There used to be a time when pricing for products and services was straightforward and businesses would set a specific amount to be paid in exchange. But now this method of pricing is getting old due to the availability of technologies like software-as-a-service (SaaS).
When we talk about SaaS technology, the customers pay a fixed recurring fee. The SBB (subscription-based billing) model is quickly getting popular in the hardware, IT consulting, and consumer goods and services industry. In the modern digital market, you can find almost every enterprise offering products in the form of ‘as a service’ including mining, transport, insurance, and more.
For example; Amazon allows customers to buy products in the form of subscriptions. The buyer can even subscribe to a soap purchase for a year, where the customer can enjoy reduced pricing. The payments can be easily done by credit cards.
When we talk about an efficient SBS (subscription billing system), then it goes far beyond just being Billing software. You need a solution that is influential and can also help in your business growth. You can look for the below-given capabilities separately.
Enterprises that utilize managed services billing model or a hybrid model find the subscription billing model absolutely necessary. The reason is that this type of billing is known to automate the invoicing procedure. With the subscription model, there’s no need to send bills manually and if the customer agrees, the bills can even be deducted automatically from the bank account. As a result, the organization can enjoy more free time and resources and even the customers don’t have to waste time on billing messes anymore.
Enterprises that use SBB models can comfortably add new pricing structures and payment models. It can manage recurring and non-recurring payments made on the basis of renewal terms that are agreed upon by both the provider and the consumer.
With such a billing model comes an unprecedented level of visibility accompanied by management tools for all types of payments (recurring and non-recurring). Thus, a business can view the entire billing cycle from invoice to payment in a single place. Apart from that, providers enjoy complete control over when the bills are generated and what type of notifications are sent to the users to assure timely payment.
To effectively manage the changes across a growing subscriber base, the subscription billing solution must have the following product capabilities:
Apart from the product features, you want to work with a vendor that can offer much more than just a good product. Here’s what your billing system should help you with:
With a fully-fledged SBS, you can handle all the front and back-office processes in one place. So, it’s crucial to pick the one that can help in managing tangible and non-tangible goods all in a single contract.
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