Below are the top 3 reasons why you need to integrate automated billing payment for your business right now.
Once volume of customers start increasing in any business, the tediousness of managing cash-flow takes whole new turn. Authorizing manual payments put load on server and strain on financial department of organization. Keeping few things in mind, any business reaches this point where automating the billing and payment seems viable option in terms of business growth and customer experience.
One good thing about recurring billing payment is its time saving operation. Once you set it up properly, you are immune from the annoying process of entering your card information over and over again. Setting up automated billing process helps reduce a lot of strain for your finance department.
On the other hand, manual billing processes are more prone to human errors leading huge inaccuracies in business invoices. Due to the repetitiveness nature of entering billing information manually, it becomes risky for business owners to get locked out on paying the bill and finalizing the order.
With automating billing processes, your customers will have to enter all the necessary information into system only once. Be it a subscription or returning purchase, the most crucial information you need would be there available at click of a button. It doesn’t matter you have 10 customers for any product or 1000s of them, it becomes cakewalk to invoice them all at once because of automated bill payment system.
The other noteworthy advantage of automated billing payment is leveraging the customer data for retargeting. Yes. You won’t only have the access to payments by customers but also the sensitive data on where you can target them or what kind of loyalty you can provide in future. On longer run, you can analyze the data and come up with most used cards or most used payment method by group of customers. For example, if you notice large number of customers using Maybank cards, consider partnering up with Maybank and provide your users with loyalty offers like waving up the fees or even cashback.
Your annual recurring revenue prediction would be much more convenient if you have integrated automated billing payment with your business. For example, if customer is paying 60$ per month for any subscription based business, it’s easy to predict 2$ per day revenue from that customer for period of whole month.
If you are integrating proper automated recurring billing platforms, attention to fraudulent cards become more productive and accurate with the help of analyzing the customer card data in proper ways. Keeping track of sales with payment issues becomes easier than ever before once automated billing is set up.
In addition to this, it would feel awesome if you are fortunate enough to tenfold your customer base overnight. However, it’s risky to not have automated billing payment setup for such events. It’s literally a nightmare to manually manage payments from all the customers at once. You better be setting up automated billing payment if such is going to be case in near future.
The primary reason why integrating modern payment gateways for setting up automated billing payment is their facility to provide you with invoicing and collection process. These kinds of payment gateways notifies the customers who haven’t paid the dues and flags them in your business dashboard.