When it comes to turning your business into a global phenomenon, which will happen, of course, you need to remember one aspect. This one is huge. Billing software might seem like something necessary and it’s most likely on your business to-do list, but the truth is that it’s downright essential. So, put it on any list you like, on all of them for that matter, but always at the top. It’s really that important and we are not exaggerating in any way.
This discussion might work better if you just convinced yourself of this aspect and really, what better way to do that other than with strong arguments? Luckily, we have them and we are more than ready to share them with you. So, here goes nothing.
What exactly is subscription billing software?
In order to have a successful business, you need to start cashing in. To accomplish this goal you need a system that permits you to send out bills. Yes, you’ve guessed it, billing software. A customer will receive access to your software after a payment has been made. To prove that a payment has been made and of course, in order for the client to make the payment in the first place, an invoice is required. Thus, usually, billing software are interconnected with invoicing.
As you can imagine, billing software can be easily found in various industries, being of course customized according to the needs of the companies using them. When talking about subscriptions, things can get rather complicated. It’s not because subscriptions might not be a good idea, quite the opposite actually. As subscriptions got more and more popular, a need for a more complex environment to satisfy the requests customers might have had appeared. Just to mention a few, you have different pricing plans, offers, promotions, trials, even activating or canceling a subscription. These all have to be covered by dedicated billing software.
And that’s how the software billing software was born, being prepared ( more or less, depending on the partner of your choice) to handle all sorts of situations. And, a spoiler for the future, things might get even more complicated. While we cannot read the future, we have a good eye for trends. And our opinion is that as time goes by, subscriptions are only getting stronger. Since they are here to stay, it’s only natural to expect that the level of complexity in terms customer needs will increase as well.
Coming back to the real issue at hand here, subscription billing software should be and usually are pretty complicated. But these complications bring on various benefits and these actually explain why you need the software so much.
Why do we need subscription billing software?
# It’s mandatory.
The rather obvious reason and the most important one of all is that you need subscription billing software because you cannot do without it otherwise. Without effective, highly functional and trustworthy billing software, your company cannot exist, function and clearly, it cannot grow and benefit. So, to put it bluntly, you need it, because you cannot do without.
# It’s suitable for handling pricing models/plans
The idea of a subscription is that it makes the shopping experience of your customer much more flexible. Plus, this pricing model has proven highly effective when offering your audience a larger number of plans. It’s good for your audience, as well as for you, as you can bonkers about testing. In the absence of dedicated subscription billing software, you might find yourself in a bit of a pickle when it comes to handling all these different billing scenarios. It’s good for business to have diversity and it’s imperative for your company to have a highly functional billing software system that can handle this newly found complexity.
# It’s your goal to grow. Globally.
Growing online, at a global level, going far beyond borders, is a goal all developer have on their maps. In some cases, one of the things that stand between them and their accomplishments is the use of unsuitable billing software. An effective system will be able to accept various payment methods. The direction is globalization and you have to obtain it culturally, politically and financially of course.
It’s true that payment gateways function in terms of handling recurring payments. But subscription billing software accepts alternate payment methods, which is a huge deal. Plus, it’s the same thing with various promotions subscription holders might be enjoying, which are other perks of this ever-growing subscription business.
# It’s better to have it than go without.
An effective subscription billing software system will help you reduce churn and most importantly, recover lost payments, caused by declined card payments. Instead of having to make all the checkups manually, you can use your subscription billing software and let it run. It will watch over your customer relationships, keeping track of all payment and informing customers about them.