Trying to Figure Out a Great Subscription Billing Software? Consider These Points
As we have entered 2021, taking a look back in 2020 denotes how the subscription model has managed to mark it’s presence amongst people. It has resulted in a race of creating the best subscription platforms . Getting at a place of being an renowned subscription billing software is not that easy, although it is not even impossible. However, you don’t want to miss the major features that makes a great subscription billing software:
1. Product catalog:
Add promotions, promotional rules, or product changes, and it is simple to understand why both detailed and versatile solutions are requested by business owners. Managing the product catalogue of a subscription company is a dynamic challenge between one-time, ongoing, and use models .
In addition to the same, subscription companies rely on recurring revenue forecasts to fund their budgets, they need the flexibility to test new product roll-outs and improvements to pricing models safely and independently. All of this must occur without altering the active billing and accounting processes that still handle the existing models. Flexible billing tools for subscriptions makes this possible.Ultimately, subscription providers simply need payment solutions that are able to test and handle complex catalogues until made available to consumers.
Few things a robust recurring billing framework should include:
- Easily adjust pricing strategies,
- Handle deals, discounts, and vouchers
- Provide the ability to add, delete, and modify subscription items
With the widespread use of stored credit cards for recurring payments, a delicate juggling act of phrasing, pacing, and frequency is to tactfully alert consumers of failed payments. This is done with ease by extensive subscription billing management platforms.
Any other subscription billing platforms for updates should manage well are:
- Warnings on contract expiration
- Welcome Notices/activations
- Expiration of Credit Cards
- Failed attempts at billing
This is a consumer oriented section. Invoices are the other side of the commodity catalogue management coin, on the issue of consumer correspondence. Just as a robust subscription management framework should be able to handle the different challenges posed by the catalogue of a company, it should also be able to translate distributed goods by invoicing clearly and concisely to consumers.In use- or consumption-based pricing models, this is particularly important.
Calculating fees using an internal algorithm is one thing; it will be quite another to show it clearly to a customer on an invoice. Advanced invoice design instruments are available for robust subscription management systems.A good platform can provide an organisation with different means of presenting usage data, allow for invoice changes, and include invoice corporate branding.
4. Finance management:
The significance of the role of robust recurring billing tools in finance management should not be understated. These measures are different from those used by conventional billing solutions that rely on one-time measurements such as sale price, gross revenue, and close rates. For running a recurring revenue company, knowing expected revenue and costs is crucial. Although accounting solutions are commonly built with the general ledger of double-entry, their other features fall short of the business needs of subscription.
The double-entry accounting framework is based on some subscription billing systems such as Fusebill and monitors and records the correct performance indicators.
5. Account management:
Subscription management systems are also robust subscription billing platforms.
The difference is essential, not only does the app crunch the finances, it incorporates other critical account management functions such as sign-up, activation, updates, downgrades, closings, and even re-activation.
The ability to distinguish the end-user from accounts receivable when submitting invoices is paramount in the case of business-to-business subscription providers. If an invoice is issued from the wrong person, there is a risk it will never get charged.