5 Subscription Billing Mistakes You Must Avoid For Your SaaS and B2B Business
It is no doubt that all factors are of equal importance to the success of businesses but invoicing and billing still rank at the top. It is for this reason that smooth cash flow, invoicing and billing are the factors that fuel it. While you keep including and launching more features and selling your products, make sure that the invoicing and billing system is well-managed. Having a smooth flow of invoices and bills according to the stipulated time ensures healthy working at both the front end and back end.
In this article, we are going to look at the 5 subscription billing mistakes that you need to avoid if you want to have a well-managed and well-organized billing system. Let’s look into them.
5 Subscription Billing Mistakes To Avoid
Here are the five billing mistakes that are uninvited by your business. Avoid these mistakes using an automated billing system – SubscriptionFlow.
Using Clunky Methodologies And Systems
Gone are the days when every process was carried out manually and using some old methods. Now, the world is revolving around technology and SMEs or enterprises are taking a shift as well.
To make your business successful and put in competition, it is extremely important to regulate the processes using automated tools and SaaS software that will help you in executing the processes seamlessly.
For subscription-based billing, businesses need to have subscription billing software like SubscriptionFlow that can manage automated billing and invoice for the business. We work on automated processes and outdo the traditional methods that are required for the health of the business.
Also Read: How the Best Recurring Billing System are Helping SaaS companies Track these SaaS KPIs
Not Following up on Unpaid Invoices
Many times, customers forget to pay their invoices on time. The reasons could be different but the follow-up can keep the revenue loss at bay. For subscription-based billing, there is a recurring cycle to collect payments and keep track of payments for the given time of the subscription. If you have a larger customer database to manage then following up on the customers separately can be a cumbersome task.
The reasons for the failed payments could be declining credit cards, failed transactions, and much more. To help you overcome this, a subscription-based billing system powered by automation can be used to follow up on customers who have not paid their invoices on time.
With the dunning management feature of SubscriptionFlow, the system follows up on unpaid invoices. Reminders and notifications are sent on a timely basis as set up by the merchant and the customer will be reminded to pay the bill once the invoice has been sent up to the customer.
Leverage our dunning management feature and forget to worry about manually following up on unpaid invoices. Our automated SaaS software will send automated notifications, reminders, and emails to the customers notifying them about their unpaid invoices.
You have done your part.
Let SubscriptionFlow take it from here!
subscription management software.
Forget To Invoice
Companies who rely on sending invoices right at the eleventh hour often fail to manage their business. One thing is assured that you cannot send your invoices whether you are a small to mid-range business or not. Also, forgetting to send invoices can disturb your revenue streamlining and tracking of payment records which you do not want for your business.
With automated billing software like SubscriptionFlow, you will not have to worry about doing things at the last moment and sending invoices manually.
Our automated system sends invoices to the customers on the intended date and this way you will not forget to send invoices. In B2B SaaS businesses, there are different billing dates and billing cycles therefore the need of automated billing system is required for the smooth flow of payments and transactions.
Lack of Third-party Integrations
By third-party integrations for billing and invoicing we simply mean payment gateway integrations. Businesses that do not have multiple payment gateway integrations lose most of their clients and not only this they happen to incur a loss in revenue.
This counts in the subscription billing mistakes because having limited payment gateway options will impede the growth of businesses. However, with Subscription billing software like SubscriptionFlow, you can ensure multiple third-party integrations of payment gateways that aid the smooth flow of transactions from multiple payment gateways.
Customers can process the transactions by adding multiple accounts so in case payment fails from one attempt gateway then they can be used.
Using our system, you will gain access to multiple payment gateway integrations that will boost the growth of your businesses.
No Channel for Payment Routing
Payment routing can save your business from facing a major chunk of revenue loss.
For a smooth billing and invoicing system, it is important to have a subscription billing system that provides payment routing. With payment routing, if the payment failed from one payment service provider (PSP) then the payment router will link to another PSP to process the payment.
SubscriptionFlow provides a payment routing feature through multiple payment gateway integrations to improve the cash flow and ensure a consistent revenue stream.
Also Read: An Overview of the Payment Routing Embedded in SubscriptionFlow
Leverage SubscriptionFlow as Your Automated Billing System
These 5 subscription billing mistakes can break your business to its root. Therefore, to avoid these mistakes, leveraging an automated billing system is a step to take. With SubscriptionFlow, you can automate your invoicing and billing while reducing the manual labor of this hassle task. As the world is making a shift toward the automated billing system, SaaS and B2B businesses are nothing to remain short of them. Schedule a business with SubscriptionFlow and update your billing system now!
