A subscription-based billing system can reduce costs and save time for companies that sell online services. Such a billing system is designed specifically for generating revenues under a subscription model by selling online products. It is preferable for a start-up business that wants to market its products quickly and at a lower cost.
If you are still relying on a generic payment system, it’s time now to opt for a subscription-based billing system to witness a significant jump in your business. Here is a list of benefits that a business can enjoy by implementing a subscription-based billing system into its website.
A subscription billing system can have several advantages over a conventional payment system, and here are top 10 advantages that you can never ignore.
1. Time Saving
A ready-to-go payment system saves your time in marketing your products and increasing your revenue. You can quickly up your products for selling and can create a sustainable business model.
2. Lower Cost
Using a subscription billing software proves much cost-effective than building your own system. It saves your start-up costs and allows you to reach markets in an affordable manner. The generic payment systems often fail to provide such type of cost benefits.
3. A Secure System
4. A Flexible System
With a well-documented API, a subscription billing software is always more flexible to offer a seamless experience to the users. It helps create a robust system where everything is better conceived for an improved performance.
5. Free From PCI Compliance
For processing credit card payments, you need to have PCI compliant software for the purpose. However, getting PCI certification has its own complications and requires both time and money. When you incorporate a subscription-based billing system, you need not bother about getting PCI compliance separately.
6. Multiple Payment Gateways
A subscription-based billing system brings you a considerable number of online payment gateway choices to choose from. This brings you the flexibility of choosing the best and the most affordable payment systems. You can save transaction costs by choosing payment gateways that offer you lower rates. Moreover, with more than one payment gateway on your site, you can offer better choices to your customers.
7. Robust Reporting
In a subscription billing software, you will have an instant access to real-time reports. This feature often lacks in generic payment systems. The reports can provide you with key information, like members registered daily, revenues generated every day, outstanding accounts etc. You can use these key data to customize reports and can integrate it into your website. It will save you from the hassles of manual reporting.
8. Flexible Billing
You can have a complete control on the billing cycles and can provide your customers with a flexible billing option. The billing system is designed to enhance your billing flexibility to help optimize your scalability.
9. Automation of Sales process
You can better streamline your sales process with the automation features of a subscription-based billing system. The system can be used for sending notifications and receipts and can also automatically send notifications for failed payments. All these features make the sales process more efficient and save you from several types of hassles.
10. Implementation of Promotional Offers
There are several kinds of promotional offers, such as free trial and discounts that can greatly help flourish your online subscription business. A subscription billing software allows you to easily and quickly implement trial offers, discount offers, upgrades or downgrades of plans etc. promotions to enhance your marketing efforts.
The advantages mentioned above clearly indicate how a subscription-based billing system can help companies in flourishing their business of subscriptions and recurring payments.
To sum up, the benefits of recurring billing to online or business’s that changes its customers on a monthly or quarterly basis is manifold. Invoicera, the online subscription billing software helps businesses to automate and manage recurring subscriptions generated on a regular basis.