Boost Your Recurring Revenue in 2020

SaaS Subscription Billing Solution To Boost Your Recurring Revenue

The Coronavirus pandemic has turned the world upside down. A rapid change has been observed across the social, political, and economic systems. From the executives in the corporate sector to self-employed freelancers to a daily wager, stakeholders all over are experiencing a strange financial uncertainty.  2021 brought a revolutionary twist while forcing the businesses to switch the models to strengthen the revenue growth against depletion.

In the recent development, the small- and mid-sized business are seen increasingly shifting their project-based or one-time payment models to subscription-based business models to ensure recurring revenue throughout the year while retaining the clients by providing them prolonged access to the service or product.

Unlike project-based or one-time payment methods, subscription billing seems to require more effort, manpower, and time, however, it doesn’t need any of the resources at all. All you need is an all-inclusive SaaS Subscriber Billing Solution.

Also Read: Customer Self-Service Portal for SaaS in 2022

What is a SaaS Subscriber Billing?

Software-as-a-Service or SaaS Subscriber Billing is a way of using SaaS or a cloud-based platform that allows customers to pay for its users’ services or products repeatedly.

SaaS subscriber billing software automates the recurring billing cycle and payment processing. It is a solution to industrialize operations and increase productivity without focusing on regular financial and accounting operations.

How a SaaS Subscription Billing Software Works?

A SaaS Subscription Billing Software combines the few components in a cycle that together assist the goal of automation of recurring billing, payment processing, and subscription management.

When a customer subscribes a service or product for a certain length of the period, he or she would be charged after a definite interval, it is called recurring billing. To automate the recurring billing, four more components are required to link together. These are:

Customer Portal

It allows a subscriber to feed its personal or payment information, get access to the invoices, payments statements, upgrade, downgrade, pause, or even cancel the subscription plans, and can do complaint or give feedback.

In some cases, it is also equipped with inbox, so that customer can directly receive payment failure or success notifications, reminders, or e-invoice.

Merchant’s Account

It is the bank account of the user or business owner where the recurring payments are deposited after the deductions.

Payment Gateway

This is the most sensitive and secured part of the cycle that takes the load of transactions, process the payments information, and transfers the payments to the merchant’s accounts after every set interval.

Subscription Billing System

It is a complex system that collects customer’s personal, credit card, or subscription plan information for the customer’s portal, process the payments through secured and dedicated gateways, and transfer the amount the payment to the merchant’s account on a recurring basis. It is responsible for all the automation—billing, generation of invoices, proration, dunning, access to subscriber’s personal and credit card information, tax management, and several other aspects of a subscription.

Billing UI (User Interface)

Different from the customer’s portal, but it is also a portal, dedicated to the client. It is a billing UI connected to the Subscription Billing System and shows the RevOps and other Revenue Analytics.

SubscriptionFlow as a SaaS Subscription Software To Boost Recurring Revenue

SubscriptionFlow is a SaaS subscription management platform that allows users to facilitate its customers with the automation of billing and accounting operations, ease of managing the subscriptions and subscribers database, and flexibility to migrate a load of data from other third-party applications or integrate softwares such as Quickbooks Online, Salesforce, ZenDesk, MailChimp, Sugar CRM, Avalara, and others.

No matter if you are a service provider, e-commerce store, retailer, non-profit organization, startup, or an enterprise, 2021 exposes you to adapt the operational changes with the subscription-based business model to grow business and revenue. And, SubscriptionFlow as SaaS subscriber billing solution offers you a complete suite of apps with ease, speed, and customization to power your subscription system management. Here are some reasons that you need SubscriptionFlow as your SaaS billing platform.

Also Read: Self-Service Payment Portal: Digitally Empower Your Clients and Simplify Account Access

Automation of Recurring Billing and Payment Processing

It is an ultra-modern and highly flexible could-based platform with an advanced subscription billing system offering all the necessary automation of billing, payment processing, invoice consolidation, dunning, and proration handling along with additional tax management and pricing engine to plan and designing subscription modules and pricing efficiently.

It offers secured integration of leading payment gateways such as PalPal, Stripe, and others to process payments faster to the merchant’s accounts. Along with payment integrations, it offers integrations with other third-party applications and data migrations to sync your accounting across the board.

Subscribers Database and Pricing Management

Metered billing, one-time billing, or recurring billing, whatever pricing module you want to implement—with SubscriptionFlow pricing engine, smartly manage the tier or volume pricing with the AI-enabled tools offering accurate and data-driven recommendations and suggestions.

It also manages a huge data of subscribers and is efficiently integrated with the Customer’s portal to auto-update the database as your subscriber makes any change in information or upgrade or downgrade a subscription.

Focus on Customer Retention Over Customer Acquisition

Garnering the new customers is the need of every business but at this age, customer retention is the key. SubscriptionFlow gives you business opportunities to retain customers with the best pricing strategy and satisfactory customer relationship management.

With the Customer’s dedicated dashboard, you can ensure the transparency in their subscriptions and billing. Further, reduce the churn rate with the integration of applications like ZenDesk and MailChimp for better dealing with the correspondence along with customer care.

Analyzing RevOps Alignment With Revenue Growth

With the powerful and user-friendly billing API connecting with the Subscription Billing System, get a detailed insight of RevOps. Evaluate the monthly or annual recurring revenue, churn rate, subscribers growth over a specific period, and AI-enabled projections of future growth as simple in numbers as well as easy graphs and bars. Integrate the data with sales, marketing, and finance tool stack to devise data-driven strategies.