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 are missing out on opportunities for high growth and profitability. The benefits of using recurring billing software are: it saves time, reduces errors, improves customer retention, and lowers costs.
The recurring billing software you choose should offer robust business features to facilitate easy and quick business operations in line with the ever-changing market needs.
The following are the main features you should look for in recurring billing software.
1 – Dunning Management
With an efficient dunning management system, you will not need to chase after your customers’ payments. The system enables you to recover failed payments through automatic card retries. Payment failure results from expired cards, hard and generic declines, insufficient money, or fraudulent tickets.
Different dunning management features include:
- 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 email about the payment failure.
- Offline Dunning-Offline dunning is applicable where you accept cash or cheque payments. It reminds customers of future payments or missed payments.
2 – 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. It should also provide customers their past invoicing history and remind them of upcoming and missed payments.
Additional features you should look for in the invoicing system are:
- Taxes– The recurring billing system must manage all the tax information, even for customers in different countries.
- Localization– Invoices should be presented to your customers in their preferred language.
- Proration– Invoices should be able to indicate where a customer has upgraded or downgraded a plan.
3 – Third-Party Integrations
Although it is not part of the billing, comprehensive software should have third-party integrations. Different departments of your business require detailed information related to your customer accounts to perform other tasks. Having third party integrations to your recurring billing software saves your team members time and effort in creating and looking for this information in different dashboards. Must-have integrations include:
- Customer care – integration with customer support enables you to access customer information with every matching ticket.
- Sales – The billing integration system stores customers’ transaction history and details and readily avails them when needed.
- 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. Billing software makes it easier for you to retrieve customer information for email marketing campaigns.
Comprehensive recurring automated billing software should provide features that make payment easier for your customers and your business. The needs of your customers and your business keep changing, so you need to have software that will enable you to adapt to these changes quickly.