Optimize sustained business growth with automated subscription billing
Today, even a small business owner or entrepreneur in a remote corner of India can make it big and win customers from across the country and even overseas, thanks to eCommerce. Any business owner interested in growth needs to automate their business process. In today’s digitized world, machine learning is streamlining business and transactional processes, making them more efficient and automated so they can focus on more productive tasks.
Many businesses, on the other hand, have been sluggish in automating financial operations like subscription billing. However, you can’t often optimise continuous business growth without automating your billing process. Let’s dig in to understand how recurring billing works and what are the beneficiaries of automating invoicing solutions in your business?
Automated subscription billing is more than just generating invoices
According to a report, 70% of businesses see membership and subscription models as the future to further commercial growth. Easebuzz- SmartBilling platform automates subscription billing and moves beyond traditional invoice creation by offering GST compliant invoices to their customers. Further, it also supports a combination of all pricing models such as subscriptions, one-time purchases, usage-based consumption pricing and continues to provide a pleasant client experience. This can be accomplished by accurate and timely recurring billing that is prompt and consistent, resulting in a more predictable cash flow.
Efforts are directed at providing the best possible experience
SmartBilling recurring link encourages a hassle-free mode of payment that includes payments on a fixed date and on a fixed time with auto-deductions from customer’s bank account. Paying to the merchant becomes a cakewalk with the provision of QR Code that helps customers to pay via any debit card, credit card, net banking, UPI or wallets. Subscription billing provides a consistent source of revenue and an engaged audience that operators can monetize through these transactions.
So, what are the benefits of recurring billing that will help you take your business to the next level?
- By using automated recurring billing, subscription management, and revenue analytics, firms may capture, maintain, and maximise revenue opportunities.
- Accept partial payments on invoices and offer installment plans. Automate splitting your invoice into multiple parts and ensure your customers have flexibility to pay in installments.
- SMEs tend to employ candidates to manage individual services and take action in the customer care and service sector. Adopting a recurring billing service that automates the entire procedure for you can save you a significant amount of money. Businesses can send customers email and SMS reminders for overdue payments or renewals. It also helps customers keep track of their purchases while your business saves money on hiring manual labor.
- Revenue collection is continued effectively through automated recurring billing as automated dunning helps manage any transaction issue by notifying the customer when a payment is due. Customers are often unaware of the issue, and simple reminders are all that is required.
- All checkout processes, including regular checkout, custom checkout, all-in-one SDK, and QR code, are supported by subscription billing. This enables businesses to receive recurring payments in their preferred manner.
Create and send GST compliant invoices that customers can pay online instantly
Easebuzz- SmartBilling is a recurring billing platform that can add GST, and other shipping details, all in an invoice and you can let the invoicing solution do the calculation for you. The list of benefits is long and ever-lasting. Almost every industry in the world is planning to leverage subscription billing in their business. For instance, when recurring billing for a video gaming brand is turned on, users will be billed for subscription on renewal date in advance. Users can see an upcoming payment date next to your subscription, signifying one of the benefits of recurring billing.
Lastly, manual processing might be okay in a few unique circumstances, but for core business activities, such as billing, it isn’t an option. With Easebuzz subscription, even the most complex business needs will benefit from having access to a platform that allows them to collect payments via a variety of payment choices while maintaining a high level of flexibility. Therefore, subscription billing is an excellent approach to increase revenue predictability while reducing churn in your customer base.
Ready to streamline your billing through automation? Contact Easebuzz today.