Conventional billing and operations just doesn’t cut it for subscription based businesses. A Subscription based business is a completely new breed which requires its own set of metrics, management, billing and more.
Onboarding a subscription billing platform is key for any subscription business. So, how do you do it? What should you know before getting one? Let’s discuss all in detail.
What is Subscription Billing Platform?
Subscription billing software let you collect recurring payments from customers, manage subscriptions, and reconcile accounts automatically. To put it simply, Subscription Billing platform sits between your products or services and the payment gateway and lets you bill and invoice your customers the way you want in a periodic fashion.
Why should you use a Subscription Billing Platform?
Handle subscriptions with ease!
Serving customers in a subscription business can be tricky. With upgrades, cancellations, add-ons - keeping track and acting upon all these changes becomes challenging to say the least. A subscription management platform serves your customers’ ever evolving preferences at a flick of a button.
Price like a pro!
Are you overpriced or underpriced? You’ll never know your product’s worth without experimenting with pricing. Test multiple pricing options by adding, removing, bundling and grandfathering plans. Arrive at your ideal pricing sooner with a data-driven approach.
Data at your fingertips
Get intelligent dashboards with critical subscription KPIs for executive, sales, finance and marketing functions. Make use of valuable insights derived from metrics to make your data-driven decisions.
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 are some traits of an ideal Subscription Billing Platform?
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 subscription billing platform should walk the fine line of balancing both complexity and simplicity.
Should cater to David and Goliath
A subscription billing platform 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
The Silent Guardian you need & deserve…
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 Subscription Billing Platform
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.
Subscription Management Platform
Manage trials, assign credits, issue refunds, make mid-subscription changes, and allowance for unscheduled billing. Get a unified view of all subscription and customer data in one place and engage with more context. Roll out new subscription plans rapidly with flexible billing frequencies
Robust Accounting and Invoicing System
Level up your invoicing with advance invoicing capabilities such as consolidated invoicing, advance invoicing, credit notes to manage refunds, with an inbuilt global tax management module.
As for accounting, a subscription billing platform should be capable of integrating with popular accounting software, and keep your records in sync between multiple systems. This helps your finance team to generate reports more accurately and quickly without losing any precious data to manual errors.
Diversify and maximize payment collection
Processing your payments through just one payment gateway is literally setting up yourself for failure. You are potentially losing revenue from soft errors, customers who prefer different payment methods and more. Don’t let your customers think twice at checkout. Give them every option possible from Credit Cards, PayPal, Amazon Pay, Direct Debit to Offline Payments like cheques. On an average, a customer should have at least 4 different payment options.
All-in-One Subscription Revenue Operations Suite
From lead to ledger - Chargebee’s feature set spans much wider than just Subscription 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 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.