If you’re running a subscription business, you are no stranger to these questions,
And chances are you might be looking for a solution to end this, once and for all! If that’s true - Kudos, you’ve come to the right place.
Here’s a quick rundown of all the key questions and answers that’ll help you find the right solution,
What is Recurring Billing Software?
A recurring billing software enables businesses to automate repetitive tasks like billing and invoicing. This mode of billing is typically used by companies following a subscription-based model where the customer pays a monthly or yearly fee to use the product or service. Eg., Slack, Netflix, Dollar Shave Club, etc
Why should you use Recurring Billing software?
Level up your Billing Ops Efficiency
By automating your billing operations, leaving tax calculations to the software, you can take back the time spent on mundane and repetitive tasks of manual billing or reporting.
Reduce Revenue Leakage
With automated invoicing, accepting recurring payments 24/7 through multiple methods like credit cards, ACH, missed or late payments will become a thing of the past.
Improve Revenue Recovery
Losing revenue to soft errors, card expiration (involuntary churn) is the last thing you want. With automated email triggers and smart payment retries (dunning management), retain your customers and recover revenue that’s rightfully yours.
Increase Customer Retention
With inbuilt capabilities like coupon management, prorated billing, variable billing cycles, multiple payment methods - customer experience is baked even in your billing process.
What should you expect from an ideal Recurring Billing Software?
Simplicity and Complexity
Best of Both Worlds
From providing a simple and seamless payment experience for customers to handling complex tax calculations, prorations, varying billing cycles and more, an ideal recurring billing software should walk the fine line of balancing both complexity and simplicity.
Should cater to David and Goliath
A recurring billing software is an integral part of your revenue workflow. As you grow, change in processes and tools are inevitable. So, the ideal recurring billing software should be flexible and strong enough to support your needs for today, tomorrow and until the end of time…
Security & Compliance
Being the Silent Guardian
New compliances like PSD2 / SCA pop up every other year, the best recurring billing solution easily adapts to this ever-changing land of compliances. Being SOC-1, SOC-2 and PCI compliant is the least any recurring billing software must possess to ensure your data security.
Essential features to look for in a Recurring Billing Software
Custom Billing Logic
Bill yearly, monthly or for any period — even days. Charge your customers based on usage, if your pricing strategy asks for it. Choose to renew billing cycles based on the date customers signed up on, or bill all customers on a specific date.
Robust Invoicing System
Invoice customers - for offline or online payments - with detailed line items, tax details, and a customized look-and-feel. Apply credits, create a credit note, apply excess payment, remove payment, record a refund, write off or void an invoice. Give customers the option to bring all their charges across multiple subscriptions, add-ons into a single invoice, on a single date with Consolidated Invoices.
Organize your subscriptions with account hierarchies. Model entire customer org charts into logical parent-child relationships and set billing preferences within them. Configure any combination of who to bill, and whom to invoice anywhere in the hierarchy.
Dunning Management System
Missing out on payments is just as frustrating to your customers as it is to you. As much as 10 percent of your recurring revenue may be at the risk of a payment failure. The reason? An expired credit card, network downtime or insufficient fund. Smart Dunning helps you recover potentially lost revenue on autopilot.
All-in-One Subscription Revenue Operations Suite
From lead to ledger - Chargebee’s feature set spans much wider than just Recurring Billing. You also get dedicated subscription management system, revenue recognition engine and revenue operations suite literally for the same price bundled together.
Leader of the Pack
There’s no review that’s more authentic than the one that comes from your regular users. According to G2, users rate Chargebee as the #1 solution for recurring billing (for 5th time in a row)
24 x 7 Customer Support
Our customers should do what they do best and not worry about their billing. With our 24x7 customer support - we make sure that none of our customers feel stranded.
Being PCI, SOC-1, SOC-2, ISO compliant, Chargebee provides state-of-the-art security for your transactions.