9 Awesome Benefits of Online Subscription Billing Software

In the past few years, subscription billing software has become a staple of the modern business world. 

Managing recurring payments and subscriptions for your business' products and services is made easier with subscription billing software.

In this blog post, we will explore nine ways that online subscription billing can benefit your business.

  1. Easily track customer payments

Unless you use a subscription billing system, it can be difficult to keep track of customer payments. It is easy to track who has paid and who has not with online recurring billing software. As well, it helps to prevent subscription fraud and lowers the risk of late fees.

2. Time-savings

You and your clients will save time with automated recurring billing software. You will spend less time manually sending subscription bills or chasing down late payments with subscription management software. Subscription management software helps you track recurring invoices and send reminders to your customers. It also reduces the number of follow-ups because recurring billing software will do it for you.

3. Cost-effective

Subscription management software can save you money by automatically billing your customers. With recurring billing software, you can set up subscription fees using a customer's credit card. The billing software will automatically process subscription fees without manually billing customers. In this way, you will save money on subscription account management fees and keep your subscription assets organized and current.

4. Reduce subscription cancellations

With subscription billing systems, cancellations can be reduced. Recurring billing software makes subscription management seamless for your customers. With subscription billing services, you can easily track recurring payments. Furthermore, subscription management software will send reminders to your customers before their subscriptions expire, reducing the number of cancellations.

5. Flexible system

Subscription billing systems are flexible, and they can be used for a variety of subscription-based payment models. It can be deployed in verticals like SaaS, education, food and beverage, apparel, home and commercial security, and telecom. 

Subscription billing software allows you to edit subscription preferences. Fees, due dates, and durations can be changed on the fly! A client's subscription can be changed to a monthly, quarterly or annual plan, for instance.

6. Free from PCI compliance issues

One of the main benefits of subscription billing software is that it is PCI compliant. With subscription-based payment models, your business can comply with credit card security requirements by storing credit card information in recurring billing software rather than on your servers. Subscription billing systems also allow for greater control over how subscription payments are handled.

7. Easy to use

Subscription billing systems are easy to set up and manage, allowing companies to devote more time to other tasks. Subscription-based payment models are easy to use, allowing your customers to use subscription billing services easily as well.

8. Expand your business globally

With subscription billing services, you can grow your subscription base internationally. It makes a subscription billing platform an excellent option when working with companies in different countries. 

9. Get paid faster with recurring billing

When you use a subscription management platform to process subscription fees, you'll get paid faster since payments are processed on time. A subscription billing platform allows business owners to process subscription payments from anywhere in the world because the software can be accessed online.

Conclusion

With subscription-based payment platforms, you can increase revenue, decrease cancellations, and manage payments easily. A subscription billing platform reduces costs and increases profits. Subscription billing also delivers steady cash flow as payments are automatically collected from customers on a regular basis.

Learn more about how eLabs can meet your subscription billing needs. Talk to an expert.

There’s a New Subscription Billing Player. Meet eLabs! 

The subscription market is booming.

According to UBS, the global market will grow from roughly US$650 billion to US$1.5 trillion by 2025, implying a compound annual growth rate of 18%. 

As more companies see the benefits of recurring revenue rather than one-time transactions, subscriptions are becoming an increasingly attractive business model that generates steady cash flow and customer loyalty.

As we looked at the subscription market’s growth, we recognized a tremendous opportunity for eLabs to capitalize on the demand for billing technology that provides fast-growing companies with strategic, tactical, and financial flexibility.

Companies need a subscription billing platform that can seamlessly handle ongoing sales, promotions, new product launches, and onboarding customers and integrate with existing technology to succeed and establish a competitive edge.

That’s eLabs.

We have been in the recurring revenue business for more than 20 years working with small, fast-growing businesses and Fortune 500 companies. Our corporate roots are deep in the telecom sector, which has leveraged a subscription model for decades. 

When you think about telecom companies offering products like local service, long-distance packages based on time of day, length of calls, and countries, you can understand how they needed a robust billing platform.

After years of working with clients with complex billing requirements, we are incredibly excited to offer our flexible and scalable platform-as-a-service for small to mid-sized subscription-based companies.

Unlike SaaS solutions, our flagship product, BOSS40, is not a one-size-fits-all proposition. 

BOSS40 is flexible, supports different subscription models, automates critical processes, and seamlessly integrates with your existing workflows, systems, payment gateways, and legacy payment platforms.

It automates and streamlines high-volume and time-constrained subscription billing processing and delivers real-time visibility and predictability into the billing and collection process via custom dashboards and reports. 

So, what does BOSS40 deliver?

We’re focused on companies looking to upgrade their subscription billing capabilities. They are growing quickly and require a dependable, accurate platform that will scale as their business accelerates.

BOSS40 is an excellent solution for large companies looking to move into the subscription market. eLabs has the expertise, experience, and technology to seamlessly integrate with legacy enterprise systems like ERPs and MSPs. 

While the subscription market is big and getting bigger, it’s arguably still early days. Nevertheless, the subscription model is difficult to resist because it delivers financial reliability and meets customers’ needs looking for new ways to purchase products and services.

We’re excited about doing business in a market ripe with potential. Our deep industry experience and world-class platform make us the ideal partner for companies that want to seize a massive opportunity in front of them.

Learn more about how we can power your subscription billing.

Talk to an expert