Subscription billing provides your customers with your product or service, in exchange for recurring payments and ongoing business revenue. This helps you to build long-term relationships with your established customer base, generate reliable cash-flow, and position your business for long-term growth.
However, these benefits are only just the beginning.
Implementing subscription billing can be advantageous across many areas of the business; from its ability to eliminate arduous manual invoicing right through to the auto-rebill functions on offer for failed payments. Subscription billing services offer multiple bells and whistles that can automate many of your business processes so you can focus on what you do best.
How to implement subscription billing in your business
As with all changes, it can be a challenge to disrupt your current momentum to implement something new. So, here are five features that your subscription billing service should include that will smoothen the transition and encourage you to take the leap.
- Go cloud-based.
Finding a solution that stores all your data in the cloud makes your files conveniently accessible for you and your team anywhere, at any time. Additionally, it gives your customers the opportunity to self-serve and update their account and payment details on the go.
Additionally, cloud based technology offers you more security options when it comes to protecting your data. With the right payment provider, you can move away from paper-based manual processes or onsite storage where tampering or loss of sensitive or confidential documents can occur, and replace it with backed-up, secure alternatives on the cloud which allow better control and security.
- Straight imports.
Manually feeding data into your new system is tedious and inefficient. Instead, select a platform that allows you to simply import all of your current customer database via a simple CSV file, saving you time and effort.
Your new solution should accommodate your business’ needs and offer a variety of payment plan options so you can bill your customers any day of the week at different rates through a variety of payment methods. Moreover, options should be available to ensure your business receives its money at a convenient time of the week or month to ensure steady cash-flow.
- Ways to enhance your service.
Your subscription billing service should work alongside your current operational processes to help improve them. For example, the ability to sign up customers anytime, on any device, with online sign-up forms which feature your branding will significantly help your sales team, while providing a superior customer experience.
- Automation capabilities.
To help improve your subscription processes and ease the burden of recurring payment processing on your team, your subscription billing service should get you automated, so that some of the repetitive and manual tasks can be completely eliminated. Furthermore, automatic failed payment handling can keep you free of arduous debt collection too.
The Ezypay platform is an example of a subscription billing service which offers these five features to help you and your team transition over.
Not sure where to start in rolling out an automated subscription billing service?
Read about the key considerations to be made when implementing an automated billing solution with our series of free Subscription Billing for Small Business Checklists, to help you prepare for and roll-out subscription billing successfully in your business.