Subscriptions are booming by the day in the current scenario, where recurring services are being most sought after. For the same reason, various subscription models are also taking on the business innovation curve. However, to be able to manage a subscription business effectively, relying on traditional means of billing can cause a setback in terms of ease of operation and even revenue. To spruce this situation up by many notches, a robust subscription billing solution is the ultimate answer.
Set apart from one-time payment plans, it looks like subscription billing demands more effort, workforce, and time. However, this is false because an end-to-end subscription billing solution solves everything. A subscription billing software is designed to help businesses maximize their subscription revenue, build and nurture relationships and minimize customer churn. Here are the top six reasons why subscription billing software changes a lot of things for your business.
Ease of Operation
A smart subscription billing platform helps you collect users’ personal, credit card, or subscription plan data for the customer’s portal. Further, it helps you easily process the payments through safe gateways, and transfer that amount to the merchant’s account regularly. It sets the ground for all the automation—billing, invoice generation, dunning, flexible product catalogue, tax oversight, and many other aspects of a subscription business.
A state-of-the-art billing solution seamlessly integrates with business enterprise systems such as carriers and providers, payment gateways, financial and accounting systems, and CRM & ERP systems. Such integrations guarantee that the data flows smoothly across all systems and that the right data is accessible to the stakeholders at the right time.
Robust Tax Accounting and Regulatory Compliance
Subscription businesses that tend to customers worldwide must preserve the tax rate accuracy for every customer transaction by seizing the necessary tax data and figuring it out in real-time. A smart subscription billing solution perfectly takes care of this drudgery. Also, by presenting integrations with taxation venues, billing solutions can enable companies to secure proper taxation codes. This supplements regulatory compliance and cuts down any conceivable tax audit risk.
A comprehensive recurring billing platform lets a business play around with various pricing methods such as metered billing, one-time billing, or recurring billing. It enables smart management of the tier or volume pricing with the AI-enabled tools delivering accurate and insightful recommendations. Further, it also organizes a vast subscriber data repository. It efficiently integrates with the customer’s portal to auto-update the database when the subscriber makes an upgrade or downgrade of a subscription plan or makes any other changes in the data.
A powerful recurring revenue billing platform comes with an in-built module tool for Analytics & Reporting used for generating reports and analysis, where one can develop their own reports through drag and drop. These reports can be generated based on the defined metadata. They help create multi-dimensional views, use single-click drill-down for any data, deliver reports and information securely and efficiently, and perform comparative time-based analysis, all of which can render better business decisions.
Enhanced Customer Retention
Gaining new customers is a key prerequisite for any business. However, in this time and age, retaining existing customers takes a bigger seat. A well-performing subscription billing platform offers business options to keep the existing customers and reduce churn with the most promising pricing strategies and satisfactory customer relationship management.
With dedicated customer dashboards, one can guarantee transparency in their subscriptions and billing.
With a highly effective and user-engaging subscription billing system, subscription businesses can also assess their monthly or annual recurring revenue, churn rate, and subscriber growth over a distinct period. They can work with AI-enabled projections of prospective growth in easy numbers, graphs, and measures. Talk to us today to integrate your subscription business model with an easily scalable, full-tool-stacked subscription billing platform.