Eye for 3x More Client Retention with Online Subscription Billingby Harshita Joshi Digital Marketing Enthusiast
A business runs on relationships, models, and approaches combining together to successfully help it achieve the goals laid in objectives. These foundations in business are the plans that are laid well before on which a business will work to thrive.
Most importantly a business runs on clients. Regular client communications are the key to keep going. Managing clients is always a challenge for companies. One intentional or unintentional wrong move can shatter your entire consumer base.
But client management is tedious, time-consuming, and demanding. A lot of manpower gets invested in simply managing clients. There can be a one-stop solution for you. Keep on reading.
Willing to avoid the hassle of time-consuming and inefficient manual billing? Want to retain more clients? You should! Because 65% of a company’s business comes from existing customers. Then, automate with a subscription billing software.
A healthy and long-term relationship with a client can result in business growth. And one of the best ways to maintain this long-term relationship is- Subscription billing.
Subscription billing can be done in two ways. Either it can be done manually, or it can be done using automated billing software.
Manual subscription billing is tiring and time-consuming. So, Enterprises mostly prefer automated subscription billing software to create and send invoices at regular intervals.
Problem Areas That are Easily Tackled with the Help of Subscription Billing
● A subscription billing system helps you to avoid the issue of broken service. You get continuous service and easy billing that comes to you through emails. Moreover, in subscription-based services, there are comparatively more chances of discount and money-saving. Suppose you have a superior product or service, but still nobody is buying it. How can you solve this issue in the first place? It is simple! Create some affordable options in the form of subscription billing. You have the complete freedom of providing your product with a onetime option. It will help your customers to pay a little upfront money.
● You can provide various subscription-based payment options for your customers. These options significantly impact front costs and make it more probable for your customers to try your service and become a long-term customer.
● Subscription billing also provides more chances for customer retention. When you offer various subscription-based payment options for your customers, in a way, you are allowing them the freedom to choose how they pay for. And it has a significant impact on the customer’s mind.
● Customers more probably stay as loyal customers for your business for years. When you provide your service for a reasonable subscription amount with the added advantage of autopay, customers more probably like using the service or the product.
Moreover, customers prefer continuing a subscription-based service compared to moving towards canceling this service and shifting to another service.
When you provide your service or product as a one-time payment, It is not flexible enough. So, in such cases, chances of flexibility are missing. Furthermore, we can say that subscription billing allows for real flexibility.
An Automated Subscription Billing Software Provides Various Benefits:
● Efficient invoicing
● Complete control with self-hosted solutions
● Automated payment system
● A single invoicing portal for all the businesses
● Complete B2B communication
● Manages time as well as Employee productivity
● Data Security and it's back up.
So, recurring billing software is crucial for the growth of any business. There are various invoicing software that are available in the market. But a few of them provide affordable subscription options.
To, make your pick easy for an online subscription billing software, here we have listed down some of the top recurring billing software available in the market today:
Best Subscription Billing Tools You Must Dig in 2021
The online subscription billing software like Freshbooks provides fast and efficient subscription management for businesses of all sizes and shapes. It automates the complex business procedures such as invoicing, payments, upgrading/downgrading customers and allows customers to focus on the profits. Another perk of Freshbooks, it supports auto-processing by the recurring billing system to collect monthly fees. Auto-pilot mode is one of the key advantages of Freshbooks. Besides this, it also includes the ability to submit receipts using your mobile phone's camera.
● Free plan: Yes for initial 30 days
● Paid plans: Lite – $15/month Bill up to 5 active clients
● Plus – $25/month Bill up to 50 active clients
● Pricing model: Premium
Invoicera, the most popular custom invoice software that provides many services such as automation of routing payments that automatically allows recurring payments on time. You can easily manage a large number of outstanding payments. The recurring billing system provides much-needed flexibility to the customers. They have the option of being invoiced weekly/monthly/quarterly and so on. Also, manage discounts on the basis of the annual billing plan. It helps in improving business gains and client retention in a big way. The subscription billing software provides improvements in business revenue along with payments, hence improving the ROI of resources being deployed.
● Free plan: Take 15 days free trial for unlimited access to Invoicera, if you don't subscribe then it will automatically downgrade to forever free plan.
● Pricing Model: Premium, Subscription
QuickBooks extended to Quickbooks online lets you simply start online accounting application for small and medium-sized businesses can track income and expenses, advanced reporting options, and more. With online subscription billing software, all the details are automatically fed into the system, and invoices sent at the pre-scheduled dates - monthly, weekly, or desired.
One does not have to worry about the follow-ups, subscription billing software improves the overall payment cycles in business. The features associated with recurring billing software, like automatic late fee payment reminders help you get paid easily. It offers an intuitive and user-friendly interface for more flexible and time-efficient invoice creation, expense tracking, and accounting experiences. It is the most recognizable invoicing solution that offers automation of billing processes with recurring billing transactions. Also, the mobile app helps you to see customer balance, review your transaction and mark invoices as paid.
● Free plan: Start with a free 30-day trial.
● Pricing Model: Subscription
A harvest is an awesome tool that gives you fast online invoicing, simple time tracking, recurring billing, and powerful reporting software helps you understand how your business is distributing its time across projects, tasks, and employees. It helps you manage both billable and non-billable expenses across multiple projects, multi-currency support, recurring transactions and also tracks outstanding, late, paid invoices effortlessly. You will have the ability to assign employees and contractors to projects and track their progress against budgeted hours in real-time.
● Free plan:30-day free trial
● Pricing Model: Each plan has a specific number of users allowed: Solo ($12 per month)
● Basic ($49 per month)
● Business ($99 per month)
ZOHO subscription is one-stop recurring billing software. Zoho allows its customers to manage all its subscriptions on the pre scheduled dates- monthly, yearly, or weekly basis. With right subscription billing software, companies can accomplish multiple tasks in billing and generate bills in no time for faster payments. It is the well-integrated software that offers open API to ensure and blend easily in software architecture. Also, ZOHO free online invoicing software with recurring billing software allows you to automate your billing, send branded invoices, run real-time reports, and collaborate with team members, track time, and more.
● Free Plan: Forever free plan for businesses with less than 5 customers
● Pricing Model: Freemium, Subscription
Subscription billing software is the demand of the time in today's business scenario. It helps you automatically manage all your business billing needs and unburden you from some of the recurring loads. Managing daily subscription is a profitable business but a time consuming too. Scheduling every recurring invoice with recurring billing software cuts down your extra work to half, giving you time to follow up on your other important activities.
The above-mentioned list is curated on the basis of our research with all the top subscription billing software in the market and is open to your additions too. Feel free to let us know in the comment section below about your experience with the above recurring billing system or the ones you prefer using. We will make sure to add and increase this list of top online subscription software.
Created on Nov 9th 2020 01:13. Viewed 381 times.