Managing billing for your online business may turn out quite hectic if you don’t settle it in the beginning of your business. No matter whether you have just started with your digital store or planning to scale up your fast-growing OTT platform, you need to chalk out your billing management plan. Gone are the days when billing related activities used to be manual and the overhead & error rates were higher. In this digital era, where every other thing is getting automated, do you really want to handle all your billing and subscription related activities single-handedly? Of Course not! Have you ever wondered how Netflix, Amazon, Spotify, or Xbox handle the subscriptions of their huge pool of customers? The answer is simple- owning a subscription billing management platform. And it is no less than a saviour to your B2B SaaS business irrespective of the number of subscribers you have!
Muvi Billing is what provides your online business with the much deserved subscription billing management solution. While Muvi Billing offers you unlimited benefits for your digital store or B2B SaaS business, we have the top five picks for you justifying its potential-
Automated Billing Solution:
Automating the billing cycles for various customers and maintaining every billing related activity smoothly with zero error is not a hard task anymore. Manual billing is never an option in this digital age where every second and every penny spent on your business counts.
Do you know manual billing may cost over $5 per bill including data entry, printing, scanning, and more?
Muvi Billing gives you the comfort of getting an automated solution for every single billing related activity. It enables you to get automated solution for-
- end-to-end management of your users’ subscription billing lifecycles
- just in time payment with its automated recurring billing
- providing customizable auto-generated multi-language invoices to your customers
Can you imagine doing all these manually with zero error for your large number of subscribers? It’s next to impossible! And that’s why all the leading industry players such as Hulu, Myntra, eBay, Hotstar, to name a few, have chosen subscription billing management platforms suitable for their businesses.
Smart Record Keeping:
Running an online business smoothly includes the hassle-free maintenance of all the records related to your customer purchases, subscriptions, cancellations, refunds, and other innumerable customer subscription cycle activities. No doubt that manually handling all these will become tiresome at some point even if you have started your digital store with a handful of subscribers.
Statistics say that the error rate for manual record keeping is at least 4% to 5%. Guess how it may affect your business when you have a moderate to large subscriber base?
Muvi Billing gives you the facility of smart automated record keeping where you get an efficient & automatic book-keeping solution for your subscription business. This in turn, helps you maximize your revenue and optimize your earning potential further.
It is obvious that your subscription business might have various types of customers with varying spending capability and hence multiple subscription plans. Naturally every subscriber life cycle is different from the other in multiple ways such as- frequency of the billing chosen, upgradation or downgradation of subscription models, cancellation or refund status, and others.
A recent survey shows that 6% to 8% subscription churn rate is normal for most of the industries. But more than that may need your attention. And the answer often lies in the kind of flexibility your subscription management platform offers.
The efficiency of a subscription management platform is highly dependent on how flexible it is in managing individual customer lifecycles without constraints and delay in your payments. And Muvi Billing serves this purpose to-the-point.
Analytics & Insights:
One of the key activities while owning a B2B SaaS business is keeping track of all the subscription-related insights and analytics. It is strongly recommended to have regular updates regarding all the significant parameters such as-
- customer acquisition and retention rates
- frequency of payments for various customers
- weekly or monthly revenue
- recurring revenue
The leading OTT platform Netflix has always been a data-driven company with its focus on the useful metrics, insights, predictions, and analytic tools to bring out the best in all ways. And the rest is history.
Muvi Billing gives you the thorough insights related to-
- Inventory Usage- Number of products sold, returned or cancelled over a specific period of time
- Sharable Custom Reports- Customizable reports with the chosen KPI (Key Performance Indicator) Metrics
- Predictive Intelligence on Price- Calculating the influence of price changes on sales and providing with the most profitable pricing solution for your products or services
- Score Cards- Snapshot of the current performance of your business compared to the goals you have
Additionally, it enables you to collate the actionable insights at one tap before turning them into profitable sales proposals.
Carrier Grade Security:
Security is an important aspect you can’t compromise with, neither your customers can. When it comes to online payment, it is crucial to ensure that your billing management platform is compliant with the required security protocols to establish safe & secure transactions for your subscribers.
The latest international statistics states that online payment frauds cost global businesses over 1.5% of the revenue.
Muvi Billing provides you with a PCI-compliant platform. It swiftly handles your customers’ payment data with two-factor authentication, while its PCI-compliant revenue hosting reduces the chances of data duplication. Additionally, it provides you with 24x7x365 monitoring in order to counter any unprecedented threat at the earliest.
Muvi Billing not only offers a one-stop solution for managing billing but also provides you add-ons for your business. Some of its additional benefits include-
If you want your subscription business to be truly global catering to the audience in any part of the world, you need to bring in localization in your service and communication both. With Muvi Billing’s multi-language feature, you can generate reports, host pages, and communicate with customers in your preferred language.
Self-Serve Subscription Portal:
Your subscribers always like to have a little bit of control in their hands and serve themselves without relying upon any other party. Muvi Billing lets you offer your subscribers this self-serve subscription portal where your customers can manage their own subscription, download invoices, upgrade or downgrade to various subscription models, and many other activities in hassle-free ways.
Scaling up your online business requires multiple actions involving your customers. Customer interactions play an important role in keeping them interested in your business. What if a subscription management platform offers you this facility? Muvi Billing comes with the feature of sending timely automated notifications through emails and messages to your subscribers, so that your customers never feel disconnected from your services.
Once you plan getting a billing management platform for your business, your focus should be on its feature-rich solutions which can resolve unique business challenges. There are innumerable billing solutions available in the market that might confuse you. But always choose the one that can be easily adaptable with your business, gets integrated without complex technical support, and benefits you during challenging situations. Every digital store owns its subscription billing management platform but they differ from each other. How much your business is going to be benefited depends entirely on the choice you make.