Transform the Way You Do Business with a Flexible Billing Platform

We all know this the subscription business market is competitive. But if the competition in the market is limiting your business options, then it is high time to analyze your data-rich competitors and customer behaviour, and the billing model once again.

In the subscription business market, there are various billing models that SMEs and established enterprises opt for. The following are some of the top billing models:

• Flat-fee billing model
• Pay-per-use billing model
• Usage-based billing model
• Hybrid billing model

Next to the billing model, there comes the flexible billing solution that you need to rightly implement your billing model and enjoy a smooth flow of recurring revenue stream.

What Is a Flexible Billing Platform?

A flexible billing system enables companies to provide their clients with a range of payment plans and structures that may be catered to their unique requirements and preferences. This kind of billing solution is made to be flexible and customised, enabling businesses to develop payment plans that may be tailored to a wide range of consumers’ demands.

Also Read: What is the Pay as You Go Billing Model for Businesses? An In-depth Look at Consumption-Based Pricing

By now, you will be thinking that why businesses need a flexible billing platform so badly. So, let’s take you to the reasons to opt for flexible billing software.

1. Successful Product Launch

Many SaaS companies need to launch new applications and versions of their software. A flexible billing system assists in the launch of such new SaaS products and features. In the SaaS business market, most enterprises have shifted to the hybrid billing model as it is the most flexible one.

It allows companies to charge for their SaaS product in a way that it becomes a win-win situation for both the customer and the seller. When you have an automated billing solution that is flexible enough, you do not need to wait to come up with the right pricing strategy for the new launch rather your billing system supports whatever pricing plan you have. So, here your launch is ready, and there you can bring it to the marketplace.

2. Add-ons & Cross-Sell Opportunities

Add-ons and cross-sell opportunities are a way to increase the flow of recurring revenue streams. However, you need to have a pricing plan to achieve revenue targets from your add-ons and cross-sell options.

Most companies need to offer discounts and coupons for their add-ons so that customers at least try them out. However, monetizing add-ons and streamlining the cash flow is not something easy. A flexible billing solution helps in bundling the add-ons with core products and features. That ultimately incentivizes customers to purchase more and increases the average order value. Not only that but a retailer can also offer customers to specifically opt for those add-ons that can benefit them—customization. A quote will be generated as per the individual requirements and sent to the customer. Thereby, the automated billing management system will handle everything from quote to cash.

3. Revenue Diversification

It is true billing and revenue management are two separate processes, yet they are intertwined tightly. You cannot expect to have a smooth flow of recurring revenue unless your billing model is in its place. And a flexible billing system plays an important role in this.

All your strategies to diversify your revenue stream cannot work unless you have a flexible platform for billing management. Businesses may also be able to group related goods or services and sell them as a package deal or at a discount thanks to a flexible billing system. This can assist firms in making more money by encouraging customers to make larger purchases.

Also Read: How Account Expansion Invigorates Flow of Recurring Revenue

SubscriptionFlow—A Flexible Billing Platform

If you are in the subscription business market and looking for a subscription billing software that will allow you to implement the billing model that benefits your business, then give SubscriptionFlow a go. Our experts have kept it the most flexible and scalable platform where you can easily implement your billing model. Even improvise your pricing plans and billing model anytime if you feel they are not productive as per your anticipation.

Not only that but you can have the best fintech stack while you have onboarded SubscriptionFlow. You can integrate third-party software and payment gateways as per your business needs. Above all, our billing platform is cloud-based and secure.

Our flexible billing solution is designed to help businesses improve their cash flow, reduce payment processing costs, and provide a better customer experience by offering more convenient and customizable payment options.

So, schedule a demo for SubscriptionFlow now to see how you can implement your billing model to boost the flow of revenue.