From sandwiches to expensive jewelry, we are seeing so many industries making the shift to subscriptions. In fact, in the past few years, the subscription model has become significantly popular across all kinds of segments and markets.
The cliché excel sheet tracking your 50 major customers does not work anymore. Now that your online business must have multiple plans and products, you must think about all the upgrades, pausing, and reactivating subscriptions across hundreds and thousands of your customers. This is because as more and more businesses are shifting to the online landscape of subscription billing, it is important to unlock your potential for growth and efficiency.
An automated subscription billing enables online businesses to manage a complex subscription business efficiently, produce effortless workflow, reduce human errors, and offer the best experiences to customers. Moreover, It’s quite evident to see why the reliance on subscription billing software has become so prominent. It makes all possible products and services available with just a click away. With a robust system, you can easily manage every billing cycle to automate recurring payments, track invoices, and generate revenue reports.
In this article, we’ll be discussing the significant features of subscription billing software to help maximize your revenue potential.
What is Subscription Billing Software?
Subscription billing software lets online businesses charge their customers for services on a regular basis. It is majorly used by subscription-based businesses like cloud storage providers, online content providers, etc. It can automate the entire billing process, including customer onboarding, support management, invoicing, and revenue management.
But how can you select the perfect recurring or subscription billing software? What are its must-have features? Let’s find out.
Features of Subscription Billing Software
- Customizable Reports in a Centralized Environment
Subscriber data is important for your business’s financial health. Therefore, the subscription billing software that you invest in should be fully equipped with an extensive range of forecasting reports and recurring revenue. You must find cloud-based solutions that let you centralize these reports so that the key decision-makers can access the data they require from any device in real-time.
- Comprehensive Management
In order to remain competitive, businesses need to implement both monthly and yearly billing options. In fact, you can also experiment with different price models until you find the perfect one for your product or services. Your choice of subscription billing software should be flexible when it comes to managing subscription billing and pricing management.
- Customizable Billing Options for Unique Scenarios
Particularly when it comes to businesses that may create customer bundling for their features, the subscription billing software that you will choose must enable you to implement contracts and billing unique to your customer requirements. Some software does not offer a wide range of billing templates, so ensure that you go for the platform that allows you flexibility in pricing, no matter what your subscription billing strategy might be.
- Enables Customers to Pause or Resume their Subscription Plan Easily
Customers tend to change their subscriptions on a regular basis. This is why they need the ability to pause, resume, or upgrade their billing seamlessly in real-time. In order to offer the best services, you will need a competitive subscription billing solution that provides the smooth migration of subscription plans at the whim of your subscribers.
- Effortlessly Handles Promotions, Discounts and Coupons
Subscription-based companies frequently offer discounts, promotions, and coupons to their customers. So, the subscription billing software of your choice must manage price reductions accordingly. It is important to look for a solution that can quickly implement promotions like these so that your business does not struggle to run time-sensitive marketing campaigns down the line.
Subscription billing software is a key element, especially for subscription businesses with multiple levels of functionalities like subscription management, invoicing, billing, payment processing, etc. For a business to run smoothly, it is necessary to keep all these sectors running smoothly. This is why it is essential to choose the best subscription billing software for your online business.
Now, you may ask, where can you find the best subscription billing software? Well, if you ask us, we’d strongly suggest you to go for Razorpay. You can seamlessly grow your brand, improve profits and attract customers using UPI, domestic and international cards, and more with Razorpay.