When you are running an online business, your costs can be significantly reduced when you have systems that can integrate with each other and help you manage your business. The advantage of cloud-based service vs. on-premise systems, is that they can be customized to interact with other common service integrations.
This can give you greater flexibility and allow you to take advantage of all the best software without breaking the bank. Integration also saves time as you don’t have to enter the same data several times as you would when using a number of different programs.
Here are the top 5.
1. CRM System
The first essential integration is connecting your subscription billing system with your CRM.
There are several benefits to this.
First, it means that your customer service team only needs to enter details once when a customer changes them (i.e. address, surname). At the same time, the customer service team can view recent transactions and payment history.
This is particularly useful as it enables your sales team to create unique, personalized offers without risking excessively generous terms to customers that don’t pay on time.
Therefore, you can expand your revenue without having to acquire new customers. This is more profitable as existing customers are easier to sell to.
2. Payment Processor
Integrating your billing system with your processor or gateway will allow you to automatically monitor when payments have been made to your business’ accounts. The system can then mark these as paid automatically, saving your accounting team vital time. It should also allow you to be able to produce an accurate receivables report at any moment.
3. Accounting System
Integrating an accounting system with your billing system will allow your senior financial team to gain insight into your financial position with the touch of a button.
By integrating your billing system with your accounting system, you can see when money is going out and easily view the financial history of your organization. It can also help you determine trends within your organization so you can prepare for fluctuations in demand.
Complete Guide to Subscription Billing.
This guide will walk through the wide range of features required to automate your recurring billing, subscription management, and payment process.
4. Customer Self Service Portal
Do you want your customers to be able to see their bills and invoice history online?
Then integrating your subscription billing system with your website or a customer portal is essential. Not only does it allow your customers 24-hour access to their information but it can also save money on delivering invoices.
Additionally, it allows you to create a seamless online portal for payments where the customer view the bill and automatically pay it on the spot.
5. Email Integration
Sending your invoices by email is a powerful function. Email is more cost-effective and faster than sending anything by mail – and with the right integration you can have the invoice generated, attached to an email and sent automatically.
Your cloud billing system is a vital component of your business’ success. However, the system can be improved with several integrations to increase productivity and automate several functions. Consider what integrations your system could benefit from and see if you have the right software for your integrations.