Vendors and merchants dealing with subscription-based users have a lot of work on their shoulders. Also, SaaS-based companies have a large user base that leads to an abundance of customer databases for processing payments and pertaining solutions. For subscription-based companies and merchants, recurring billing solutions are the subscription management platforms that envelop robust features and solutions for catering to the needs of their customers.
What is meant by Recurring Billing Solution?
Before getting into the recurring billing solution, one must have an understanding of recurring billing. Recurring billing, as the name suggests, deals with automated payments in which customers are charged for using a product or subscription on the basis of set intervals. The set intervals could vary from customer to customer such as quarterly, monthly, and so on., as they prefer that to be.
When recurring billing customers increases, it leads to burnout in the finance team and managers. Getting exposed to burnout kills productivity which is never encouraged. To cure this problem, a recurring billing solution is the Subscription Management Platform. Such a platform targets SaaS businesses that deal with recurring or automated billing. It would not be wrong to say that the solution has started to empower SaaS businesses as they are less exposed to error-prone practices – as powered by AI.
Manage Multifaceted Subscriptions
Different customer instances are possible including the one that your subscriber might have subscribed to more than one service -multifaceted subscriptions. Doing this manually might get an extensive task. However, with the help of a subscription management platform, it can be all done in a single click. Customers won’t need to put their information and data again and again rather subscription management platform will keep track of the customer by handling all the data seamlessly.
Hence, your business can avail yourself of an uninterrupted automated billing experience and provide that to its customers. This will improve workflow, cash flow, and also the customer experience at your end hence boosting the growth.
Allows changes with ease
Supposedly making changes to the payment processes is not an easy task as there is a number of other factors adjoined to it. With the help of a subscription management platform, your billing management would get a lot easier as it will allow you to make changes to the database. Handling the database of customers, making amendments to it, and making data accessible to all users will uptick companies’ revenue, boost growth, and eventually benefit all pertaining individuals.
Charge Your Customers Justly
Building trust in the views of your customers and demonstrating it right can only be done through actions. With the help of an automated billing management system, you will be able to manage the data used or undertaken by customers. Doing this will enable merchants to charge their customers justly. In the terms of financing and billing, this is called proration. Proration is usually done during the upcoming and downgrading of customers’ subscription plans.
To understand it more accurately, let’s take this example: if your customer buys a subscription in the middle of the month then the buyer will only be charged for the services he used. Not for the whole month because this will lead to charging them unjustly which does not build customer loyalty.
Generate pristine Invoices
Gone are the days when invoices were generated manually. With the help of a subscription management platform, customers for billing and revenue management for B2B businesses can get automated invoices. Automated invoices improve the workflow by reducing the manual input as a cloud-based system helps in providing data timey for generating pristine invoices for customers. Whether it is prorated billing or other billing plans, you can generate all invoices for your customers seamlessly.
With the evolution of technology and software, customers have become aware of their rights. Apart from this, self-reliance is preferred over contacting customer support to take help but not every time. Some customers want to keep a check on their activity and payment processes. For this feature, the self-portal helps a lot. With the help of a recurring billing solution, you can use the feature of the self-service portal. Not only this, but you can also make customizations to it in whichever way you want it for your customers.
Recurring billing solution for SaaS business has proven to be a godsend. With every passing day, SaaS business owners and merchants are adopting automated recurring billing management so that they can provide their customers with seamless experiences. More to it, the robust and agile solutions and features are tailored to the needs of customers. Schedule a demo now with a billing management platform for your business and see your business reaching the heights of scalability and growth.