Usage-based billing is a flexible and fair pricing model that aligns costs directly with the value delivered to customers. It offers benefits such as flexibility, accountability, accurate revenue reflection, customer attraction, scalability, and transparency. To maximize efficiency in usage-based billing systems, businesses can adopt best practices like understanding the fundamentals of this billing strategy, leveraging specialized software solutions like Togai, ensuring compliance and security, regularly updating and maintaining the billing system, educating customers on metered billing, and monitoring and adjusting billing practices.