Billing and invoicing can get overwhelming with time but if you have the right recurring billing software in place, it will save you the trouble. Small businesses and startups don’t really see it as a substantial need. Many may well ignore it altogether but as the company begins to scale and confront the ever evolving customer demands, they wished they had transitioned to a recurring billing platform sooner than later.
If you are still on the fence about whether to invest in an online recurring billing platform, we have put together this article to help you sort things out. By the time you are done reading it you will realize your business is in dire need of a solution to better manage your recurring billing. Moreover, you will be better equipped to select the suitable recurring billing software for your SaaS business. So, let’s get started.
Factors to Consider when Choosing Recurring Billing System
There is no fixed rule when it comes to selecting the best recurring billing software. It will depend on the business model and requirements suited to your needs. What works for one wouldn’t necessarily work for another. This is why it is best to join hands with a vendor that offers a tailor-made recurring billing system. Here is a list of questions that you must ask when taking the decision.
- Pricing Models
For those in the subscription business, there is no such thing as a fixed pricing structure. You will have to modify your pricing to rise above the competition. Choose a recurring billing software that enables you to incorporate all pricing models whether that is flat rate pricing, volume pricing, hybrid pricing plan, pay-as-you-go, freemium, so on and so forth.
- Billing Cycles
For an online recurring billing platform to make the cut it needs to be customer-centric. The last thing you want is to deal with long litanies of customer complaints. Your customer may want to make changes to their billing cycles. They may wish to renew all of their subscriptions on the same date. You want to be sure whether the system can manage multiple contracts within an account. These are just a few of the many situations that you may come across.
- Supports Invoice
Drafting accurate invoices is perhaps the most crucial part of your business. You can’t afford mistakes no matter how minor they may be. Look for an online recurring billing platform that supports automated invoice processing, an invoice template that is easily configurable and customizable. Can invoices and supporting documents deliver in multiple formats and across different channels?
- Payment Options
Customers are always seeking out the best and you will have to ensure that the recurring billing system is able to offer each customer with options. There must be choices so they can choose to pay as they like. Someone may want to pay with a credit card, debit card, checks, online transfer, PayPal etc. You are seeking out a vendor that provides a variety of payment gateways.
- Dunning Management
Remember those times when you had to manually recover lost revenue. It was one of those painstaking moments where so much was put at stake in terms of lost time and resources. If only you knew of a platform that would have automatically collected and recovered lost revenue. Make sure that the entire dunning process is automated. Moreover, you will want to ascertain about the limit to how many dunning reminders can be sent out. How easily can the recurring billing software schedule and tailor your messages.
Your billing system must be able to easily integrate with CRM, ERP and other systems. This is what makes a recurring billing platform successful. Some questions to ask are: how well does it perform on the APIs front, can it handle limitless billing integration capabilities.
- Multinational Support
You have been planning to take your business across borders and what better way to do that by transitioning to a subscription management system. Going global is a complex process and you need the right support. This will come in terms of the best recurring billing software that meets region specific requirements, allows easy localization in language, currency, tax adjustments, payment providers etc.
- Customer relationships
Whether it is customer acquisition or customer retention, building a customer base isn’t easy. You will have to spend time and resources to ensure they receive personalized service, immediate response and information readily available. Your recurring billing system goes the extra mile in nurturing customer relationship. It must be able to remove any bottlenecks or hindrances. The right software must also provide a customer portal from where the customer is able to get all the account information.
- Business intelligence
A company is able to make informed business decisions when it is equipped with the relevant business metrics. You can’t decide a course of action without having all the tools. When you approach a vendor for recurring billing system, check whether they offer the analytics that will help gauge in-depth reporting capabilities. Moreover, ready to use reports and a real-time dashboard are all the part and parcel of a recurring billing system.
- Vendor assistance
Getting to know your vendor will make or break the process of transitioning to billing software. What lengths are they willing to go to build your trust and rapport? How much time will the whole process take and how swiftly is it done. Moreover, what is their stance on agile monthly development sprints and will the clients have access to new features with or without any additional costs. These are some pressing questions that you must ask.
Subscription Flow understands those pain points involved in managing a subscription business. Recurring billing software brings together all the smart tools that offer complete visibility into your customer’s journey. Unlike other subscription management systems, it is quick and easy to implement. Who knew billing and invoicing process could be so simple!