Rerun Blog What the Future Holds for Online Subscription Billing

Like everything on the internet, subscription billing is constantly evolving. We made this guide to show you how it's likely to continue changing.Online subscription billing is a process that allows you to streamline your billing process and help you focus on customers, by collecting payments and directing key operational tasks online.Why should you and your business care?This method will change the billing game for the future. It will not only provide an easier process for billing and collecting payments, but will also help you manage your subscriptions and customers. Use our online subscription billing guide to get a feel for how an updated recurring billing process can improve your billing workflow and why it can be a wise investment of your valuable time.Subscription BillingOnline subscription billing will evolve through the following ways:Wide-Range of BusinessesSubscription billing is currently utilized by a wide-range of businesses, but more and more industries will start using this form of the recurring billing process in the coming years. Ideal candidates for subscription billing:Subscription services, from Amazon Prime down to a local landscaper, where customers can sign up for your service at a recurring cost.Membership clubs for customers to automatically pay their member fees.Utility or Internet/Phone/Cable companies that charge for monthly services.SaaS companies, like Adobe Creative Suite, that can provide software packages to customers.Membership websites that use subscription services to build a larger customer base.Subscription boxes for customers to receive your products.Fitness centers and other institutions (i.e. Martial Arts, Dance Studios) that charge a flat-rate each month.Day cares and private schools that charge a recurring tuition to their parents.Marketing Firms and advertising agencies that charges a retainer fee or charge a recurring monthly maintenance fee for websites and other marketing materials.Increase IncomeAs customer retention becomes a priority for more and more small businesses, the value of online subscription billing only increases. In fact, increasing customer retention rates by 5% can increase profits anywhere from 25% to 95%; a realization that leads a growing group of companies to the conclusion that retention is more cost-effective than acquisition.After you pursue a subscription billing model, your revenue will become more predictable because of higher customer retention rates. You'll be able to more accurately project revenue for a specific time frame.Predictable earnings will enhance business stability and long-term planning to forecast future growth and earnings.Increase Customer SatisfactionOnline subscription billing services will continue to increase customer satisfaction, as it allows businesses to implement strategic engagement strategies and target customer relationships.Subscription billing focuses on long-term relationships with customers, rather than solely on transactions. A holistic view of the customer relatinship will help to foster a feeling of commitment and loyalty between business and customer. Minimizing late payment issues, as customers will be less likely to make late payments or have any late fees, will also increase satisfaction.Save Time and MoneySwitching to subscription billing will help your business cut costs, and save you time and money.For example, if you start using electronic checks, you will be able to cut processing costs by 60%. The automated model will help you generate invoices or bills and receive payments without a significant investment of time. The goal is to free your time from tedious administrative tasks so that you can focus on the key drivers for your business, be that sales or marketing or operations. Recurring billing should not drain that valuable time.Eco-FriendlyLast but not least, subscription billing will helps in shaping a future filled with eco-friendly businesses. Stepping away from a paper billing process and generating invoices and accepting payment online minimizes extraneous paper and waste.Businesses will be able to:Send invoices online Minimize accounting or filing problemsReceive payments onlineSync subscription billing with their accounting systemsAll of which leads to a greener future for businesses and a brighter future for online subscription billing. If your business is looking to add online subscription billing, then schedule a demo today. We can help you process recurring, subscription, or membership invoices and payments, saving you time for more important tasks. Learn more at www.rerunapp.com.Have you transferred over to online subscription billing? Why or why not?