Factors to Consider when Choosing Best Billing and Invoicing Software

It may seem like a simple and easy choice to take but the wrong selection of Subscription Management system can cost heavily for the employees, the company and the customers. That’s why it is so important to speak with a product specialist before finalizing the decision for best subscription management software 2019 and implementing the system. We have put together some tips that can aid in your decision-making process.

• Start with a plan

At this stage it is not easy to predict all the changes that will happen when faced with customers in real-time. Having said that you can still start with something such as the pricing strategies. What are the different pricing strategies that are required given competition, international pricing, bundled pricing etc.

• Margin for zero error

When a customer gets charged incorrectly or isn’t provided enough details, it can be a major cause of customer dissatisfaction and churn. Best Billing and Invoicing Software is designed to ensure that you are charging the correct amount to the specific person against a given time. Spreadsheet-based billing were quite popular at one point in time but are now fast becoming obsolete.

• Provide correct information

The company is responsible for making sure that the website and invoicing systems are updated on a regular basis. A complete Q & A should be provided. Customer expectations are always rising and you need to stay vigilant. When you fail to meet the customer’s expectations, then you are on your way to losing a customer. When it comes to recurring pricing, make sure to include the following points: subscription charges, set-up fees, activation fees etc. Mention precisely whether the company will charge in advance or at the end of the month.

• Be gracious in handling credit card declines

Don’t be quick to black-list a long-term client when the credit card changes or the card expires. The right way to go about is to send a warning and impose a penalty. By setting grace periods the customers will stay on their feet.

• Give prompt answers to all questions

When customers have to keep nudging for help is when you need to panic. If they are not satisfied immediately, they could very well leave. A customer self-service portal should be available where customer agents and sales team make all the adjustments, credits, discounts, charges and refunds.

Stay on top of Subscription Analytics and Reporting

Best subscription management software 2019 has powerful analytic features which allows you to get a deeper insight into your customer’s behavior and develop a better understanding of the health of your business. You ought to give particular attention to churn rate, acquisition costs, usage etc. When the report is integrated into a cloud system the data is easy to share throughout the organization.
Technology is evolving fast and so are the dynamic of the workplace. Companies will only survive once they stay vigilant and are quick to adapt to customer’s changing needs. The billing platform of any SaaS company will either make or break the business.