The adaptive recurring billing has become quite common among the online businesses owing to its advantages over the conventional recurring billing.
The implementations of recurring billing systems are often naive, requiring manual interventions for many use cases and customizations like incorporating new subscription plans, configuring tax, issuing pro rata credits, adding new currencies, and others. Such manual interventions are more prone to errors resulting in revenue leakage, incorrect billing, customer dissatisfaction, delayed cash flow etc. As a result, these billing systems are often not a good fit for the complex use cases.
The all-in-one solution is-
An adaptive recurring billing system which can automatically manage all or most of the complex use cases and match with the customer, technical, and business requirements effortlessly. Additionally, you can easily customize it as needed such as adding new payment options, adding new currencies, configuring taxes, and many more !
it is easily integrable and adaptable to the online platforms including the existing systems and softwares.
Some of the unique solutions offered by a good adaptive recurring billing system are-
Can be used in a diverse range of industries starting from e-commerce to OTT platforms.
Example: A has an OTT channel with many existing systems such as notification system, workflow system, technical and engineering softwares etc. A chooses to have an adaptive recurring billing system. Here, A doesn’t have to make any changes to the existing systems as the billing system can be easily integrated with the online platform.
B has a B2B SaaS business with the existing accounting softwares, It & technical systems, help desk system etc. B can easily integrate an adaptive billing system to the online platform without any constraints.
Minimized Billing Disputes
As this billing system can keep up with the changing pricing models and strategies as well as customer demands, the billing disputes get minimized.
Example: X has a B2C SaaS business and he wants to change his pricing models in order to gain more competitive advantage. With an adaptive recurring billing system, he can do it without any constraints and 0 billing disputes.
Correct & Optimized Revenue Generation
In order to accommodate both the business and customer needs, your billing model often gets complex. But adaptive recurring billing systems don’t compromise with your revenues no matter how complex the billing structure is. It reduces revenue leakage or any other issues related to billing and optimizes your billing by keeping up with your current or changing billing plans.
Example: Y is scaling up his e-commerce business gradually and he wants to incorporate different billing plans such as billing per purchase, subscription-based billing, prepaid billing etc. An adaptive recurring billing system can easily support such plans while optimizing the revenue for Y.
Also Read: How to Set Up Automated Billing for Your Business
Improved Payment Flow and Reduced Errors
Your billing model can be error-prone for various reasons such as mid-cycle change of subscription plans by the customers, adding new subscription plans, configuring taxes, adding a new payment gateway, and others. Adaptive recurring billing systems can function seamlessly with any such configuration or customization. This results in smooth payment flow with reduced errors.
Example: Z has an online news portal and some of his customers want to upgrade their subscription plans. If the online platform has an adaptive recurring billing system, there will be no risk of errors in the customers’ billing or payment flow.
In a nutshell, an adaptive recurring billing system should be your first priority to avoid errors, constraints etc. in your billing system and have smooth experience with any kind of changes in business model, pricing model, subscription plans etc.
While most of the conventional billing systems are not adaptive, it is often an inbuilt property for a good recurring billing system. And you can easily determine whether your recurring billing system is adaptive or not by checking the above-mentioned points.
Muvi Billing adapts well with your platform, systems, and requirements while providing an efficient recurring billing solution for your business. Its 40+ payment gateways, multi-language & multi-currency support, and robust security make it one of its kind recurring billing system.
You can take a 14-day free trial of Muvi Billing to explore more! We will set it up fully if you like it!