The API Economy has enabled businesses to accelerate value and extend their services through new channels that were previously untapped. To realize the benefits of the API Economy, organizations are building API ecosystems to drive product innovation and improve time-to-market. For the most part, participants in the API economy have focused on extending their reach by making their services accessible to a wider audience; building private/internal APIs to foster collaboration within the organization, and  socializing public APIs to enable external developers to connect. While there are several business models to enable API monetization, my focus in this article is on the concept of generating direct revenue from your APIs; specifically, charging consumers for access to your APIs. Read on to learn how API Connect’s monetization features can kickstart your API business.

Use the billing and payment platforms that fit your enterprise needs

In API Connect, we’ve taken a modern approach to monetization to ensure our users can meet the demands of their digital transformation projects. Monetization has several moving pieces, and to begin with, we’ve ensured that our users are not locked into a proprietary billing or payment system. We believe in technology openness, and one of the main items on our drawing board was to allow users to integrate with the billing system that fits their need. To that end, we’ve ensured that our users are able to feed their API usage data into their existing billing system to adhere to the same invoicing process that their organization requires.

If you have a need for speed, go with supported integrated billing

When you are trying to be an agent of change within your organization, what’s critical to you is speed. If you need to start executing your API monetization plans right away, we still have you covered. In the upcoming release of API Connect (v5072), we are providing out-of-the-box integration support for Stripe―the popular SaaS billing and payment gateway. With this built-in integration, just connect to your organization’s Stripe account and have your customer, product and pricing data automatically synced as it gets created in API Connect! There’s no code that you need to write; just connect and play.

Got APIC Enterprise?

But wait; there’s more! The monetization features are included in API Connect Enterprise at no additional cost. There’s no add-on that users are required to purchase. When you’re ready to monetize your APIs, simply enable the feature, and start creating your pricing plans! With API Connect, you get intuitive user experience which enables you to define pricing details for APIs. You can design a smooth onboarding process for you customers, and collect payments as they subscribe to your APIs. And to get insights into your revenue and API usage, you can create custom reports or dashboards.


Here’s an overview of the new monetization features in API Connect Ent. v5072

 


What you need to do…before you can start monetizing your APIs

Spend time exploring what business models work best for your APIs. This applies to you whether you are in the process of choosing an API management platform or are getting ready to deploy your APIs to production. If you are curious about the various pricing options and the common ones in your industry, then read this white paper to kickstart your research.


Interested in enabling the monetization feature in API Connect?

Contact us:

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