The different types of API are, nowadays, a central part of the way of working and business of many companies. Data exposure through APIs has become the gateway to reach customers, and with their rapid growth in popularity, companies are looking for ways to maximize their business value. One way to achieve this is to have an effective API monetization strategy that can generate direct revenue from them.
What is API Cloud?
WSO2 Cloud API supports end-to-end API monetization. They allow you to create different subscription levels as needed, set up different billing plans, or apply the required subscription levels to different company APIs as a way to start receiving revenue. The WSO2 API cloud monetization model is based on API subscription volume. Therefore, API publishers may bill subscribers based on their total API usage over a specified period of time.
All you need to start monetizing the APIs with the WSO2 API Cloud is to subscribe to a preferred pricing plan, enable monetization and then connect to Stripe, which is the payment processing platform that uses the WSO2 API Cloud.
In addition to maximizing revenue, the monetization capability of the WSO2 Cloud API also allows API publishers to track and analyze their subscriber usage statistics. This can help API publishers identify the APIs that are in demand and therefore allows API publishers to deliver more value with those APIs.
Cloud API Benefits
WSO2 allows companies to quickly and securely share business capabilities with customers and partners around the world. Its main benefits are the following:
- Increase business agility. It only takes a few minutes to start using the API program. WSO2’s award-winning open source management solution makes it easy to expose your web services as an API and start accepting subscribers. As the program becomes more popular, WSO2 API Cloud can scale the service to the level needed.
- Reduces operating costs. With WSO2 API Cloud there is no initial investment and no long-term commitment. You can choose the most convenient subscription level and pay the fixed monthly fee. No local infrastructure has to be deployed and no different IT cycles have to be overcome while maintaining the solution.
- Execution of API gateways anywhere. WSO2 API Cloud provides strong hybrid API management capabilities. API lifecycle management, authorization and analysis are performed in the cloud. You can select from the list of cloud gateways, which are located in many regions, or run the gateway on your preferred infrastructure.
- Revenue generation with API monetization WSO2 has immediate support for API monetization, allowing any company to sell their APIs with just a few clicks. It also integrates transparently and securely with credit card companies.
Monetize in the cloud through APIs
API monetization allows publishers to bill subscribers who consume APIs in their API store. This key capability allows publishers to earn revenue based on the use of their APIs.
WSO2 API Cloud supports end-to-end API monetization so that an effective API monetization strategy can be created. The monetization model of this WSO2 solution is based on API subscription volume and allows API publishers to bill subscribers based on total API usage over a period of time. For billing purposes, it allows API publishers to expose each API at one or more preferred levels. Subscribers can select a preferred level when subscribing to an API and are properly billed based on the levels consumed.
WSO2 Cloud API uses Stripe to accept payments. Therefore, if you want to use the monetization capability, you need to create a Stripe account and connect the bank account to it. In the event that the bank account is in a country not yet supported by Stripe, the monetization capacity cannot be used.