The subscription business model is gaining popularity to secure a steady source of revenue for businesses. Leaders in different sectors, including finance, retail, automotive, utilities, and recreation, are becoming more confident about recurring revenue models. Subscription-based companies expand five times faster than typical firms. 70% of firms, according to a recent study, assume that membership and subscription models are essential for future development and expansion.
So, how can monthly billing software contribute to your commercial success?
What is monthly billing software?
Billing is one of the most important aspects of any organization. The most apparent argument is that billing produces revenue, and revenue enables you to expand. However, there is an often-overlooked facet of billing: client relationships. While running a subscription-based company, this becomes even more vital. Unlike one-time transactions, subscription billing can be complex.
The purpose of monthly recurring billing software is to generate an invoice and collect subscription-based payments. This can help you better manage your business's financial lifeblood. Whether you manage a monthly subscription box business or a fitness facility, monthly billing software can help you automate the entire billing process. This enables you to take a step back and concentrate on the broader picture, namely the expansion of your company.
PlanSplit is a new monthly recurring billing management platform that helps health and non-health practitioners streamline and manage custom plan creation in the signup, payment collections, renewals, and cancellations.
Here's how it differs from Chargebee and Recurly?
Before deep diving into any comparison, let's be introduced to Chargebee and Recurly and how they contribute to revenue growth for entrepreneurs.
What is Chargebee?
Briefly, Chargebee.com is software that enables entrepreneurs to increase their revenue by offering automated recurring billing, subscription management, and analytic capabilities. Chargebee connects easily with your IT stack to streamline your financial processes and expand your eCommerce or subscription-based service company.
What is Recurly?
Recurly is a super flexible subscription billing management system. Recurly was founded in 2010 and now has a decade of expertise managing subscription payments for thousands of organizations throughout the globe (in 42 different countries, to be exact). It is expressly intended to facilitate the management of the whole subscriber lifespan, from acquisition to expiration.
Like Recurly and Chargebee, PlanSplit provides the benefits of increased client compliance, loyalty, and practice revenue. The differences emerge in staff effort, plan administration (setup, invoicing, renewals, and cancellations), and practice software integration.
No developer or coding is required to design custom wellness plans with PlanSplit. In addition, appointment scheduling functionality is available. PlanSplit is working on other integration to improve the user experience, relieving the burden of complex and repetitive administrative processes.
Compared to Recurly and Chargebee, PlanSplit simplifies the subscription signup and payment processes. It provides sophisticated subscription billing features, such as recurring payment processing and automated subscription for plan changes and month-end accounting.
Let's see how PlanSplit operates:
Zero Paperwork and Reduced Staff Workload:
PlanSplit is a practical, all-in-one solution that may help health and non-health practices of all sizes automate their procedures and save the time and effort required of their employees throughout the signup process.
Streamlining Recurring Billing Operations:
PlanSplit reduces human errors by automating your whole usage-based plan signup and recurring billing procedures. This one-of-a-kind recurring billing system enables providers to collect fixed costs for usage-based service plans, packages, memberships, and subscriptions with your preference monthly billing cycles.
The platform allows practices to optimize revenue and eliminate payment complexity through its monthly recurring membership billing function. With recurring payment plans, your clinic may generate a steady revenue stream.