Selecting a recurring billing platform is a risky decision. Maybe it’s not exactly a life-or-death scenario, but the wrong choice—or a poorly implemented one—will wreak havoc with your customers, co-workers, and potentially your career. That’s why Fusebill makes it so easy for you to speak with our live product-experts at all stages of your decision making and implementation journey.
Here are 7 secrets for selecting the right subscription billing service for your recurring revenue business.
You start with a basic outlook on what you need from your subscription business—maybe $10 per month per user? It’s simple to communicate, and you can do the math in your head. It’s a great place to start. But you also need to recognize that your one, simple subscription plan will quickly proliferate as soon as it’s faced with real customers and real market demands. There’s:
An incorrect or confusing charge early in the customer life cycle is a prevalent cause of customer dissatisfaction and churn. Spreadsheet-based billing often introduces these types of errors. When you do your billing, be confident you’re charging the right people the right amount at the right time—every time.
Even if you think your billing is correct, if it doesn’t match your customers’ expectations then it might as well be wrong. Be certain your website and price quotes answer the core questions: what’s being charged, when is it being charged, and for what? With recurring pricing, you need to clarify the following.
Customers will charge-back even valid charges if they get surprised or confused. Remember, sometimes customers are only familiar with your product name; they don’t always remember your company name. Make sure customers can get receipts and statements on demand and by email. This is especially important if they want to reclaim their costs as business expenses.
Don’t terminate a long-time client just because their credit card expired, or their card number changed—build in grace periods to keep clients longer. You should also warn clients of approaching card expirations and upcoming annual charges.
Provide your business’s customer agents and sales team with a central place to look for all customer transactions, including charges, refunds, etc. And let them make adjustments that are agreed on with the customer, such as refunds, credits, and discounts.
Your recurring billing platform provides critical information about your subscription customers, including their lifetime value, churn, usage, acquisition costs, and more. It also provides necessary information about the financial health of your business, including your earned and deferred revenue, revenue recognition status, and your monthly and annual recurring revenue figures. Look for reports that are easy to generate and understand, and for integration with other commonly used systems and open interfaces to unlock your data and its potential.
Your subscription billing service is a core business system. Not only does all your money flow through it, but for subscription-based businesses, the billing platform is also the dashboard of the business. It should enable you to seamlessly manage your customer lifecycle, and clearly communicate with clients for renewals, upsells, and cross-sells.
Fusebill automates invoicing, billing, and collections for subscription-based companies. Ideal for both B2B and B2C businesses, our customers span many industry sectors, including software as a service (SaaS), IoT, digital media, and communications. Our customers rely on Fusebill to reduce their costs, speed their cash collections, and extend their customer lifecycle.
Connect with one of our billing experts to see how Fusebill can ignite growth for your business.
Uberflip’s customer invoicing requirements are high volume and steadily growing. With over 1600 subscription customers and multiple subscription packages for them to choose from, their subscription management and billing requirements were becoming unmanageable with their manual process.
ClearPathGPS’ customer billing requirements are highly customized and high volume. They are a no-contract provider which means they need to prorate subscriptions to the day and there can be hundreds of plan adjustments daily. Not only is this a cumbersome process but it is a complex one that required a flexible solution.
instream has reduced their registration and billing process time by 80%. See how Fusebill saves them time and money allowing them to focus on other strategic areas of the business.
NonProfit Technologies (NPT) had experienced tremendous growth at an early stage, scaling their customer base by 500% within the first 2 years of business. Fusebill helped to fuel that growth by automating their billing, allowing NPT to focus on other important areas of their business.