How to resolve these 10 Common Recurring Billing Challenges?

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How to resolve these 10 Common Recurring Billing
Challenges?
Is managing SaaS customers becoming a pain for
you? Is your billing system able to integrate
management, communication, and payments from a
single dashboard? Managing subscriptions is one
of the most time consuming and terrifying tasks
for businesses. A subscription-based business
requires you to manage a big client database,
billings and most importantly keep in mind the
exact dates that you have to renew the plans
on. Web 2.0 startups and businesses dealing with
recurrent subscriptions face a number of
challenges such as billing users, maintaining
subscriptions records, messaging customers,
supporting users from different territories,
among others.
Recurring billing businesses should look for an
online subscription software that is able to
cure their major challenges listed below
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1. Managing Customers
With a subscription billing business, you have a
large number of customer base to cater to.
Managing each of your UNIQUE customers on paper
is not feasible. It will never come up to remind
you of your dues and dates. Paper are prone to
theft, loss and many other unfortunate
circumstances. A company needs an effective
recurring billing software that is able to
automate to keep its head out of piles of
unwanted papers. An effective software allows you
to track and record customers from the day they
sign in. A recurring billing system that offers
an effective way of categorizing sign-ups,
activations, trials, upgrades, and downgrades
will go a long way in improving the efficiency
of a company.
2. Managing Billing Frequency
Your business is never aimed to stay stagnant,
growth is its ultimate aim. Make sure you choose
the best recurring billing software that is able
to manage payments, clients and user base at any
frequency. Software should be able to handle
payments on monthly, quarterly, semi-annually,
annually or as required by the company.
3. Automated invoicing
While having potentially thousands of customers,
their management can be a headache. The
situation tends to get messed up when you have no
streamlined process of the management. The piles
lying all over do not benefit rather add to your
hassle of bookkeeping. To solve this, an
auto-billing software can act as your aid to
efficient billing. It will help you send
automatic recurring bills on the set date, remind
your customers for payments
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(If any, dues) and even manage clients records
and reports. Easily generate reports with
INVOICERA, the best recurring billing software
and never miss to bill your clients.
4. Security of Payments
Security of payments is a mutual concern for
both, you and your customers. An available
software that is encrypted with a high level of
security is a must when you are dealing with
clients and payments online. With the increase
in transactions online, the probability of
cybercrime has also risen. The top subscription
billing software like Invoicera offers 2-factor
authentication to make sure your transactions
are end-to-end secure.
5. Management of Price Plans
SaaS companies are likely to have different plans
based on each distinguishing feature. It is
always beneficial for a business to have a
distinguished price plan. It makes services
affordable for customers and profitable, at the
same time, for you. Multiple tiers of pricing
plan, therefore, may be inevitable and to manage
the complexity, you need easy-to-use top
recurring billing software that can help you make
pricing changes with ease.
6. Failed transactions management
With recurring transactions, failed transactions
rise too. A system should inform its clients
about the failed transactions automatically to
save time. With hundreds and thousands of
clients subscribing to your services it will
become difficult for a business to manually
track each transaction.
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Recognizing failed transactions and proving a way
to automatically inform users of them helps to
save time and makes a business more efficient. On
the backend, you should be able to track the
number of invalid payments. Get a billing system
that will do the hard work for you and let you
concentrate on your core business of providing
awesome products or services.
7. Discounts and promotions
Each business, whether, online or offline,
service or product, sales or subscription offers
discounts or promotions as a part of their
activity to grow their business. A subscription
billing software that lets you create, manage and
track discounts and promotions for your services
can help you get new signups and upgrades, and
thus improve your revenues. Having an all-in-one
system that can help you track the number of
discounts redeemed and new signups is important
in helping you track the performance of your
company and make sense of the user numbers.
8. The right customer messaging
The sizable amount of users attached to your
business can make handling customer
communication and messaging difficult. Your
recurring billing system should have the in-built
capability to identify invalid or errors in user
transactions and send a message to the users.
9. Multi-currency and multi-language support
If youre the one working online, boundaries
dont hold much importance for you. Youre
eligible to get customers from any part of the
world. And in this scenario, it is important for
you to have access to every language and
currency. Choose a software that support
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multi currencies and languages to easily let you
create invoices, communicate and receive
payments without any barriers.
10. Payment gateways support and shopping carts
integration
The best subscription billing software should be
able to integrate you with multiple payment
gateways, in order to receive payments without
any hassle from any part of the
world. Invoicera supports more than 30 online
payment gateways to let you receive payments
from all around the world, in any currency with
just a simple click.
CONCLUSION
A subscription billing system has several
advantages over the conventional payment system.
There are several benefits which can be enjoyed
implementing a subscription billing into its
website. The system helps companies in
flourishing their business of subscriptions and
recurring payments. INVOICERA RECURRING
BILLINGSUBSCRIPTION BILLING SOFTWARE
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A powerful recurring billing software like
Invoicera helps you in overcoming all of your
subscription billing challenges. It helps you in
improving your business productivity as well as
client retention in a big way.