Many businesses are turning to recur billing models to further their success. Companies like Netflix, Dollar Shave Club, and even Apple have recur billing models that enhance user experiences while cultivating customer relationships. Whether you’re a retail company or even a professional services provider, you shouldn’t be ignoring recurring billing processes.
One of the biggest perks of a subscription based model is the flexibility for customers and businesses alike. First, customers can adjust their subscription with their needs which is cost effective. They are able to predict just what they need, how much they need, and even when they no longer need something. Next, for the business providing the subscription service has the flexibility to better plan for resources and predict their incoming revenue. With the visible data provided they can make better decisions without having to recalculate costs. As businesses grow and change, they can make adjustments to offerings and change objectives on a dime.
Establish Long-Term Customer Relationships
Companies are often focused on end goals and getting to the end of the project or contract. With recurring billing services, the business has the ability to grow, cater, and foster trust with their clients. This changes the flow from actively just trying to get projects completed to continuing to nurture their customer’s success. Subscription based models give businesses accountability and leads to much more proactive behavior. When both parties are interested in adding value to their relationship, they help each other from falling behind in the ever changing business landscape.
One of the biggest functions of a subscription billing model is the ability to scale up or down contracts. When companies need to tighten their wallets they can give up certain pieces of their contracts without having to renegotiate a whole new contract. This also gives them the ability to add to their contracts when needed. Better use of resources grants both companies the ability to scale as needed.
About 360 Contract Billing:
360 Contract Billing was designed in NetSuite to benefit subscription models without 3rd party vendors. Within 360 Contract Billing you can:
- Manage terms and frequency of billing
- Customize actions for specific contracts
- Update payment method
- Facilitate end of term actions
- Report on purchasing trends
To learn more about 360 Contract Billing click here!