VoIP Business risks are easy to deal with. There are some risks but the countermeasures eliminate them right away.
Business VoIP is rapidly spreading across the world. According to a Future Market Insights report, predictions show the revenue from VoIP subscribers to increase to $204 billion by 2020.
The gradual increase in the popularity of VoIP Technology is due to a number of reasons. Prime among them is the cost factor.
In comparison to all the available alternatives, VoIP services cost the least. Also, the features like faster speed, real-time communication, audio-video conferencing and many such useful ones draw the people in favour of VoIP.
And therefore with this increasing demand for VoIP for both personal and corporate uses, simultaneously the VoIP business is also booming.
VoIP businesses are primarily of 2 kinds: retail VoIP and Wholesale VoIP. Retail VoIP requires less amount of investment and is also relatively easier to manage in comparison to Wholesale VoIP. The retail section of the business includes Reseller VoIP, Hosted VoIP, Calling Card business and many other similar ones.
Wholesale VoIP, on the other hand, is the transaction of bulk VoIP routes. This business requires a better understanding of VoIP business in general and also the rates and details about routes. And therefore, it is better to start with retail VoIP and then gradually move to wholesale VoIP.
Majority of VoIP business risks are irrespective of the section of the business. Though some risks are exclusive to a particular kind. Both retail and wholesale are however profitable.
Due to the increase in demand for VoIP, these businesses are growing rapidly. The need to make a long-distance call or make use of the real-time feature or video calls is pushing people towards the low-cost alternative VoIP. And thereby leads to an increase in the market for the business VoIP.
While the future prospects are really promising, there are also some risks associated. Similar to every other business there are some pros and cons of VoIP business as well.
While the main plus points are a minimal investment and rapid growth. On the adverse side security, timely payment, frauds are some of the common cons.
To know more about the advantages and disadvantages check here: Pros and Cons of VoIP Business That Every Businessman Should Know
To list the VoIP business risks, let’s begin with frauds. VoIP Frauds are of 2 types. Firstly, the fraud service provider. Secondly the frauds attacks on the ongoing service. These frauds are common and one can easily avoid them through careful observation and management.
For the fraud service provider, one needs to do a market survey and search properly about the selected service provider. And it is only after a thorough check that one should sign up.
There are many signs which indicate a fraud company. Check here to know more: 10 Tips to Avoid VoIP Fraud Companies in VoIP Business.
Estimates state that VoIP security breaches cost businesses around $4.73bn globally.
Some common threats that exploit VoIP System are:
Some of these are similar to traditional phone hacking, while others involve the use of complex hacking software and hardware as well. Thus, a security breach is among the major VoIP Business risks.
Security, therefore, is an important factor. And VoIP Businesses need to ensure that they are well secured. Keeping strong password and changing it at a regular interval, two-factor authorisation and limited access with validation at every step are some of the best practices.
To know more about VoIP Security check here: Security Measures For VoIP Business Components
Data loss is one of the most common VoIP business risks and other online-based businesses.
Some probable reason behind data loss are:
Without proper backup, data recovery is nearly impossible. Data loss not only affects revenue but also results in many other problems. Hence, it becomes extremely necessary to adopt a disaster recovery plan for minimizing loss and give continuity to the business.
The best way to counter this is to use a secure Softswitch or billing software which also has the option of data backup. They facilitate backup from both main and replication server thereby preventing data loss.
In addition to this, at times further options to download backed up database from the server is also available. To know more about softwswitch check here: Importance of Softswitch in VoIP Business
Many VoIP Providers offer good qualities initially. But over time their quality decreases resulting in poor service and bad customer review.
For a business to maintain its position, quality is an important factor. Among the VoIP business risks, this, however, is easily countered through the selection of a reputed service provider and constant monitoring.
VoIP business that deals only in VoIP Routes is mainly wholesale VoIP and a Route Service Provider. And therefore if the quality degrades over time, it has adverse effects on the business.
Therefore it is important for a businessman to keep checking the quality of routes and also take necessary actions if the quality lowers. To know more about VoIP Route check here: Important Facts about VoIP Routes
Constant cash flow is necessary to keep a VoIP business running. And this mainly applies to the wholesale VoIP business. In Wholesale VoIP business, a bulk volume of route transaction takes place. And due to this many times, businessmen fall short of cash because payments in wholesale VoIP usually follow a monthly billing cycle. Consequently, without constant cash, there are chances for the business coming to a standstill.
A shortage of cash or irregular cash flow, therefore, counts among the risks in VoIP Business. There are many service providers who offer a solution to this problem through an instant payment business model.
In the instant service, after the route transaction, the businessman needs to put up a request regarding payment and thereafter receives the payment immediately. To know more about the instant payment option, check here: Instant Wholesale- An Innovation for Wholesale VoIP Providers
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