Retaining customers is something every business strives for and having a significant base of subscribers lets you know that your business has loyal customers that you can rely on for continued profitability. Managing customer subscriptions on your own can get difficult, especially as your company grows. Recurring billing software is one of the greatest tools available to you for managing subscriptions and payments from your customers.
The right recurring billing software will not only save you money. By completing invoicing tasks digitally, you can save on materials like paper, ink, and postage stamps. Allowing your customers to pay electronically means less checks, too! Reduced paper usage makes your business processes more environmentally-friendly. Paying employees to send invoices and process payments can become a thing of the past. The software’s automated payments help you avoid processing fees, and recurring billing software provides a sturdy guarantee that you’ll get paid, and paid on time. This means a more predictable cashflow and the ability to more accurately forecast future earnings and growth for your business. Long-term financial planning is a much simpler task when you can precisely predict financial growth.
As a business owner, you have a plethora of responsibilities that you’re constantly trying to tackle, and software for the recurring billing of your customers and clients has been designed with that in mind. The software is set up to reliably keep track of subscriptions, payment information, and schedules so that it can send invoices to clients on a regular basis without having to be monitored, giving you one less manual process to be responsible for. Billing itself requires invoice generation, invoice distribution, and payment processing. With recurring billing software, all these tasks can be accomplished via an automated system. It also reduces late and missed payments, so you won’t have to spend as much time chasing customers and clients with past-due invoices. Automating this process frees up a significant amount of time for you to attend to other daily tasks, making your business more efficient and productive in the long run.
A flexible billing system is not only beneficial to you, but your customers as well. Recurring billing software with well-documented API helps to create a flexible and robust system that provides customers with a seamless experience when receiving invoices and making payments. Although not perfect for every business, there are plenty of different ways to use recurring billing software:
If you can offer your clients and customers security, you’re successfully addressing a big concern that many consumers have that has the potential to keep them from giving you their business. We all care about the security of our personal, private, and financial information, and with the use of online payments it’s hard not to worry about how secure our information truly is. Recurring billing software is built with that security in mind. It requires PCI compliance, where your business systems and networks are tested for their security, and can only be used successfully if the regular scans pass the security test. The tokenization used by your payment gateway(s) works with the software’s security measures to ensure your customers’ private information is always safe.
Consumers both young and old are loving their ability to do anything and everything online or from a mobile device. Providing a smooth interface and easy access for recurring billing for your customers makes the process much less of a hassle for them. As long as they know their information is secure, consumers much prefer setting up automated payments over the manual process of paying bills. A decreased amount of late and missed payments means less of those past-due conversations with your customers, which they’re hoping to avoid almost as much as you are! And if you can provide them with a great experience when it comes to paying for their subscriptions, they’re a lot more likely to organically promote your brand by sharing their easy and positive experience with people they know.
The software you choose should have an interface that is customer-friendly. Some additional functionality you will want to include to make receiving invoices and submitting payments smooth for customers is the ability to:
It’s also important to keep in mind that even though your billing system is automated and runs on a digital platform, there are a few challenges that come with it. Failed transactions are a possibility with recurring billing software. Whether a customer’s payment information has expired, or funds are not available, you’ll likely have to address these problem sales on a case-by-case basis. Though this isn’t a huge drawback, it still takes time away from other business tasks. Another challenge is ensuring your customers feel safe and secure giving you their payment information online. Using PCI compliance and your payment gateway’s tokenization functionality will help guarantee their information is secure but translating this to customers is sometimes difficult. Maintaining their trust that your system is secure, however, is highly important when it comes to customer retention.
AT Integrated, Inc. provides seamless recurring billing software to businesses in need. Our software is designed to benefit your business, as well as your clients and customers. We understand the importance of making your day-to-day tasks more efficient and retaining loyal customers at the same time. Contact us today to learn more about how our invoicing and payment software can better your business!