For any organisation or business, a billing software is a hub of a subscription wheel with its wheel spokes such as the billing, invoicing, payment processing, fraud management and so on, all keeping the wheel together and spinning in the right direction. This ensures that your business can effectively climb the mountain of growth.
Understanding What Subscription Billing Is
It is the process of billing customers for their subscriptions on a timely basis. This could be a weekly, monthly or an annual plan. Subscription billing trickles down to:
- Who needs to be billed?
- How much is it that they must be billed?
- When do they need to be billed?
- How the subscription data can be taken back for accounting and analytics
- What services or products do they need to be billed for?
- In what way can the payment be collected?
Understanding What Recurring Billing Is
As opposed to the one-time billing, this is a way in which customers are billed on a recurring basis. This means monthly music application such iTunes, Spotify or magazines subscriptions to CRM solutions are all included in this model.
The Need for One
That does seem like a mouthful, but from what you may have guessed all of this goes hand in hand; with the help of subscription management. This includes the management of your subscribers and the preferences of the services that they choose from you. A software billing will store the product catalogues, the product and service prices, history of transaction, billing cycles and any other misc. features.
Without a good subscription billing management software, things could easily get overwhelming and you will find yourself cluttered and confused.
What Does A Subscription Billing Software Do?
It allows the streamlining of the billing process, and giving you the ability to better understand, service and meet the needs of your customers.
Also another way to put it would be simply collecting payments from your clients/ customers by means of a range of easy and flexible payment options which include credit card, debit cards, PayPal, Wire transfer, checks, amazon payments or even cash. Apart from this, it is a way to automate and manage the operational side of subscription, billing and its management.
Most of the subscription billing softwares are cloud based business management software, and can be accessed anywhere on the go; that too in a secure manner. Researching the needs of your company and zeroing on the billing software that fits well will yield you the best company management software for subscription billing, for your business.