What is Subscription Billing Software?

Introduction

Subscription billing software is also termed recurring billing software. Businesses utilize this tool to automatically process recurring payments from consumers and manage payment info. With this platform, enterprises ensure their clients are billed accurately at the same time each month. By getting subscribers for their services or products, firms get steady revenue flows as well as loyal customers for their brand. Subscription billing software is used together with other financial products like ERP, billing, and accounting solutions. In addition, subscription software can easily integrate with payment gateways.

Features of Subscription Billing Software

Payment Gateways

The subscription billing tool must support all your selected payment gateways and should permit you to integrate several payment gateways.

Security

The billing platform must comply with all industry regulations. Especially, it should be PCI DSS Level 1 compliant to enable you to offer secure payment options.

Card Data Portability

The product shouldn't lock you in with your customers' important credit card data, so that you can easily switch to another billing vendor in the future, if needed.

Scalability

The billing solution must be able to accommodate your growing requirements and scale with your business as time goes by.

Metrics and Analytics

The billing program should provide you analytics reports and operable real-time metrics with data relevant to your SaaS business such as Churn, CMRR, MRR, and more.  

Payment Methods

The software should support multiple payment methods including bank deposits, cash, credit/debit cards, and alternate modes.

Flexibility

The billing product should empower you to easily upgrade and downgrade subscriptions, add one-time fees, create coupons, modify/change your packages and add-ons, and more.

Integration

The billing tool should seamlessly integrate with third-party service vendors and also offer a strong API.

Benefits of Subscription Billing Software

Multiple Payment Gateways

Subscription billing software provides you a number of online payment gateways to select from. This gives you to the flexibility to choose the most affordable and suitable payment platforms. You can reduce transaction expenses by selecting gateways that offer lower rates. In addition, you can provide your customers the convenience of choosing from multiple payment gateways on your website.

No need for PCI Compliance

To process credit card payments, you are required to use PCI complaint software. But it is expensive and time consuming to get PCI certification. By using a subscription billing tool, you can save yourself the task of getting separate PCI compliance.

A Flexible System

Top billing tools offer a well-documented API to provide a seamless experience to users. This feature helps to build a robust platform in which everything is better planned for enhanced performance.

Secure Platform

Leading recurring billing software products are PCI compliant and highly secure to enable your customers to make safe online payments without worries about data loss or theft.

Reduced Cost

It is more cost-effective to use a subscription billing solution than developing your own platform. Its saves you startup costs and enables you to expand to markets affordably. Generic payment tools do not provide this kind of cost savings.

Saves Time

A ready-to-use payment solution helps you save time which you can spend smartly on marketing your products and boosting your sales. You can swiftly place your products for sale and create a profitable business model. The billing tool will automatically send invoices to your customers for the subscription period without creating any bother for you.