Australia has one of the largest markets for local businesses and businesses globally. In the past year, there have been over 2.4 million businesses operating actively in the country. Over 344,472 new successful start-ups entered the business world in 2020 alone. Most new businesses and start-ups are looking for effective billing solutions to optimize their recurring online payments. However, building their recurring billing and payment software that provides seamless transaction history, billing, payment, customer care, accounting and reporting can be expensive and complex. Seeking the service of subscription payment systems is the best option for new business owners. However, going for the first automated billing system without background knowledge or research may cost the company financially and public relations.
Each business has its own needs when it comes to financial management and billing systems. Below are the features that new companies must look for before choosing a subscription billing and payment system that is right for the company.
Pausing and Resuming Subscriptions
There are times when the client or the customer would require to pause their subscription to the product or the service. It could be due to travel, health or other situations. In such cases, the subscription billing and payment system must provide them with the option to put their subscription on hold and resume them on demand. It enhances customer experience and loyalty as it provides them with the flexibility to suit their needs. It also helps businesses save time and effort on making manual calculations about the purchases.
Reports on Lost Opportunities and Cancellations
It is disappointing for businesses to lose a new customer on the brink of acquisition. They could cancel the transaction due to issues during the billing and payment process. Advance subscription payment platforms record the list of lost customers and failed transactions to help businesses reach out to them personally to let them know that the issue has been resolved. It helps build brand loyalty and improve customer service. They also obtain feedback from the customers to optimize their payment experience.
Consolidation of Customer Interactions
Businesses can provide a more personalised and satisfying experience if they have a detailed understanding of their customers needs. Advanced automated billing platforms can consolidate the transaction history of each customer and subscriber, along with the emails and notifications exchanged between the organisation and the customer in one place. It helps the business to provide a better billing experience and purchase satisfaction.
Attachment of Transaction Documents
Managing account data and auditing involves maintenance of all the transactions done throughout the quarter or the year. Some businesses must upload all the financial documents, transaction information and customer details for authentication and management. It might be difficult to look for and consolidate all the documents during the audit process. Notary services require proof of client identity with the documents. Although there are several software and apps available to help with the same, it is more convenient for business owners to have all the customer-related files organised in a secure place.
Prefilling the Checkout and Payment Page
One of the ways that businesses can offer a seamless subscription payment experience for their customers is by providing a pre-filled checkout page. It helps save the customer’s time, making their experience easy, convenient and highly satisfying. It also helps the business to standardize their bills and obtain accurate details about the transaction, eliminating human error.
Businesses can ensure timely payments and subscription renewals by sending out due date reminders to their customers. They can also send reminders after exceeding the due date to ensure retention of the existing customers.