Top Recurring Billing Software in India - Get Free Trial

The recurring billing software is a system that enables customers to collect payments on a subscription basis. It functions as an invoicing and payment system. The users, who can be individuals, companies, or producers of goods or services, can collect payments on a periodic basis, at intervals that they have already determined. The program synchronizes and streamlines the entire billing procedure, beginning with the creation of new subscriptions and continuing with the collection of payments on a recurring basis.

Let's get a grasp on the idea with the help of some concrete illustrations, shall we? You should receive an invoice from the company that supplies the electricity in your city once per month or every couple of months. You are required to pay the amount that is listed on the invoice, which is determined by the quantity of power units used, the amount of state and central taxes imposed, and any convenience fees that may be relevant. You can pay for it using a variety of different payment methods, including online banking, debit or credit cards, cash, and digital wallets, among others. The software is easily integrated with subscription management software.

If you do not pay it by the due date, one of two things will happen: either you will be charged a late fee, or the connection will be severed. If you are constantly prompt with your payments, you will continue to be provided with the service. This is a standard example of a billing service that occurs on a recurring basis. In a similar vein, you make use of services that bill you on a recurrent basis in your day-to-day life, such as a subscription to a gym, a monthly supply of groceries, an internet connection, a connection for your cooking gas, and so on.

All of these operations can be tracked and automated through the use of software designed for recurring invoices. In addition, these pursuits are not the only ones that can be accommodated by the facilities. Take a look at some of the capabilities of software for recurring billing:

• Recurring billing

You can schedule recurring payment dates at any predetermined intervals, such as monthly, quarterly, or half-yearly, or you can set them to any other bespoke cycle. Provide the user the option to choose between automatic and manual renewal. Take care of permissions in case users who are too young to subscribe do so anyway. Adjust the settings for the entire process of recurring billing so that it complies with all applicable laws and regulations. Make adjustments to the payments in accordance with the subscription options selected by users. The software enhances the capabilities of podiatry software. 

• Integration 

The software that handles monthly recurring billing is compatible with the systems used by the other departments in the organization. It is able to integrate with the software and applications that are responsible for managing business operations such as sales, marketing, customer management, accounting, and business development, amongst others. Also, customers are able to activate recurring revenue models thanks to the connectivity with shopping websites and apps.

• Offer management 

If you want to convert customers, you need to create offers that can't be refused. You are able to construct individualized deals using the software, which may include discounts, cash back, free subscriptions, add-ons, and a great deal more. The compensation will be modified thereafter in response to the submitted offers. In addition to this, you might investigate activities that are associated with offer management. Also, this is the ideal tool for executives in charge of sales and marketing.

• Management of various subscriptions 

Because of this functionality, you will be able to manage your customers' journeys from the moment they acquire a subscription onward. You have the ability to build up sign-up pages, manage the preferences of customers, access comprehensive histories, upgrade or downgrade subscriptions, modify information about legal billing software, and do much more. It also gives clients the ability to manage their own subscriptions, making it a self-service portal in its own right.

• Customer relationship

Get confidential information on each and every one of your customers. They should be prompted to make payments, chances should be created for up-selling and cross-selling, their questions should be resolved, and they should be sent individualized offers. Once again, this is the ideal tool for executives in sales, marketing, and help desk roles. Customers are able to manage their accounts and make changes to the personal information that they have provided. The software easily syncs with legal billing software. 

• Reporting 

Get in-depth insights with the reporting and analytics tool, whether you're interested in learning more about the overall accumulated revenue in a billing cycle or the success of subscription plans. The software that manages your recurring billing provides interactive visualizations that show data relating to your subscription packages, clients, sales, and a great deal more. In order to collaborate more effectively, you can also export and import data.

• Security 

The security component guarantees that all of the prescribed norms and standards, both domestic and international, are met. The program incorporates the most recent security methods for secure data processing, such as compliance with the PCI Data Security Standard (DSS), compliance with the Service Organization Controls (SOC), two-factor authentication (2FA), and a great deal more.

Recurring billing software is comparable to subscription billing software. In most circumstances, the words are interchangeable because both of these billing solutions are designed to manage recurring payments. When we discuss subscription billing systems, we stress subscription management. The capability of this billing system is limited. Simply concentrate on building and managing subscription packages, managing customer preferences, managing payments, integrating restricted tools and apps, and so on. The software enhances the capabilities of billing and invoicing software. 

The best recurring billing software has a feature for managing subscriptions. Hence, even if you are expressly looking for subscription billing software, you can install this recurring billing application. You will be able to manage recurring payments, such as tiered payments, one-time payments, and others, in addition to subscription management. Your subscription packages can be readily customized to improve the client experience and generate more income.

