What makes a Subscription Billing Platform ideal for your Business?
To stay competitive, what are the basic requirements of a business: a strong core product, a well business strategy, great marketing tactics, and skills, is that all? However, some non-core activities impact the business broadly and sometimes becomes a bottleneck to the entire operation and customer service. To add to this, one of the non-core activities is billing.
From the time a subscriber subscribes to their desired offerings, till the time they choose to cancel it, involves many activities like product allocation, rating, billing, invoicing, collecting payment, suspension, reactivation, service up-gradation, de-allocation, adjustments, refunds, and so on.
Preferably an automated system is adopted by every service provider, where the entire business operation is managed by a single system. The benefit lies with error-free efficient workflow.
Subscription Management is a way to simplify and automate the customer, billing, and revenue management process.
It seems to be like a business interacting with each customer individually, thereby managing their services and billing frequency, and hence optimizing management of the entire life cycle of the customer’s subscription.
Benefits from a cloud-based Subscription billing platform:
1. On-boarding many subscribers and catering at an individual level:Subscription management platform help in managing a volume of customers and allocated products at an individual level. In Subscription management, each customer will subscribe to the various offerings. Each offer will have its validity and charge associated, for which the customer will renew for continuation. Again, the customer will be free to subscribe for all combinations of services they want, and businesses will charge for what they use.
2. Control in the process:The service provider will have the full benefit of monitoring the entire process at any time. So, in case of a subscription needs up-gradation, cancelation, or removal of some product, it can be done anytime. Also, the service provider will get the flexibility to configure billing frequency, due date, grace period as per their business desire. Most of the revenue generated by subscription businesses comes from the usage charge of a customer, and therefore service providers can have the choice to set different usage rates at any time. While using the platform, the access level for each employee operating the system can be configured as per business preferences.
3. Automating billing and Invoicing:Bill flow will be automated starting from bill calculation till invoice generation. Also, for any customer notification or reminder, the process will flow as configured. For any changes made to the product allocation of a customer or product charges at any point, they will be reflected in the upcoming invoice. Again, for any outstanding, adjustment or refund, the amount gets calculated accurately and can be retrieved any time.
4. Payments:One of the important aspects of a subscription billing platform is collecting payment, supporting major payment methods (cash/card/cheque/online payment, etc.). Again, to avoid any loss of revenue, dunning activity plays a significant role. The automated process can help to communicate with the customers before the due date of payment collection.
5. Flexibility for application extensions:A capability of the billing platform is not just limited to billing operations but also the ability to scale with business requirements. A complete rip-n-replace mechanism can affect the entire billing operation. On the other hand, disruptions are inevitable, and businesses should not sacrifice their future capabilities. A zero-coding-based application integration simplifies the extension of software capability without the intervention of any middleman. So, that businesses can react fast to meet any disruption.
6. Customer communication:The subscription business is more challenging especially when it comes to customer retention. Customers are key to business, and therefore the growth of a business depends upon how effectively they can interact with their customers. The benefit of knowing when what and how to communicate creates a brand perception and therefore communicating with customers by the medium they want, acts as the key to customer retention.
Get everything from our platform Truebyl:
Truebyl meets the demand of today’s business by providing an easy-to-use, subscription billing platform with all standard features. Truebyl can manage a huge number of subscribers with its cloud facility. Using this solution, you will have the self-service capabilities to onboard and registers your end subscribers. Our solution is not just limited to core billing, but also provide benefit to scale application capability and enhance customer communication. Whether you are an SME or a giant enterprise, our solutions can fit into your business desire.
Take your business to next level with Truebyl.