Automated billing system has become an integral part of most digital stores since the past decade. An automated billing system automates the generation of invoices and other billing related activities. With the growing number of OTT (Over the Top) users such as Netflix, Hotstar, Spotify, and others, subscription-based payments are gaining traction world-wide. A recent survey says that over 60% of the U.S. internet users have at least one OTT subscription, while Netflix alone has more than 150 Million subscribers. This gives a glimpse of the cut-throat competition among the B2B SaaS providers. At the same time, it provides an idea regarding the significance of automated billing systems. As you can see, it’s literally impossible to handle billings for all your customers smoothly and with zero error, especially if you want to scale up your business and have a goal to become one of the leading B2B SaaS providers.
Choosing an appropriate automated billing system is highly recommended for your digital business irrespective of the type of products or services it offers.
Here comes a list of the top functionalities of automated billing system-
- Generating Invoices and Transaction History:
As the name says, an automated billing system generates invoices for all transactions without any manual effort. It also archives all transactions in retrievable form so that you can work around a possible refund, fact-checking, subscription audit, post-transaction support etc. later. This in turn saves a lot of time compared to manual billing.
- Managing Discounts and Coupons:
Coupons and timely discounts are an important part of B2B SaaS customer acquisition and retention strategy. An automated billing system streamlines all these activities like, providing various coupons based on the customer’s subscription model or proper discounts as per the purchases they make. If you want to grow your digital business further, opting for an automated billing system from day 1 can reduce your administration cost and time significantly. For instance, Hulu has nearly 40 Million paying subscribers as in March, 2021, and it has an automated billing system. Or else, how would it have been possible to manage the billings of such a huge number of customers which is growing steadily?
- Providing Business Insights:
A good automated billing system is capable of generating timely reports on your business including crucial insights such as monthly revenue, customer lifetime value, and monthly recurring revenue, to name a few. This not only helps you in planning for expanding your business, but lets you take the required actions based on your current business insights.
When it comes to making online payment, security is what your customers seek at first. A recent international survey showed that online payment frauds increased more than 60% in 2020. In order to prevent such incidents, having a PCI compliant automated billing system for your business is of utmost importance. Automated recurring billing system like Muvi Billing is PCI-DSS compliant and offers a secure environment for safer transactions.
An automated billing system considerably lowers the errors while managing billing for various customers. For manual billing systems, the probability of such errors is much higher due to the obvious reason. Research shows that entering data into a system manually may lead to an error rate of 3% to 4%. No doubt that errors in generating and handling manual billing can be even more and may impact your business and reputation noticeably.
Choosing the most appropriate automated billing system for your business may be tricky, but once you opt for one, it will significantly cater to your business growth. Muvi Automated Billing System lets you leverage the unlimited potential of the automated billing solution. Some of its most popular features include smart record keeping, flexible billing options, 19+ payment gateway support, promotional coupons & vouchers, granular analytics to measure your subscription business health and much more. Take its 14-day free trial today.