Choosing the Best Billing Platform for Your Subscription Needs

Posted on July 31, 2023

The advantages of subscription-based billing, the best recurring billing software, are becoming increasingly clear, making it a compelling option for many businesses. This model ensures recurring revenue, fewer late payments, and an improved customer experience. However, implementing it requires careful consideration and alignment with our business pillars: Accuracy, Clarity, Agility, and Security. 

Transitioning to subscription billing involves several steps, starting with crafting a solid business case for automated subscription management. Yet, this is just the initial phase. Researching and selecting the right membership and subscription management software is crucial. While reliability, customization, and scalability matter, challenges might arise. 

It's vital to recognize the broader impact of this shift on your company's recurring payment system. Many existing processes support one-time transactions, so adapting to subscriptions may require changes in technology and resources, including your team. 

Consider the manual effort involved in managing pre- and post-sale data and customer service. Automation is beneficial, but everyone should understand the new workflows and integration points with other aspects of the business. 

Embracing subscription billing is valuable, but successful execution relies on a few key steps:

  1. Define Your Business Model Clearly: Develop a comprehensive vision of your desired outcomes. Specify account types, service classes, and recurring billing subjects with automated subscription management. Flexibility is key, so think about unique subscription characteristics. Account for billing frequency, proration, and integration with marketing efforts. 
  2. Evaluate Existing Capabilities: Assess whether your current systems can support in-house billing at scale with automated subscription management. Engage your accounting team in a "Day in the life" exercise. Identify order creation and support processes that need real-time integration with the chosen billing system. Leverage internal expertise to ensure a cohesive approach. 
  3. Select the Right Solution: Research turn-key billing software that aligns with your needs for automated subscription management. Consider legacy technology, features, and the internal champion for the project. Estimate costs and target go-live dates, but be prepared for unexpected changes or costs. Hiring consultants might aid deployment. 
  4. Custom or Buy: Decide if custom software development is necessary. Weigh the resource investment, timeline (1-3 years), and team requirements. Balance initial costs with ongoing maintenance and retention of specialists. 
  5. Partner for Success: Acknowledge that you don't have to navigate this journey alone. Engage a reputable billing solution partner like Vizibill with a proven track record in automated subscription management and industry experience. We can guide you based on best practices, offering an enterprise-class system and robust customer support.

With careful planning, collaboration, and the right partner, this transition can be seamless and successful! 

Book a demo to discover the potential of your custom Vizibill solution!

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