Providing a single product or service to the user in exchange for money is straightforward selling. This has been the norm for almost all businesses to date. However, things have begun to change slowly but surely, with many sellers offering subscription billing systems today. The model ensures recurring revenue is obtained monthly. Your goal is to retain more customers instead of trying overt marketing strategies to acquire new ones.
This model has been popularized across industries, and you can subscribe to a plan whether you are eager to purchase groceries or want to invest in car services. Choosing the right system is not always easy, however. Remember that different businesses have different needs, and you must have a plan to fulfill your objectives while appealing to your customers.
The entire billing process can be automated by using quality software that will provide you with the right edge. The things that you need to keep in mind when choosing the billing software includes the following aspects:
Will you be able to implement the system effortlessly so that there is no wastage of time and resources? Settle for a system that will be up and running within weeks, even when the size of your business is substantial.
Will you be able to integrate it seamlessly with the existing systems related to finances? The system should create new accounts once minimal data is entered into the system. Accounting and record-keeping vis-a-vis, new entries, discounted subscriptions, and those using value-adds should be included automatically, leaving you to carry on with other operations.
Payment method is another option that you need to consider carefully. Try to opt for software that can accommodate multiple payment models as per the subscriber’s preference. You may want to go with customizable software capable of expansion to other geographical areas. It would help if you thought about the future of your business and did not remain stagnant because the software does not support expansion.
Do not confuse billing with subscription billing management, however. While the software will be able to generate bills and deliver them to the end-user as per their billing cycles, management involves a lot more. Some of the features to look out for before investing in management software include the following:
- Offers multiple easy ways to remain custom and not cookie cutter with your offerings
- Quick and easy to use
- Generates reports and provides analytics that can be customized as needed
- It operates in a centralized environment
- It manages service plans usage
- Manages recurring billing comprehensively
- Billing methods are customizable
- Capable of considering discounted subscriptions and cancellations as and when required
- Omits canceled subscriptions from the system while adding customers who asked for multiple plans to be billed simultaneously
- Allows auto-renewals to same or different plans
- Easily scales with your company’s growth
Check out the benefits offered by PlanSplit and manage subscription payments easily.