Recurring billing software is not only convenient for your customers but also for your business. If you have not adopted recurring billing software for your subscription business, you miss a lot on high growth and profitability. The benefits of using recurring billing software are; it saves time, reduces errors, high customer retention, and cost reductions.
The recurring billing software should offer your robust business features to facilitate easy and quick business operations due to the ever-changing market needs. The following are the main features you should look for in recurring billing software?
- Dunning Management
With a dunning management system, you will not need to chase after the payments. The system enables you to recover failed payments through retries automatically. Payment failure results from expired cards, hard and generic declines, insufficient money, or fraudulent tickets. Critical features of dunning management are:
- Online Dunning- Online dunning is applicable for payments conducted through credit cards or other electronic means. If a payment fails, the system will try to recollect the payment and notify the customer through the email about the payment failure.
- Offline Dunning- applicable where you accept cash or cheque payments. It reminds the customers of a future payment or missed payments.
- Invoicing
Another essential feature you must put into consideration is the advanced invoicing. Ensure the invoicing system can handle basics such as contact information, line items, subtotal, and total. Additionally, it should provide customers their past invoicing history; remind them of upcoming and missed payments. Additional features you should look for in the invoicing system are;
- Taxes– The recurring billing system must include all the tax information, even for customers in different countries.
- Localization– The invoice should be presented to your customers in their preferred language.
- Proration– It should be able to indicate where a customer has upgraded or downgraded a plan.
- Third-Part Integrations
Although it is not part of the billing, comprehensive recurring software should have third-party integrations. Different departments of your business require this information necessary to perform other tasks. Having the third in recurring billing software saves you time and effort in creating and looking for this information in different dashboards. The feature must have:
- Customer care– integration with customer support enables you to access customer information with every matching ticket.
- Sales- The billing integration system stores the customers’ transaction history and details and readily avails them when needed.
- Report Analysis– Integration should provide automated metrics reports and analytics of your subscriptions and revenue.
- Accounting– Consider billing software with integrations that can transfer all your accounting details from the billing software to accounting software.
- Email Marketing– Syncing emails manually for marketing campaigns is tedious and time-consuming. Having in billing software makes it easier for you to retrieve customer information for email marketing campaigns.
Conclusion
A comprehensive recurring billing system should provide features that make payment easier for the customers and your business. The needs of your customers and your business keep changing, so a need to have software that will enable you to adapt to these changes quickly.