The software that manages billing for recurring subscriptions provides a number of advantages that are beneficial to consumers as well as companies. Take a look at the following advantages:

Customers: 

• Customers are able to manage their subscriptions, check their purchase history, customize their account details, and do a great deal more thanks to the self-service function of the software that manages recurring subscription billing.
• Customers have the option of configuring their chosen mode of payment, which can be either manual payments or automatic payments at predetermined periods.
• Consumers also have the option of receiving periodic information regarding products and services via email, mobile, or any other communication platform they choose.

Businesses:

• Time efficiency: After the subscription plans have been finalized, the recurring billing software will take over the job of maintaining subscriptions. This includes the sign-up process, the processing of payments, the sending of reminders and bills, and a variety of other tasks. So, you will save time, which you can then use to focus on other things.
• Higher returns: The deployment of staff for the purpose of subscription management is no longer necessary after the installation of recurring billing software. Additionally, the software handles customer retention, sales, and marketing activities on its own. These elements make it possible to cut costs and increase return on investment.
• Secured payments: The vast majority of the subscription billing tools are up to date with the latest security laws, which guarantees secure payment gateway services. Also, it protects the confidentiality of the customer's personal and financial information.
• Ease in payments: The subscription billing software allows many payment forms, including payments made using credit or debit cards, internet banking, digital wallets, ACH transactions, coupons, and gift vouchers.
• Sales and marketing: Sending personalized offers, communicating with customers, managing their subscriptions, resolving customer complaints, pitching new products and services, and so on are all things that can be accomplished with the help of a recurring billing tool, which can help your company increase its sales and distribution software.
• Reduces dunning: When it comes to dealing with a subscription company, a payment delay is a typical occurrence. The administration of Dunning preserves a record of all subscriptions and guarantees that funds are recovered in a timely manner.
• Data driven approach: The reporting and analytics component compiles data from the past as well as the present in order to formulate recommendations for the way forward. You will be able to use the data and information at your disposal to arrive at conclusions that are conducive to the expansion of your company.
• Flexible options: Arrange the subscription plans in a hierarchy that goes from monthly to quarterly to half-yearly to annual. Create a one-time cost in addition to a fee that is charged for each transaction. Create individualized subscription bundles that include various kinds of deliverables.
• Automation: The tasks carried out by the recurring billing system are greatly aided by the implementation of automation. The automation lowers the likelihood of making mistakes, saves both time and money, brings together previously separate operations, and functions in an intelligent manner, amongst other benefits.

Recurring billing software comes with various pricing models that are defined to maximize conversions and provide the best value to customers. The choice of pricing model depends on the nature of the business. One of the popular pricing models is the freemium model where businesses offer free subscription plans with limited features, which provides a perfect pitch for upselling products and services. Another popular pricing model is the trial plan, which allows customers to enjoy complete features at no cost for a limited period, usually 14 days or a month.

Fixed-price subscription is the simplest recurring billing mechanism where customers pay a fixed price for a fixed duration. For instance, using recurring billing software at a subscription price of $25 per month or $200 per year. Usage-based pricing models include quantity-based, where the subscription price depends on the quantity for a particular period of time, and metered, where pricing is determined based on usage, and the unit resets to zero at the end of the billing cycle.

Unit-based pricing has three models: per-unit plan, volume-based plan, and tiered plan, where price decreases as quantity increases. The stair-step plan is another unit-based pricing model where the price increases as frequency increases. Finally, hybrid pricing models include two-part tariff and three-part tariff, where businesses charge a fixed amount plus a fixed per transaction charge or a fixed amount per month, a fixed percentage of the revenue, and a fixed per transaction charge.

Custom pricing is also an option, where the customer selects products and services, and the business bundles them into a subscription package, charging a percentage of the total amount or a fixed amount. Subscription billing is a popular business model that ensures a seamless customer experience and allows businesses to generate more profits. By using recurring billing software, the billing process becomes simpler and efficient.

Before beginning your search for the recurring billing software that is the ideal fit for your company, you will want to have an idea of what features are available to you, which ones it would be nice to have, and which ones are necessary for the model of your business. This will help you narrow down your options. The following is a list of functions that are typically present in most recurring billing products.

• Management 

A feature of recurring billing software called dunning management aids users in handling unsuccessful payments, such as returned checks or rejected credit cards. Dunning systems can assist in resolving the issue in two ways: charge retries and customer communication, regardless of the cause of the payment failure. A few days after the initial decline, software should be able to automatically retry processing the payment. Some systems have a pre-programmed retry schedule, while others provide management control over the timing and frequency of payment retries.

