When you're running an online business, your costs can be significantly reduced if 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 they can be customized to interact with other common service integrations. So as you add to your cloud-based technology stack, you create more streamlined processes and you optimize your business efficiency.
Digitally transforming your technology infrastructure in this way gives your business greater flexibility and allows 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 stand-alone, on-premise programs.
Subscription businesses, for example, typically implement a system for managing their recurring billing and subscription management at some point early in their growth.
Here are the top five must-have integrations.
1. CRM system
The first essential integration is connecting your subscription billing service with your CRM. There are several benefits to this.
First, it means your customer service team only needs to adjust account details once when a customer changes them (i.e. address, email, 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 upsell and cross-sell offers without risking excessively generous terms to customers that don’t pay on time.
Therefore, you can expand your revenue without having to rely solely on acquiring new customers. This is more profitable as existing customers are easier and less expensive to sell to.
2. Payment processor
Integrating your billing and subscription management system with your processor or gateway will enable your business to automatically monitor when payments have been made to your business’s accounts. The system can then mark these automatically as paid, saving your accounting team vital time.
This integration will also provide your business with more cash flow predictability thanks to automatic credit card updates—a feature that can reduce failed and late payments by up to 700%. This, along with payment details that clearly synch to subscriptions, can mean your team spends upwards of 80% less time on billing and payment processing.
Finally, an integration between your billing system and payment processor should also enable your business to produce an accurate receivables report at any moment.
3. Accounting system
Integrating an accounting system with your subscription billing system will enable your senior financial team to gain insight into your financial position with the touch of a button.
Adaptive recurring billing software accurately tracks your business’s earned versus deferred revenue for proper, GAAP and ASC 606-compliant revenue recognition. Therefore, an integration between these two systems can make period-end reconciliation a breeze.
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.
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 provide your customers with 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 customers view their bills and automatically pay them on the spot.
A customer self-service portal integration can create even further benefits in terms of your customers’ abilities to flexibly manage their own accounts as and when they need to. Customers can be allowed to update their own information, migrate between various subscriptions plans to suit their needs, and even pause or cancel their subscriptions.
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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 subscription business can even take it a step further with SMS or text message integration. Texts are opened and actioned at an even higher rate than email, making this a great way to enhance your billing and payment collection process.
Digitally transform your subscription billing business with smart integrations
Your cloud billing system is a vital component of your subscription business’s success. However, the system can be improved with several integrations to increase productivity and automate several functions.
As part of your business’s digital transformation strategy, consider what integrations your billing system could benefit from and see if you have the right software for your integrations. Business solutions with built-in integrations to software your business already relies on can provide the flexibility and agility for not only current enhancements but also for ongoing future growth and success.