Billing and Invoicing Software for Changing Consumption Patterns

A variety of industries are endorsing the subscription model in the hope to build loyalty and improve customer experience. Given the high success rate of billing and invoicing management software ‘traditional’ businesses are quick to transition, to a recurring revenue model. A popular example is that of Adobe which doesn’t sell its software through a licensing model. Customers can purchase the product through a monthly SaaS subscription fee.

A non-recurring business can gain competitive advantage and increase market share by introducing a subscription component to its offering. Porsche is a popular example of this type of hybrid billing model that deployed subscription service given the convenience and popularity subscription commerce garnered.  Subscription businesses are making use of the best software for billing and invoicing to sell one-time products combined with subscription plans. For example an accessories shop offering a monthly jewelry service can also sell embellished jewelry boxes. Similarly, subscribers to Netflix, may purchase a USB with their subscription.

Best Billing and Invoicing Software 2019 changing the e-commerce landscape

The aforementioned examples demonstrate the changing face of consumption patterns. Businesses need to remain vigilant and improvise according to these shifts. Many elements come into play and it will depend on how flexible the business is if it wants to take advantage of new opportunities to earn revenue. An organization with this goal in mind should work towards providing a seamless checkout experience for a combination of one-time and recurring items. Billing and invoicing management software is designed to tackle invoices, confirmations, renewals, and backend operational workflows. The complex billing scenario inherent in multiple subscriptions and one-time purchases are easily managed.

Best Billing and Invoicing Software 2019 for Hybrid Billing Model

The subscription management software gives customers a platform through which they can sell a combination of subscriptions and one-time products. Businesses can devise a formula that combines one-time charges and fixed recurring into a single invoice. When obstructions are removed, this paves way for a simple and quick checkout experience. A robust billing software entails features that consolidate the purchase of multiple one-time items or subscriptions into a single transaction. Subscribers will then receive a single confirmation email that sets path for a clear line of communication and improved experience. A combined invoice helps to reduce involuntary churn from transactions that appear faulty. A business that partakes fewer transactions also has less gateway costs.

Calendar Billing

This is a fantastic feature that gives customers clarity in their communications. This will prove especially beneficial for companies that have multiple subscriptions. Customers who wish to purchase more than one subscription can easily renew those subscriptions via a single invoice or transaction. The process for both the business and the customer is streamlined. The customer gets only a single conformation email whereas the business incurs minimal transaction costs. These features are a part of the invoicing software designed to bring flexibility to subscription-based businesses.

With plenty of options available choosing the best software for billing and invoicing can be a daunting task. You should look for a system that is simple, easy to use, can be customized according to the needs of the business, generates clear and accurate invoices, saves time and effort, and ultimately leads to higher levels of customer satisfaction. It is important to remember that the right invoicing management software can either make or break the business.