Transiting from one billing system to another requires one to know what they want for their business. Each business has its unique needs, and thus, what may work of one company may not be the solution for another business. The high number of subscription billing software in the market also poses a challenge to businesses when they want to choose a suitable billing system. These are some essential pointer as you embark on your mission.
Does the Payment Solution Meet your Customer Needs?
An ideal subscription payment solution must meet your customer expectations. For example, your client must know what they are being charged, the frequency, and for what purpose. Besides, the system should be error-free. When choosing a billing system for your business, you must know if monthly fees are aligned to a specific date of the month r they are random.
Level of Automation
When choosing a billing system for your business, you need to determine the payments you need to automate. Will the system sends notifications to the company and the customer when payments familial it sends receipts to both parties? Transparent communication is critical to maintaining customer relationships.
Reporting Needs
An ideal billing system should have excellent reporting features. For example, the system should notify you of failed payments and credit cards that will expire before the next billing date. These reports are essential for the smooth running of your business.
Data Sharing
Payment Options
Will you accept credit cards or debit cards. Do you prefer ACH payments? Will your business accept alternative mode of payment such as PayPal? These are some critical questions that you must answer when choosing a subscription based payment solution.
Type of Account
Will you require a merchant’s account for your business? When choosing the billing system, it’s essential to consider a system that has an integrated merchant account that will cater to both the recurring billing system and your merchant account. It can be cumbersome to have separate merchant accounts.
Flexibility
How flexible should your recurring payment collection be? Which options do you have? Are there custom payments and setup fees you’ll charge? If so, the billing system should make it’s easy to charge these fees will minimal or no manual work.
