Five Solutions A Recurring Billing Software Offers to Resolve Startup Snag

According to research, 70% of business leaders see subscription business models as a thriving and key feature for businesses in the coming years.

As the subscription or recurring billing model is becoming the hot trend, most startups seek ways to nurture their business on this model.

Recurring Billing for startups, as to experts, is deemed as the basic step to starting their business’s journey. But, why?

The fact is known to all – start-up business needs a range of opportunities and options at which they can strive and thrive. The fact is undeniable that startup businesses take a year or two to reach the point of sustenance only if they are equipped with robust and agile systems catering to their needs. Software for recurring billing is one of the powerful platforms that startups are adapting to handle processes and manage them seamlessly.

Let’s have a quick overview of how a recurring billing software can help startups to manage their businesses with fewer resources and even, the fewest hassles, and scaling smoothly.

Identifying Problems & Solving them with Recurring Billing and Payment Management Software

Without identifying problems, we cannot move to solutions. In this article, you will find all the pertaining solutions related to the problems that startups are likely to face.

Problem 1: Automated Recurring Billing and Subscription Management

It is said startups begin with dreams and not money. Startups may not run short of ideas, but they always have constraints with the budget, resources, and time. They cannot hire a bunch of people to manage recurring billing, subscriptions, payments, revenue health, and more.

Solution: Automating Recurring Billing, Payment Processing, and Subscription Lifecycle Management

Automated recurring billing and subscription management helps businesses with a subscription model to shed off the burden of accomodating the resources to manage subscribers, their plans, calendar billing, payment processing, and more.

From creating subscriptions to managing subscription upgrades and downgrades and the billing, accordingly, to integrating the required applications and streamlining the workflow of revenue operations, recurring billing management tools like SubscriptionFlow helps their startup to automate their workflows and reserve their resources, so they can grow their bottom line.

Problem 2: Financial Instability & Unidentified Revenue Leakage

Revenue leakage is a nightmare for subscription businesses. When not managed timely, can result in unrepairable financial instability.

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It can be due to uncountable reasons such as payment failures, card declines, risky clients, unreliable revenue sources, limited payment methods, or other similar reasons. This may further deteriorate the subscription health of a business. And, scaling cannot be imagined with such a deplorable financial state.

Solution: Optimizing Payment Processes and Increase Visibility In Subscription Business Health

To cope with the problem identified above, optimizing payment processes is the best solution so far. With the help of recurring billing software that is fully optimized with strong features and solutions, startups can optimize the payment methods, integrate multiple payment gateways and other third-party applications, and gain valuable insights into the subscription health of a business.

SubscriptionFlow – a subscription billing and recurring revenue management platform- provides payments gateways integrations such as PayPal, Stripe, CardConnect, Adyen, Braintree, Authorize.Net, and GoCardless to help businesses with accommodating multiple payment methods for customers from beyond borders. Your customers would not bid you adieu if you provide them with several payment methods. Software for recurring billing incorporated a wide range of payment methods such as:

Credit Cards
Debit Cards
ACH Payments
Digital Wallets or E-Wallets
Wire Transfers
Mobile Payment
And many other

Along with that, a recurring billing system helps them with keeping insights into revenue streaming with analytics and reports. Adopting software like SubscriptionFlow will save you from any possible and unidentified revenue leakages, payment failures, financial stability, and other related outcomes.

Problem 3: Manual Work and Error-Prone

Imagine dealing with hundreds of documents, and information, and entering the data into the systems – tiring and cumbersome, right? Manual handling of data and customer information is more exposed to errors, negligence, and also time-consuming.
No matter how much veteran professional works on a task, human error is inevitable. It can eventually lead to the loss of customers, mishandling of data, and other similar losses.

Let’s get to know how one can solve this problem.

Solution: Making System Powered by Automation and Artificial Intelligence

Undoubtedly, automation is the backbone of all technical processes being run today. As automation has made doing tasks easier and in a shorter period, startups, SMBs, and large enterprises heavily rely on it. Recurring billing software is an automated billing software powered by artificial intelligence that handles the tasks intelligently.

SubscriptionFlow—a subscription management software for startups—offers you a futuristic solution of automation, speedy operations, and Artificial Intelligence (AI)-enabled smart technology of recurring billing, subscription management, churn management system, sales tax management, and sales performance reporting to manage the business of startups. It’s a comprehensive and creative subscription platform that allows companies to manage, channelize, and track the progress of their million-dollar business idea with annual or monthly recurring income.

For startups, another benefit is that investing one time into the software will save the company from hiring several experts for the work that can be easily handled with automation.

Hence, a recurring billing system is beneficial for startups in every aspect as it quicks up the processes, helps in cost reduction, and makes it less error-prone.

Problem 4: Increasing Churn Rate and Unpredicted Payment Failures

For a plethora of reasons, churn can be caused and bring instability and unpredictability to the business flow. However, one reason that is commonplace for increasing churn rate in companies is lack of communication. Companies that do not have the proper system to predict customer pain points and identify revenue leakage causes, often suffer from thinning bottom line

Let’s look at the solution to this problem for startup companies.

Solution: Automated Payment Recovery Tools for Payment Re-tries and Repeated Intimation for Payment Clearance

For startups, a recurring billing management software is equipped with agile features that render full-bodied solutions, and dunning management is one of them. Dunning management notifies customers about the accounts receivable. Dunning management also keeps notifying customers in case their payment fails or it gets overdue. Doing this helps in promoting clients to pay on time and take action when needed. It also reduces chargebacks.

It lets businesses schedule automated payment retries and ensures payment recovery.

On contrary to this, doing this manually might be difficult as sending customized emails to your clients as one can make mistakes in writing email addresses or the content over and again. Therefore, it is better to keep any unprecedented risks at bay and solve them without them even occurring.
Read more: Dunning Management As An Effective Way to Recover Payments

Problem 5: Lower Customer Retention Rate

For every business, retaining customers for a longer period of time is challenging. Some may fail in their challenge if the adopted strategies are not suitable for their business and customers. If there is a lower customer retention rate, it could cause a loss in the recurring revenue potential that is unwelcome.

Along with the acquisition, startups must focus on retention as well, from the beginning.

Solution: Right Reporting and Consistent Monitoring of Subscription and Customer Success Software

A customer would not part ways for random reasons. There are always signs and symptoms that can smartly be avoided when there is a system that categorically identifies the anomalies and pinpoints the causes.

Recurring billing and subscription management like SubscriptionFlow offers an intelligent and perceptive reporting system and subscription analytics. Managing the churn roots ultimately encourages the customers to stay with the business for long.

Final Comments

Adapting the subscription management software from the earlier days keeps the startups on right track and they can avoid dozens of administrative and operational obstacles. With business-friendly features and solutions, SubscriptionFlow helps startups to groove for scaling from day 1.

Interested in learning more ways how a tool like SubscriptionFlow can bring more stability and prosperity to your business, schedule a demo with SubscriptionFlow and thrive in your business.