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 more preferable for a start-up business that wants to market its products quickly and at a lower cost. 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 based billing system 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
In the online billing system, the security is often a matter of prime concern. A subscription based billing system is always more secure and PCI compliant to create a safe online payment environment.
4. A Flexible System
With a well-documented API, a subscription based billing system 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 to 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 based billing system, 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 based billing system 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. There could be several other benefits that a business can enjoy by implementing a subscription based billing system into its website. 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.