5 Must-Have Features Your Subscription Billing Platform Should Offer
Subscription management is rocking and scoring in every direction you turn around!
Indeed the majority of businesses have shifted towards recurring subscription billing from the traditional methods for a successful stint and win-win situation.
Now is the time to step back and zoom in because ‘All that glitters is not gold’. And, by choosing the right platform that offers a range of essential features, you are not just creeping toward the trend and mingling with the crowd. Rather, you can offer a seamless and hassle-free billing experience for your customers and smoothen your business curve.
Here are the 5 must-have features to streamline your billing process and improve your bottom line.
- Flexible pricing and plans
- Automated billing and invoicing
- Customizable payment options
- Robust reporting and analytics
- Scale-up Option with cloud services
1. Flexible pricing and plans
A subscription billing platform should offer flexible pricing and plans to accommodate the needs of your business and your customers. This includes the ability to offer different pricing tiers, add-ons, and discounts/promo codes.
Choose a platform that makes it simple for you to generate and monitor these options and that offers real-time updates to guarantee error-free billing. This flexibility wouldn’t just work wonders at acquiring new customers but also retaining the regular ones, while also maximizing your revenue.
2. Automated billing and invoicing
One of the most important features of a subscription billing platform is automated billing and invoicing. This means that the platform will automatically generate and send invoices to your customers regularly, based on their subscription plan.
This would also offer flexibility in billing your customer at their preferred billing interval. This not only saves you time and effort but also ensures that your customers are always up-to-date on their payments.
Choose a platform that lets you add your branding and customizable messaging to the invoices and that offers thorough billing reports for simple tracking and analysis.
3. Customizable payment options
Another important feature to look for in a subscription billing platform is customizable multiple payment options. This means that you can offer your customers a variety of payment gateways that supports multiple payment methods, such as credit card, debit card, or bank transfer, and allow them to choose the one that works best for them.
This not only improves the customer experience but also increases the likelihood of successful payments during checkout. Additionally, since payment gateways support multiple currencies and languages, your international customer base will be in for a treat.
4. Robust reporting and analytics
A subscription billing platform should offer robust reporting and analytics features to help you track and analyze your business performance. A platform that provides real-time data on key metrics such as revenue, churn rate, and customer acquisition cost enables you to analyze your revenue from multiple perspectives.
This will allow you to make informed decisions about pricing, marketing, and customer retention strategies. The platform should additionally provide configurable dashboards and reports that let you dive down into particular data points and explore trends over time.
You can optimize your subscription business for optimum growth and profitability with effective reporting and analytics tools.
5. Scale-up Option with cloud services
Your business is growing and so is your customer base, your subscription software should enable you to easily scale up. With cloud-based solutions, this is done on the fly. Cloud-based services offer various ways for scaling up, from conventional auto-scaling to highly available, redundant infrastructure.
Businesses can rapidly and effectively scale up operations as needed by utilizing these services, free from the expense and hassle of managing their hardware. The billing software with a cloud-based solution would scale your business globally with little to zero mess-ups.
About us:
MYFUNDBOX is a subscription billing platform that helps businesses handle recurring billing and revenue management operations integrated with payment processing decacorns like Stripe, GoCardless, and Mollie.
With this, customers across the world have a wide option of payment methods to choose from and also can make payments in their local currency.
In partnership with Google Cloud, MYFUNDBOX provides a single platform to enable customer-preferred payments globally.
With MYFUNDBOX subscription billing software you get all the above features fully covered. To what extent and with what ease, for this you need to check out their free trial to believe it yourself!
There are more features to be explored in my upcoming blog so stay tuned!
