Many businesses are already operating on a subscription business model, but they are not using any formal platform for subscription handling. Some subscription businesses use payment gateways that allow subscription handling as well to some extent. Even you would probably be thinking that though you are a part of the subscription business economy, it is not the right time to shift to subscription handling software.
Also Read: Features You Should Have in Your Small Company Payroll Software Program
In this article, you are going to know that what is the right time to shift to a subscription billing software and how does it help your business.
Recurring Billing Automation
The subscription billing process is quite complicated. Accurate Recurring Billing is very important even for customer satisfaction. If the customer is not charged accurately, he will not stay on board. Many other subscription businesses offer similar services in the market. The customer has the option to move to some other company. SaaS companies offering their subscription management platforms provide automatic billing and automatic payment services.
Sales Tax Management
Many subscription handling software is designed in a way that they bill customers accurately and manage sales tax as well. The rules and principles regarding sales tax vary from country to country. Advance sales tax software not only manages the sales tax but also provides updates regarding sales tax laws. Even in the US, some states charge sales tax for subscription boxes and some consider subscription boxes as a product.
Order Tracking
When you are not using subscription handling software, it is not easy to track the subscriptions. However, the subscription handling software allows you to track your subscriptions. The automated subscription management systems allow you to manage subscriptions and change the status of the order. Also, you get notifications regarding the status of the subscriptions. Subscription businesses need to track subscriptions and subscription management software offers this chance to track orders feasibly.
Revenue Management
Subscription Recurring Billing is not a single-step process. It is lengthy and complicated. The whole process completes in various phases. One of these phases is revenue management. Many businesses opt for a subscription business model for it helps in generating recurring revenue. Software offering automatic payment services help in revenue management as well. Adopt the right automated billing software and maintain the flow of recurring revenue.
Gift Subscription Management
Subscription-based businesses also offer the option to gift subscriptions to contacts. It is the business strategy to cater to more subscribers. but how to manage these gift recipients? Gift recipients can easily be managed from the subscription management platforms.
If you are in the subscription business market but have not to try to offering gift subscriptions just because you have not onboarded a subscription handling software, then you can adopt SubscriptionFlow. Here you can manage subscriptions as well as gift these subscriptions to your contacts.
Integrated System
The businesses in the subscription business market are of varying types. The business requirements of companies vary. However, a flexible subscription management software can fulfill these requirements feasibly. How? These automated systems offer integrations with third-party applications to offer complete business solutions.
These business solutions allow you to manage subscriptions side by side with all other business activities on the same platform. However, only flexible and scalable software can be integrated with other applications. Software that is not designed and develop in a way that it can be integrated cannot be used, especially if your business is growing.
Subscription billing software helps businesses in numerous ways. It will not be wrong to say that they manage all business processes on the same platform. If you onboard subscriptions and a sales tax automation system, you can manage all business activities on the same platform. SubscriptionFlow is one of such platforms offering subscription management solutions.
