Today, APIs have become the core of many businesses and exposing data via APIs has become the gateway to reach customers. With the fast-growing popularity of APIs, enterprises are on the lookout for ways to maximize the business value of APIs. One way of achieving this is to have an effective API monetization strategy that can generate direct revenue from your APIs.
WSO2 API Cloud supports end-to-end API monetization, where you can easily do the following:
- Create required subscription tiers
- Set up appropriate billing plans
- Apply required subscription tiers to your APIs to start receiving revenue
WSO2 API Cloud monetization model is based on API subscription volume. Therefore, API publishers can bill subscribers depending on the total API usage over a time period.
All you have to do to start monetizing your APIs with WSO2 API Cloud is subscribe to a preferred pricing plan, enable monetization, and then connect with Stripe, which is the payment processing platform used by WSO2 API Cloud.
In addition to maximizing revenue, the monetization capability of WSO2 API Cloud 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 thereby allow API publishers to bring in more value with such APIs.