Every product in BillingPlatform requires a default price. This allows the system a rate to fall back on if pricing plans or rate classes are not provided. Products will either have one default price or multiple if it is a tiered product.
Rate Classes - A collection of revised rates of products that can be used to later create pricing plans for customers. All pricing plans can be based upon rate classes. This can save a lot of time if a lot of customers use similar pricing, and only a few need variations. Please follow the link for more information.
Contract Rates - Contracts allow you to refine the pricing of existing products in the system relative to what you want to take effect to the customer.
How BillingPlatform Determines Price - Illustrates and explains the rating flow and expands on the hierarchy described above.