API monetization allows API publishers to bill subscribers who consume APIs on their API store (developer portal). This key capability allows API publishers to gain revenue based on the usage of their APIs.
WSO2 API Cloud supports end-to end API monetization so that you can build an effective API monetization strategy. WSO2 API Cloud monetization model is based on API subscription volume. This model allows API publishers to bill subscribers depending on the total API usage over a time period. For the purpose of invoicing, WSO2 API Cloud allows API Publishers to expose each API over one or more preferred tiers. Subscribers can select a preferred tier when subscribing to an API and are invoiced appropriately depending on the consumed tiers.
WSO2 API Cloud uses Stripe to accept payments. Therefore, if you want to use the monetization capability, you need to create an account in Stripe and connect your bank account to it. If your bank account is in a country that is not yet supported by Stripe, you cannot make use of the monetization capability. Click here to see whether Stripe is supported in your country.
To get started with WSO2 API Cloud monetization capabilities, you need to enable monetization.
Follow the steps below to set up and enable monetization:
- Sign in to WSO2 API Cloud. This takes you to the API Publisher Web application.
On the API Publisher, click Monetization under the trial menu.
To perform API monetization using WSO2 API Cloud, you need to subscribe to a pricing plan. For detailed information on each pricing plan, see WSO2 API Cloud pricing.
If you have already subscribed to a pricing plan, go to step 3. If you have a trial account and you are prompted to subscribe to a pricing plan, follow the instructions below:
Click OK on the message that prompts you to upgrade your account. This prompts you to select a pricing plan to subscribe.
Click Select on a pricing plan that you prefer.
- Provide your billing information, contact information, and then click Proceed to upgrade your account to the selected pricing plan.
- Once you successfully upgrade, click the settings icon on the top right corner of the screen, and then click Monetization to return to the API Publisher.
Follow the steps below to connect with Stripe, which is an American technology company that operates in over 25 countries and allows both private individuals and businesses to accept payments over the Internet.
Do not perform any manual actions such as updating/removing accounts, pricing plans, or subscriptions on your Stripe monetization account. Such actions can cause data inconsistencies.
- Click Connect with Stripe to create a Stripe account. You will be redirected to the Stripe application page.
Depending on your requirement, you can either create a new account or use an existing account.
If you already have an existing Stripe account that you want to use, click Sign In on the top right corner of your screen, enter your credentials and sign in.
If you want to create an account, enter your account details in the Stripe application form and click Authorize access to this account to activate your account. You will be redirected to the WSO2 Cloud API page.
- Enter your cloud account password and then click Enable Monetization.
This enables monetization and displays a message confirming that the configurations required for monetization have been added to your organization.
Now that you have enabled monetization, you can start using WSO2 API Cloud monetization capabilities.
Following are the key API monetization capabilities of WSO2 API Cloud. Click on a topic for information on how to use the capability.