March 25, 2019
By Drewe Apps
The Top 5 Things to Consider
When Choosing a Billing System
Billing your customers may seem like an easy task. However, the complexity of an effective billing system is more extensive than you might think, and it involves more than merely taking payments.
Selecting the wrong billing system can have a significant impact on your customer’s experience, the time required by your team, and most importantly, your business’s reputation, which can impact your retention rate and ongoing success.
Below are some of the most important things to look for when considering a billing system:
1. Flexible Billing Options
These days, consumers expect to be given a choice for how they pay for their purchases, therefore a billing system that integrates with and accepts payment via numerous payment gateways is a must-have.
Payment plans are also becoming the norm. A billing system that allows you to offer payment plans to customers will allow you to target buyers in that market. It can also help to increase your retention rate by allowing existing customers to pay-down their account when in financial difficulty.
A billing system must also help customers manage expiring and expired payment methods, as well as automatically retry declined payments. These two features not only save you and your team time, but can also help regain customers and improve cash flow.
And finally, the ability to put billing on auto-pilot, and also take payments manually when required, is a must-have feature. An automated billing system will allow you to focus on generating sales, while billing your customers happens day in, day out.
2. Customer Communications & Tools
Consumers expect, more than ever before, for businesses to communicate with them when needed, and to provide tools which allow them to manage their account and products.
An effective billing system will provide information to customers regarding usage limits being reached, bills being raised, bills becoming due and overdue, and payment related messages such as when a payment is successful or declined.
Moreover, tools that give the customer the ability to change their details, payment method, upgrade/downgrade their plan, and see everything about their account in real time are a must-have.
3. Customer Service Tools
A billing system must allow your support staff to quickly look up and modify customer details and products as necessary. Customers will contact you for account changes, refund and credit requests, and plan changes. Your support team need to be able to make necessary changes, provide refunds and credits, in order to keep customers happy and, most importantly, to prevent charge-backs, complains and negative reviews.
4. Customisation & Integration
Your business, products, and customers will change, and that is why a billing system needs to be more than just a means to a payment. It is crucial that the billing system offers an API so that you can quickly and easily use systems to drive change and automate customisations based on triggers and system learnings. An API will also enable the use of external ordering systems, analytical platforms and marketing platforms.
One of the most important areas of a billing system is reporting. It is crucial that revenue, deferred payments, retention rates and subscriber numbers be reported on in real time. Ensure that reports can be customised in order to get the most relevant information with ease. For larger businesses, look for a billing system that offers a reporting database the ability to connect to external reporting platforms.
Get the Right Billing System
Deciding on the right billing system is easy when you know what you and your business needs. It pays to map out your business work flows, forecast your 12-24 month growth, and prepare your growth strategy. Only then can you determine your most crucial business functions and use it to benchmark potential billing systems.
We've been providing flexible and market-leading billing systems to business all over Australia for over a decade. Call 1300 322 666 to discuss your billing requirements, or click here to request a call back.
Chief Commercial Officer