Searching for a recurring billing platform (whether to migrate to, or to get started with) can be a tricky task. Pitting a range of platforms against each other is not only time consuming, but is also very hard work due to the number of factors to consider. To make the process easier for yourself, it's important to know exactly what it is that you're looking for in a recurring billing platform. We’ve taken the liberty of putting together a few suggestions on which factors might make sense to be the focus of your search.
What matters most to you in a billing partner?
Every business has different needs, which is why your main focus should be how compatible a recurring billing platform is with yours. If you're looking for a partner that has a number of sophisticated features, then your search may need to be slightly different than if you were looking for a recurring billing business that focuses on factors such as simplicity.
Consider which of these 4 factors is a priority for you:
Communication
Assistance with setting up isn’t the only time that you'll likely be in contact with your billing partner. It’s often a vital point for businesses to be able to easily contact and gain support from their billing platform, in order to ensure that their subscription management and recurring billing goes smoothly. It may be worth considering how much you value and likely will rely on communication and support from your billing partner, and which communications channels you would appreciate being able to contact them through. Being able to easily get in touch with your billing solution provider and having access to a good support mechanism is often a necessity when it comes to billing- make sure that if it's support and good communication that you're after, that is something that your billing partner can provide you with. And don’t forget to consider the time zones!
Documentation and Resources
Access to documentation such as API or Development Documentation may be an important point for your business. A good level of documentation and resources is also highly valued throughout the onboarding process, which your business may find challenging if it is your first time setting up with a billing partner. “Getting started” resources and information flows in the form of FAQ’s or blog posts can be super helpful for businesses wanting to understand recurring billing as best they can in order to assure that they are making the most out of the investment they’ve made into a recurring billing platform.
Flexibility
Every business's offerings are unique, either in terms of the physical product, pricing strategy or other factors such as the business model. To ensure that your recurring billing setup suits your business needs, it is important to consider how flexible your recurring billing partner is, and how much can be customized to your preferences. A one-size-fits-all approach won’t work if you want your business to succeed and stand out, so the flexibility of your billing partner may be one of the most important factors relating to your recurring billing success.
Technical Requirements
Technical resources vary from business to business. If you find that your business’s technical resources are limited, it could be vital for you to consider the ease of use and implementation when looking at recurring billing partners. Getting started with a billing solution can bring technical challenges, so it’s important to understand exactly how much technical resources on your end will be needed to kick the project off.
The billing partner that you choose should be able to meet your technical requirements and make getting started easy, rather than adding technical strain onto your team. It may also be important for you to consider how long the platform takes to get up and running with your business if you are wanting to get started quickly. With higher levels of technical requirements, a platform may take longer to set up with your business.
Does the platform you're considering look like a long-term solution?
Every business aims to grow and expand, which is why you should be looking for a billing partner that is scalable. If your chosen recurring billing platform is unable to grow with your business, you will find that it restricts your business’s success in the long run, and becomes unsuitable. Rather than having to begin your search again for a new recurring billing partner down the line, you should consider focusing your current search on a platform that fits your business’s needs today, and has at least a potential to benefit your business in the future. Don’t be limited by your billing partner when you could find a platform that incentivises your success with features for globalization and business growth.
How Billforward can meet the needs of your business:
Billforward was created with the customer in mind, so that every feature of our platform is formed to meet the needs of a business aiming to grow and deliver great offerings to their customers. The platform provides two routes of offering subscriptions: directly through the API (which is a more technical route), or via our FlexCheck feature which is accessible for businesses of all technical backgrounds.
With the aim of making Billforward the best billing platform for our customers, we’re continuously working on more customer-requested features for the future. You can see what’s on Billforward’s roadmap on Upvoty to stay on top of new Billforward feature releases, and current plans for the future of our platform: Billforward (upvoty.com).
For further guidance on choosing a recurring billing platform, download our PDF guide: BFW_0321_CO.pdf - Google Drive
Why not book a discovery call with one of our billing experts and see how we can help you meet your subscription goals!
