Must-have Features for a Subscription Billing Software

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Subscription Billing Software

Subscription billing companies have established a foothold in a wide range of markets, from weekly food purchases to yearly auto maintenance plans, as we near the end of another decade. As much as we’d want to say that finding the correct billing solution is straightforward, it’s not. There is no objectively correct definition of the term “best subscription management platform,” as every business has unique requirements.

We’ve compiled a list of the top features that would make using subscription billing solutions

 simpler for both you and your customers to assist you make an informed decision. We will also provide examples of when these capabilities would be useful.

Methods of Subscription Billing Explained

Subscription billing companies software is designed to work in tandem with subscription management to enable businesses to automatically collect payments at predetermined periods, ensuring a steady stream of revenue. The only thing customers need to do is sign up for “auto-pay,” which will store their payment information and give their suppliers permission to charge their accounts automatically.

When it comes to subscriptions, businesses have the freedom to set prices whatever they see fit, so long as it allows them to generate enough revenue to meet client demands. They may send invoices annually, quarterly, or monthly depending on the nature of the service or product being provided. Last but not least, most subscription billing is handled digitally through automated online payments, which makes cycle management a breeze.

Pricing models based on recurring subscriptions are gaining popularity in both business-to-consumer (B2C) and business-to-business (B2B) settings. First, let’s examine the most popular methods of charging employed by both business-to-consumer and business-to-business enterprises.

Important Requirements for Subscription Billing

1. Subscriptions can be temporarily paused and resumed

At times, your clients may want a break from using your service. Your subscription billing sap should provide them the option to halt and then restart subscriptions at any time. This allows firms to prioritize client satisfaction and adaptability while saving time on manual computations.

Example of Use:

If a consumer is going to be away from their computer for a month, the billing system should be able to pause their subscription and resume it at a later date.

2. Expired Opportunities Reporting

It’s disheartening when a potential new client almost converts but doesn’t complete the transaction due to an issue. Through the use of a sophisticated billing system, you can quickly compile a list of your lapsed clients and get in touch with them individually to let them know the issue has been fixed. In turn, this will increase conversions and strengthen customer loyalty.

This is a possible application of the term:

Say five clients have had payment attempts fail because of a glitch in your payment gateway. You can get their email addresses from a report of missed chances, at which point you may inform them that the problem has been resolved and ask them to give it another go.

3. Parsing Out Duplicate Inventories

It might be time-consuming and error-prone to manually sync your inventory and subscription management systems if you deal with physical goods. Optional integrations should be provided so that managing your subscriptions and stock concurrently is as easy as possible.

This is a possible application of the term:

Let’s pretend you publish a magazine that is mailed out to subscribers every month. When a client makes a purchase using your billing platform, the delivery procedure to the customer’s address can be launched immediately if you utilize integrated software for subscription and inventory management.

4. Interactions with customers streamlined

You may provide a higher quality of service to your consumers if your billing platform has more information about their specific situation. You may provide a more streamlined billing experience by centralizing all of your company’s and your customers’ outgoing and incoming email correspondence.

This is a possible application of the term:

You may tailor a remedy, like a discount, to a customer’s specific needs if you can tell from prior contacts that you aren’t getting along well with them.

5. Add-on files

In order to properly manage account information, some organizations will require customers to submit papers including facts about themselves or financial transactions. Today are several document management programs out there, but keeping all of your customer-related papers in one location is more efficient.

This is a possible application of the term:

Okay, here are two:

1. It is helpful for notary services when clients bring in documents that prove their identity.

2. Invoices can be scanned and sent to the accounting software used by businesses to track client payments made in cash.

6. Form for making a purchase that has already been prefilled

One way to ensure a smooth checkout process for your consumers is to prefill their information. Customers’ time is valuable, and you can help them save a lot of it by prefilling the checkout page. Facilitate their daily routines, and they’ll love you for it.

This is a possible application of the term:

Customers who renew their gym memberships monthly will appreciate the time and effort you save them by populating some of the checkout page data in advance.

7. Accounts receivable follow-ups

It is crucial to be able to send invoice due date reminders to clients so that they don’t forget to renew their subscriptions on time. The same holds true for sending reminders long after the original due date has passed. Client retention is more cost-effective than customer acquisition.

This is a possible application of the term:

ISPs frequently contact their paying clients numerous times before their renewal date to remind them to renew their membership.

Conclusion

There are many more examples of recurring billing in the modern world than meal kit deliveries and newspaper subscriptions. Businesses in a wide variety of sectors are adopting more adaptable billing models, but many are struggling with the move since it requires trained personnel and special accounting software.

In order to keep things operating smoothly, many of these businesses look for subscription management software. However, few people have a thorough list of requirements for their new program. Many people end up spending money on unsuitable solutions because they lack a comprehensive feature list.

The capabilities of subscription billing software might differ significantly between distributions. If you want to expand, you must first know exactly what capabilities your business requires. In this article, we will discuss in depth the characteristics of recurring billing software that are absolutely crucial for your business.