• Invoicing 

Every form of charge should be visible on recurring billing invoices, including upcoming or overdue payments, accrued interest charges, taxes, etc. Over the duration of the customer relationship history, you should also be able to check previous bills in case there are any inconsistencies. Moreover, automated invoice production, scheduling, and transmission should be possible. Customers should also be able to make payments via an online portal thanks to the invoicing capability. The software easily syncs with accounts receivable software. 

• Trial management 

Trial subscriptions are by no means a necessary feature, but they can help you establish your brand and name recognition by encouraging users to try out the service and growing the overall number of regular members. Make sure your billing software can handle tracking these people and either converting them into consistently paying customers or denying them access after the trial time if you opt to give free trials. To inform clients of when their trial finishes and their alternatives for extending the service, trial management tools should also include follow-up emails.

• CRM and accounting integration: You should go for a piece of software that either has built-in features for customer relationship management (CRM) and accounting or offers integration with other pieces of software. After each transaction, this will help to ensure that the accounting books are accurate and up to date. Integration of the system with a customer relationship management (CRM) is also necessary if one is to retrieve customer records in a timely manner.
• Multiple payment options: The solution needs to be adaptable enough to work with a variety of payment methods, including electronic wallets, credit and debit cards, online banking, and cash. Look to see if the solution offers numerous payment ways so that both you and your clients will have more options to choose from.
• Compliance and security: While shopping for recurring billing software, you should make sure the system complies with PCI DSS Level 1 and SOC Type 1 standards before making a purchase. This guarantees that the system is capable of preserving the confidentiality of sensitive client data. Verify that the system regularly undergoes vulnerability scanning and that any issues that are discovered are repaired in the appropriate manner.

• When you have a growing customer base

If your business is experiencing growth and your customer base is increasing, investing in recurring billing software can help you streamline your billing process and keep up with the demand.

• When you want to save time and reduce errors

Recurring billing software automates the billing process, which saves time and reduces the chance of errors that can occur with manual billing.

• When you want to improve cash flow

Recurring billing software can help you ensure that you receive payment on time, which can improve your cash flow and help you better manage your finances.

• When you want to improve customer experience

Automated billing and payment reminders can help improve the customer experience by ensuring that customers receive invoices and reminders in a timely and efficient manner.

• When you want to reduce administrative costs

By automating the billing process, recurring billing software can help reduce administrative costs associated with manual billing.

• When you want to scale your business

Recurring billing software can help you scale your business by allowing you to easily add new customers and manage their billing information in a streamlined and efficient way.

• When you want to improve data security

Recurring billing software can provide additional security features such as encryption and fraud detection, which can help protect sensitive customer data.

• Increased Demand

The shift towards subscription-based business models has created a need for recurring billing software. As businesses seek to maintain predictable revenue streams and retain customers over the long term, recurring billing software has become essential.

• Customization

As businesses have different billing needs, recurring billing software providers are offering more customization options. Businesses can tailor their billing cycles to meet their unique requirements, including different billing frequencies, pricing models, and payment methods.

• Mobile Optimization

With more customers accessing services and products on their mobile devices, recurring billing software is being optimized for mobile. Mobile-friendly software ensures that customers can easily view their invoices, make payments, and manage their accounts on the go.

• Automated Invoicing

Automated invoicing is a significant benefit of recurring billing software. It eliminates the need for manual invoicing, saving time and reducing errors. Automated invoicing also helps businesses maintain a consistent billing schedule, increasing customer satisfaction.

• Enhanced Security

Security is a top priority for businesses and customers when it comes to managing recurring billing. Recurring billing software providers are implementing advanced security features, such as encryption and two-factor authentication, to keep customer data safe.

• Integration with other systems

Businesses use various software applications to manage different aspects of their operations, such as customer relationship management, accounting, and e-commerce. Recurring billing software providers are integrating their software with other systems to streamline processes and reduce manual data entry.

• Analytics and Reporting

Recurring billing software providers are offering advanced analytics and reporting features. This allows businesses to gain insights into their billing operations, such as revenue forecasting, payment processing times, and customer retention rates. Analyzing this data can help businesses optimize their billing processes and increase revenue.

• Simplified User Interface

Recurring billing software providers are improving their user interfaces to make them more user-friendly and intuitive. This makes it easier for businesses to manage their billing cycles without needing extensive training or technical expertise. Drag-and-drop functionality and other features simplify the billing process, reducing the risk of errors and delays.

• How to Choose the Right Automated Billing Software in Canada?
• What to Look for When Buying Invoicing Software?
• 10 strategies to increase sales in Supermarket/Retail Grocery Store
• 8 Best Billing And Invoicing Apps in 2022
• 10 key Features: How to Automate the Billing Process