Well, if you think accepting credit card payments online is the only thing that a billing platform does, you are missing out on a lot!
A subscription billing system amps up your capital, supports your business model, ensures smooth customer service, and drives recurring revenue.
Pretty sums up everything, isn’t it?
When you are considering a solution for an efficient revenue management of your subscription-based or SaaS business, a strong, capable billing platform is the answer. However, choosing one without doing ample research might not work for your business.
Here, we have put together a list of key things to consider while choosing a subscription billing platform.
So, let’s get started!
Customer’s demands keep fluctuating. And a subscription-based business can thrive only when the discerning needs of your customers are well-addressed.
Hence, it is important to have a flexible recurring billing system that offers flexible pricing changes for product bundles and effectively manages the changing business models.
Moreover, the billing software should also offer flexible pricing plans as per the pricing strategies.
Generating coupons, discounts and promotional deals
As a business, you might feel the need to experiment with your pricing strategy for a certain time period as per the changing market scenarios. In that case, launching promotional deals, coupons or special discounts for your products or service will turn out handy.
However, it would be cumbersome for your account team to track and manage the prices manually. On the other hand, if the discounts or coupons are not removed after your offer ends, you might have to lose a good amount of money. It may also lead to significant customer churn if the offers are indicated valid earlier than the expected date, and your customers are charged for the usual price of the product or service.
It is difficult to keep a manual track of the discounts and promotional offers during the lifecycle of the customers.
This entire process becomes automated, hence, hassle free when you have a subscription management software integrated with your business.
Your company will be growing. And while shortlisting a billing platform, you want to ensure that you are choosing it for today, and months as well as years from now!
Products will be added or removed and prices will be increased or reduced. Many times, business expansion might result in additional surcharges or overhead charges on products due to multiple factors impacting product and operational costs. Business growth also requires functionality to process volumes of calculations and generating piles of invoices per hour or day.
Picking a billing software that aligns with you as you scale up will save you from the troubles later down your journey.
At the same time, the chosen subscription billing management system must be robust and instantly deployable to incorporate all the changes for your growing business in a flash of time.
Undoubtedly, forecasting, financial reporting, and audits are prone to error when handled manually. At the same time, timely access to accurate information is crucial when making well-informed decisions for your business.
If your data related to products, workflows, and pricing are not streamlined and interconnected, downturn is what you will receive at your end.
According to a research, due to faulty data, companies tend to suffer an yearly loss of around $9.7 million on an average. That is certainly not what any business wants!
This is where choosing a robust subscription billing platform comes into play.
Go for a billing software that helps in monitoring key performance metrics like monthly recurring revenue, retention, churn rates, cross-sell, up-sell revenue and customer lifetime value.
Multiple payment methods
Customers tend to use different payment methods as per their convenience. Hence, they prefer to purchase or avail services from brands that offer multiple payment options like cash on delivery, debit/credit card, internet banking, payment via mobile wallets, and more.
Needless to say, such offerings definitely enhance customer satisfaction. Moreover, customer churn is significantly reduced that eventually boosts your revenue flow. Hence, you need to ensure that you choose an intelligent billing platform that supports multiple payment gateways and multiple currencies while handling complex SaaS billing models.
Now, when it’s about financial security, there is no way that you should compromise with security standards.
The billing platform you finally decide on should be tested to defend itself against a host of security threats.
Features like PCI Compliance, Server Side Security & Firewall, SSL Certificate, VPN Detection and more, are some of the mandates that will ensure high-level protection to your as well as your users’ data.
Once you are assured of the security of your billing software, you can be rest assured and focus on other ways to channel business growth.
Now that you know what to look for in an intelligent billing management software, procuring the right one that would cater to your business needs won’t be a tough call to make!
With Muvi Billing’s optimized, automated billing system, you can stay assured of end-to-end management of complex,tax-compliant billing processes, payment schedules, recurring revenue streams and more.
Take a 14-Day Free Trial and explore more!