Your subscription-based business is booming and you are ready to scale. Yet you have concerns about how this could affect your recurring billing management.
You may be wondering: can your current system handle an increasing number of transactions? Will you have trouble dealing with different currencies in foreign markets, should you wish to venture out into international waters? And what about pricing? And all the new products?
Grow your business — not your billing workload
Your efforts should lie with developing top-notch products and growing your business, not with dealing with manually handled billing that keeps growing in complexity (and the number of spreadsheets).
If you want to scale, perhaps even compete with the most prominent players in your field, your best bet is to eliminate manual work with recurring billing automation. Increasing your offering, implementing a new pricing model, introducing new payment methods - all of it can be taken care of by a dedicated recurring billing and subscription management platform.
We will let you in on 3 significant ways recurring billing automation can be a game-changer for your business.
1) Scale while remaining flexible and agile
Today customers are spoiled with choices. You might have the best price or product, but none of it matters if you cannot provide a frictionless purchasing experience. As you scale and the pressure on your systems increases, this can become a real problem.
In other words, it is the product that makes customers happy, but it is the tech around it that can make them really unhappy. This could be, for example, when customers’ payment method fails, they are invoiced wrong and charged for the whole month while only using your service for 10 days.
You do not need to worry about any of the above if you have corresponding processes automated. A dedicated recurring billing platform can take care of this; it will manage the entire customer cycle for you.
Hurdle-free scalability is the number one reason why it is worth investing in recurring billing and subscription management software. A good solution will scale together with your business as you enter new markets, introduce new products or new pricing models.
That way, recurring billing automation will allow your company to retain its agility and flexibility, helping you stay ahead of your competition.
2) Master payments and reduce churn rate
Mastering recurring billing is a crucial part of running a successful subscription business. Because if you get it wrong - you risk losing customers.
Customers can be billed under different rules or schedules, either weekly, monthly, or annually, at the beginning or end of the month. Different customers also require different payment methods or pay in foreign currencies if your business is crossing borders.
Here is how recurring billing software can become a lifesaver:
Proration. Customers upgrading or downgrading their plan mid-billing period will no longer be an issue. Automated billing software can ensure that customers pay precisely what they should.
Dunning. No more customers will leave because their payment method failed. A good recurring billing and subscription management software will automatically inform customers that their card is about to expire or retry failed payments.
Reduced churn rate. Since recurring billing software automatically monitors the health of payment methods, this helps prevent involuntary churn when, for example, a customer’s payment method fails or other issues arise.
Invoicing. No more manual invoicing with the headache of making sure to charge the correct amount at the right time. It is also a branding opportunity as, for example, with Upodi, you can have customized invoices that reflect your brand identity.
Payment methods. A platform like Upodi collaborates with close to 50 payment providers, and the list keeps growing. Plus, it complies with all the necessary international regulations such as GDPR or PCI.
3) Save time and money, reduce manual labor and errors
Oftentimes company growth means adding complexity to your tech stack. Subscriptions typically have multiple plans topped with various coupons or add-ons, currencies, and billing frequencies. It is an intricate process that gets progressively more intricate as you scale.
More complexity requires more resources. You suddenly need more tools, integrations, and employees to handle payments, subscription bookkeeping, and subscription management, among others.
Have all that automated with a recurring billing and subscription management platform, like Upodi. You will no longer need to hire employees to deal with invoices or process payments. This will also eliminate the number of human errors.
Automated payments also cut down processing fees and guarantee a steady revenue stream. This leads to more accurate financial forecasting and an opportunity to predict company growth accurately.
Scale your subscription business with Upodi
Embrace automation and gain a competitive edge in your industry. With Upodi, you will get a reliable billing engine with seamless integrations with leading financial and accounting solutions. We focus on managing your recurring billing and subscriptions while you focus on growing your business.
If you are ready to discover how recurring billing automation can benefit your business, then get in touch, we’d be happy to talk.