What is Recurring Billing and Subscription Management Software?
Subscription and recurring billing software is used by businesses to facilitate the online payment process based on a subscription or recurring payment model. These solutions are used to store important client information such as credit card details and shipping addresses to automate repeated payments. They also allow for secure online payment by clients, as well as to help define pricing structures and models for subscription-based service providers.
Recurring billing software can help you to implement payment models to respond to customer needs. You can choose to take payments up-front or in stages, such as on a monthly, quarterly or annual basis. You can also combine pricing models such as one-time, recurring and usage-based billing. Many recurring billing apps will feature the ability to refund and recharge credit cards directly. They will also facilitate multi currency payments for global service providers.
Subscription software also features tools to handle coupons, special discount and refunds. They can be used to send receipts to clients and to offer free trial periods. In addition to credit card billing, these tools often offer invoice creation for larger accounts, including tax automation for more accurate price calculation.
The majority of subscription and recurring billing software also offer reporting tools to give you visibility into key metrics, providing insight on recurring revenue, days sales outstanding and customer lifetime value. Many of the apps will offer integrations with popular payment payment gateways such as PayPal as well as popular CRMs and ERPs. Security features form a key component of cloud-based subscription management solutions. Customer financial data is stored and protected through access rights and permissions.
Subscription billing software is beneficial to companies who use a recurring revenue model, these include membership and subscription service providers but are not exclusive to these. These business apps serve a range of industries and business sizes, from healthcare providers to communications and media. Many solutions offer the ability to scale along with your business, allowing you to go from managing a few subscription to multitudes.
More robust billing software will provide you with complete visibility into all your customers financial dealings with your company. They can help you find out out who your best customers are, your most profitable products and predict your company’s cash flow. They might also help you determine the right pricing strategies, create flexible pricing plans, bundles, promotions and offers. Pricing models can be easily changed to adapt to competition and market conditions.
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