APIs as well. Utilizing an API management tool like Moesif will allow you to diversify your revenue stream by enabling success of your API product.
The bottom line? A better bottom line.
How to Maximize the Business Value of Your APIs
Usage-based billing from Moesif means you can monetize any parameter at all in your API call or your API payload – you can meter specific endpoints, transaction counts, unique users, data volume, dollar volume, or any other usage-based metric around your platform. Through Moesif’s billing meters, you can quickly experiment with different pricing decisions to see how you can extract the most revenue growth and expansion revenue from your existing customers.
Getting up and running is easy. When real-time patient booking platform NexHealth implemented usage-based billing, it took one person less than a week to integrate, fully test and deploy the system. And thanks to Moesif’s HIPAA compliant security measures, personal information stays private.
“Moesif allows us to offer the flexibility of having API usage-based, call-based or really any kind of pricing model. We were soon able to start billing our customers for API usage and it quickly became a revenue generator for us.” Paul Fung, GM, NexHealth.
Moesif sits between your apps/APIs and your preferred billing provider, Stripe, Recurly, Chargebee, etc. Our platform calculates and sends data to the billing provider. This means you can bill your customers accurately, based on their usage, while an easy-to-use dashboard allows you to visualize usage and track payments. Using real-time data to refine your pricing strategy is a critical component of a scalable API monetization strategy.
We also deliver an embedded, non-branded dashboard that you can share with your customers or guests, providing them with clear insight into everything they need. Behavioral emails, meanwhile, keep their customers informed and updated regarding their usage or demand levels. Improving customer retention starts with being able to drive valuable insights from your API data.
With no code required, you can be up and running with Moesif’s billing system after just a few clicks in the configuration settings. As an API provider, you can then track your customers’ use of your APIs in outstanding granular detail, resulting in a hugely flexible and customizable range of usage-based API billing options.
Delivering for Today, Planning for Tomorrow
When it comes to your APIs and your customers, data security is of paramount importance. That’s why Moesif delivers the reassurance of SOC 2 compliance, with data encrypted at rest and in transit. Companies can also leverage Moesif client-side encryption feature to keep their data private to their organization or meet regulatory requirements. We’re delivering the security you need today, to enable you to build a more profitable, forward-looking business for tomorrow.
By building our usage-based billing product on top of our analytics platform, we’re putting Moesif’s years of knowledge and experience at your fingertips. Our professional services in analytics and API platform performance is what feeds the level of granular detail in our usage-based pricing offering, which means you can now maximize the business value of every single API by driving repeat purchases with enhanced functionality.
Not only does it have the potential to increase your profits, but unlocking revenue potential can appeal to your customers as well. The past couple of years have been a powerful lesson in the need for companies to be flexible and the importance of basing decisions in real customer behavior. With this kind of metered billing arrangement, your customers have the flexibility to scale up and down as they need to. They can do so whilst sticking with your business, minus any awkward negotiations around trying to scale back fixed-rate contracts that no longer apply to their altered circumstances. The result? Happier customers and enhanced loyalty. Win-win.
Time to Maximize Your Potential
If you’re following the traditional way of billing for API usage, then you’re leaving money on the table. Given the IMF’s rather dreary global outlook for the next couple of years, is it really the time to be coasting along, leaving potential revenue uncollected? Even aside from the current economic climate, doesn’t it make sense to get the most out of the infrastructure you’ve already invested in building?
Moesif’s usage-based API billing makes it possible to monetize your API products like never before. Fast and easy to implement, it can maximize the business value of your APIs while keeping your developer and product teams happy, along with your customers.
You can read about usage-based API billing in more detail here or contact Moesif today to talk about your needs or to schedule a demo. We’re here to support you to take your API monetization to the next level.