Does your business operate on a monthly subscription basis? There are many types of monthly billing subscriptions, from standard subscriptions to metered (or usage-based) billing, base plus per user pricing, multiple subscription billing and more. No matter how difficult your subscription model may seem, being able to automate the billing process is possible and can save you time and money. Many of the shortcomings that previously were prevalent in Recurring Billing plans are no longer an issue due to advances in technology, such as Account Updater.
Recurring Billing is a more efficient method of collecting payments. It allows you to manage your business more easily... Instead of riding big waves and fighting through the lean times, you get a more even income stream throughout the year. It reduces late payments... If your customer pays a huge expense once per year, they’re more likely to get in a pinch and pay late. But if you charge them on a regular basis, and they pay lower amounts in an automated fashion, they’re much more likely to pay those off in a timely manner. Their payments are consistent and scheduled.
Because of the efficiency of Recurring Billing, and the fact that it’s easier to collect on, you spend less money and less time on billing. For companies that are accustomed to mailing invoices, you save on paper, ink, and postage. Around 20 bills sent each month equals 7 pounds of paper for the entire year, and not to mention the headaches and extra labor manual billing entails. Plus, it saves your customers time, checks, and money spent on stamps, leaving them more satisfied with your overall customer service.
When Recurring Billing was first introduced, a hurdle that companies faced was keeping their client's payment data up to date. Expired and re-issued credit cards caused havoc to billing systems. Today, with credit card companies re-issuing cards more frequently due to security breaches and new technology (such as the EMV update), advances in Recurring Billing process is a necessity. Solupay's Account Updater feature is crucial to the ongoing success of Recurring Billing and is available for all customers,including NetSuite users. With Solupay's gateway services, we connect with the issuers and gather the new card information, whether it is due to an expired card or a re-issued card, so you never miss a payment. This feature saves merchants a lot of time and money getting updated information on Recurring Billing customers.