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A Handy Checklist for Selecting the Right Subscription Billing Software for Your Business

OneBill blog. Best subscription billing software with recurring billing, CPQ, CRM, usage based billing, VOIP billing, SaaS

Anybody running a subscription business knows how tough it is to keep track of customers, ensure timely collections, manage new subscribers, and renew subscriptions while ensuring the organization is up and running to its maximum capacity. Adding credits, extending the trial period, changing billing dates, offering discounts, and activating and cancelling subscriptions only add to the complexity.
For this reason, having the right billing software is extremely important to manage operations as well as forge longer, and stronger customer relationships. Given the fact that a subscription billing software is the lifeblood of subscription organizations that take care of all aspects of the business including subscription management, billing, taxation, compliance, invoicing, accounting, payment processing, etc., here is a handy checklist for selecting the right subscription billing software for your business:

Lead Tracking:

Efficiently tracking leads and following up with them in a timely manner can have a great impact on your bottom line. While on the lookout for a subscription billing software, make sure it allows you to:

Subscription Management:

Since different customers have different needs, it is important to allow them to have more control over their subscription plans. Your subscription billing software should:

Order and Service Management:

Modern order and service management capabilities are essential to ensure successful completion of customer orders. Your subscription billing software should:

Billing and Invoicing:

Efficient billing and invoicing are important to limit delays, curb leakage and ensure a steady flow of recurring revenue. The subscription billing software you choose should:

Reporting:

As subscriber needs evolve, having a detailed understanding of their requirements and your business is crucial to improving predictability and performance. Any subscription billing software should:

Channel Management:

Given the fact that subscription businesses rely greatly on channel partners to maximize their market opportunity and improve service efficiency, the subscription billing software should allow you to:

Finance Automation:

As services that are offered to customers change with time, it is important that the software you choose allows you to make changes on the fly – at the lowest cost possible. Make sure the subscription software you choose allows you to:

Service Desk:

For any subscription business, having an integrated service desk is essential so customers can seamlessly clarify all their billing-related queries and achieve quick resolution. The subscription billing software you choose should ideally:

Enhance Overall Customer Experience:

Fast growing subscription businesses need to efficiently manage customers across their lifetime. Handling different billing requirements across different billing cycles and payment methods for hundreds of thousands of customers spread across the globe is not an easy task.
However, with the right subscription management software, not only can you seamlessly manage your business but also leverage opportunities for reducing revenue leakage, improving profit margin and enhancing the overall customer experience.

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