Learn about the recurring billing solutions of TRACT


Billing and revenue management platform for XaaS and IoT

4.0/5 (1 review)

Learn about the recurring billing solutions of TRACT

Video Transcript

Speakers in this video: Jimmy (GetApp) and Dan (TRACT)

Dan: Looking out here is a 100,000 foot overview of the Tract platform. Starting on the top left we have an accounts receivable based CRM built within the application, this is where an account rep or CSR would generate and manage orders, manage fulfillments, manage approvals and so forth. If they are using a CRM like sales force or sugar CRM as well that will interact with our soap and rest ATIs, so generally the majority of our customers never actually see the Tract user interface in this capacity where the CSRs or the sales reps are actually keeping their day to day as they normally would in their CRM and the APIs would actually send the information into Tract.

Moving over to the business intelligence we do have a BI or Built In in the application, that's going to provide diverse analytics and reporting. We do have some standard reports out of the box however the more powerful tool is actually the ability to slice and dice te data however you like and create your own customs, you use your own custom reports and you can actually save those and run them on adhock basis or set them on a scheduler as well. We also have custom dashboards available as well, customs KPIs that we'll be looking a little bit later. And during the implementation process we will work with our customer and try to find out what are those KPIs that are most important to your company, what would you like to see up on a big screen and a war room. And this is a big differentiator for Tract as well because we find that a lot of our competition is actually either taking these types of dashboards down or they never had them to begin with. Moving down into the security part of the platform we are PCIDSS level on compliant, as well as SSAE16 compliant, we use the same 266 bit in encriptonite standard across all financial platforms. It should also be noted that Tract is a rules based platform, so as you're setting up the users who will be interacting with the platform.You're able to assign them specific roles that will completely limit what they can and cannot access within the platform.

Moving down at the bottom right, as far as integrations are concern as I've mentioned we do have an extensive API library both soap and rest APIs, we out of the box as well have a dozen or so integrations with payment gateway except any type of payment as far as ACH credit card wire transfers, cash, check, lock boxes. One of the more exciting thing to talk about in my opinion is the action framework and what that is designed to do is to trigger external communications to desperate systems and people when the status of something within Tract changes.

So for example if there is an agreement that is 30 days to expiring Tract can automatically fire off something as simple as an email to the client based on the number of different templates that you can have set up to as complex as firing off an API workflow, sending in a task or an opportunity to a CRM for the customer service representatives to actually follow up on that account sort of keep on the ball on that account. With that we also have a mediation layers as well it's essentially an ETL tool that will take any type of dispirate data and normalize that, aggregate that and process that data. Tract is actually designed to become the accounts receivable sub-ledger as well, so you create what we call posting rules then you create various posting rules or a specific type of GL transactions and at the end of the day all of those GL transactions are going to roll up into a journal entry and be pushed down via API or extract to the corporate GL or the ERP. We're also the only folks in our industry that have a native fully automated revenue recognition engine as well.And so you're able to create your revenue record schedules for various customers and services and actually those schedules can be outside of the normal payment and billing schedules and it's the same idea as the GL feed so on a daily basis usually in the middle of the night those will all be rolled up and pushed down into the ERP as well. As far as AR management is concerned, obviously we're going to automate the billing and payment processes, we also have a credit and collections module as well to be able to send out those past dues notifications and process those, as well as automate renewals. So again I signed for an 18 month agreement, what happens with that 18 months, does my service automatically renew, or does it renew at a different service, does it renew at a different price level, does it automatically terminate, all these different options are available and Tract will execute these actions automatically.

Moving in to acitivity management, one of the big difference here with Tract that we find a number of our competitors just cannot compete with is the ability to monitize usage and take any type of usage or consumption event from one of your customers and monatize if is it on a granular level. So if you think of the video on demand model, I pay him a monthly fee for access and maybe some movies are free and some are not and maybe I watched the movie and it was not free, I had to pay for it but what are the different aspects of that movie that go into the price of that, was it a new release, or was it of a particular genre, or was there some sort of special going on this month, what definition of video quality you choose.

So just example of all the different types of aspects of a consumption event to get down to the granular level that were able to measure and rate and build for that. And along with that there's an entitlement of authorization piece as well so am I allowed to consume what I am trying to consume, so maybe I have a monthly allowance of so many gigabytes, of so many views or what have you and after that once I've used up my allowance maybe I'm going to do the pay by the drink type of basis. Along with that we have as well a high level taxation out of the box. With Tract we do have some integrations for other type of taxation if you need to get down the municipality level, multi-jurisdictional level and so forth. Lastly on the screen here is the product catalog. Tract has a very robust catalog definitions and the idea is to prevent product catalog preliferation or explotion.

Maybe you have a product or service and you have multiple recurrents period for that service, maybe you have multi-currency as well, you have different ways to sell this service and so a lot of time when we're talking with companies we find that they have multiple schews associated with just one service. So if you have many different services or products in your company and you have multiple schews for each of those, your product catalog is just going to explode.

So with Tract we're able to have that single service or product and have multiple rules, multiple-different ways to sell that built within the product screen itself so it really prevents that explosion of product catalog, that preliferation - so the idea is you have multiple rules that can be created at the product level or the service level better then configurable at the account level. And configurable is the key word actually as we head in and check out the platform because Tract does not require any type of technical knowledge or coding knowledge whatsoever, you don't need to know coding, whatsoever, it is a highly configurable platform.