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Everyone wants to be doing subscriptions, and so they should - who doesn’t want recurring revenue?
But getting the best from a subscription programme needs experience.
Billforward is one of the world’s most established subscription management platforms, building bespoke solutions for some of the world’s most demanding and innovative tech firms.
In this blog post, we will share with you the ten best practices for subscription billing and recurring revenue management that can help you take your business to the next level.
Offer Flexible Billing Options
Providing your customers with multiple payment options and billing cycles can increase their satisfaction and reduce the risk of payment failures. At Billforward, we allow clients to do this by offering a wide range of customizable payment options including credit card, bank transfer, PayPal, and almost every payment gateway available, in every currency.
In addition, Billforward allows you to customize billing cycles to match your business needs, including monthly, quarterly, and yearly billing options. This means you can align your billing cycles with your customer's purchasing habits and ensure that you are collecting payments at the most convenient times.
You can offer discounts for annual plans, tiered pricing plans, and other custom pricing models that suit your business requirements, such as loyalty based pricing or metered billing This enables you to create a pricing model that aligns with your customer's budget and requirements, increasing the likelihood of customer retention and satisfaction.
Provide Transparent Pricing
Clarity and transparency in pricing are essential for building customer trust and loyalty. Using Billforward's customizable billing templates, you can display clear and concise pricing information, avoiding hidden fees and unexpected charges. This pricing transparency helps build customer trust and loyalty, which is essential for the long-term success of your subscription business.
Billforward's pricing templates allow you to display pricing information in a variety of formats, including tiered pricing, usage-based pricing, and fixed pricing. This enables you to create pricing plans that are clear and concise, making it easier for your customers to understand their subscription costs.
Use Automated Invoicing
Manual invoicing is time-consuming and prone to errors. Automated invoicing can save you time and reduce the risk of errors. With Billforward, you can set up automated invoicing that sends invoices to your customers at predefined intervals. Our platform allows you to set up automatic payment reminders, ensuring that your customers are aware of their payment obligations and reducing the risk of payment failure. This feature can be customized to match your business needs, enabling you to set up payment reminders at intervals that suit your business requirements.
Offer Discounts and Coupons
Discounts and coupons can be powerful marketing tools to attract and retain customers. With Billforward, you can set up discount codes and coupons that apply to specific products or services. You can create discounts and coupons based on a range of variables, including subscription length, customer type, and usage. This flexibility enables you to create discounts and coupons that are tailored to your customer's needs, increasing the likelihood of conversion and retention.
Moreover, Billforward allows you to set up tiered pricing plans, enabling you to offer discounts based on the number of subscriptions purchased. This feature encourages customers to purchase multiple subscriptions, increasing your revenue and customer loyalty.
Monitor Subscription Metrics
To optimize your subscription revenue, you need to monitor your subscription metrics, such as churn rate, customer lifetime value, and customer acquisition cost. With Billforward, you can easily access these metrics and use them to make data-driven decisions.
In addition, Billforward's platform allows you to integrate with other business intelligence tools, such as Tableau or Power BI. We also have out of the box integrations with data visualization tools like Chartmogul. This integration enables you to combine your billing data with other business data, enabling you to gain a more comprehensive understanding of your business performance.
Provide Excellent Customer Support
Excellent customer support is essential for customer satisfaction and retention. With Billforward, you can bring convenience to your customers by giving them access to our self-service portal, which allows them to manage their subscriptions and payments.
Ensure Data Security
Data security is crucial when it comes to billing and payment processing. With Billforward, you can ensure data security by using our PCI-compliant platform, which encrypts and protects sensitive customer information.
Integrate with Your CRM
Integrate with Your CRM: Integrating your billing platform with your CRM can streamline your billing process and improve customer experience. Billforward allows you to integrate with popular CRMs like Salesforce, Hubspot, and Zoho, enabling you to sync customer data, streamline billing workflows, and improve data accuracy.
Minimizing Involuntary Churn
Dunning management is the process of recovering failed payments. With Billforward, you can set up automated dunning management that sends reminders to customers with failed payments.
In addition, our platform allows you to set up payment re-try strategies, enabling you to handle failed payments in a way that minimizes customer churn. As well as this, you can offer customers the option to switch to a lower-priced plan temporarily, rather than canceling their subscription altogether.
Adapt to Your Business Model
Your billing platform should adapt to your business model, not the other way around. With Billforward, you can customize your billing workflows to match your unique business requirements.
Let us help you
To sum up, managing subscription billing and recurring revenue can be challenging, but with the right set of best practices and the right billing platform, you can streamline your billing process and grow your recurring revenue. If you are looking for a powerful and flexible subscription billing and recurring revenue management platform, give Billforward a try.
Whether you're selling subscription services, usage-based billing, or one-time products, Billforward's platform can accommodate your billing needs. Our platform supports a wide range of billing models, including subscription-based billing, usage-based billing, and metered billing, so please get in touch at: barry@billforward.net to find out more.
