Did you know that the first successful online payment dates back to 1994? So much has changed since then. Online customers are now more comfortable making payment via the internet. Businesses that traditionally relied on manual billing are now going for automatic billing software. So, if you are hesitant to make the switch, you should consider doing it now. Here are 10 reasons to convince you:
1) Subscription Management
It’s not easy to monitor customer subscriptions manually. Things are likely to get complicated when you have to deal with refunds, subscription renewals, and transfers. To keep track of all these, you have to invest a lot of administrative effort. This not only becomes tiring but expensive too. Instead of going through such stresses, you should subscribe to automated billing software like reliabills to automatically manage your subscriptions with minimal effort.
2) System Integration
Automated billing system allows you to integrate other systems that are meant to improve your billing operations. For example, you can integrate the following software:
- Payment getaways such as BluePay, Skrill, and EWay
- Accounting software like QuickBooks and Quicken
- Customer management software like CRM (Customer Relationship Management) system
- Business management software like ERP (Enterprise Resource Planning) system
3) Invoice Automation
Speed is of the utmost importance when doing billings. Invoices need to be sent quickly to facilitate fast payments. This is something that automated billing software does very well. It allows you to schedule multiple invoices in advance and send them to clients at specific times. By integrating accounting software, your accountants can send accurate invoices conveniently.
4) Invoice Tracking
With automated billing software, you don’t have to wait anxiously for payments to be done. You also don’t have to chase after your customers inquiring when they’ll pay. This is because the software gives you access to payment statements on the dashboard. What’s more, you can set reminders for clients to automatically inform them about pending payments. Since it’s possible to integrate accounting software, you can keep a trail on all invoices.
5) Timely Payments
So much time is lost when doing billings manually. Somebody has to hand-deliver invoices and you may have to wait for a few days before payments can be done. The good news is that there are no such hassles when doing online payments. There’s even the opportunity for same-day payments. Furthermore, you can receive notifications on the status of the bills made.
6) Billing Flexibility
The automated billing software allows your customers to make payments from anywhere in the world. You too are allowed to send invoices to different clients from anywhere using your laptop or phone. Thus, you can still receive payments and schedule invoices even when on holiday. Customers can also pay you using different online payment solutions.
7) Reduced Billing Errors
Manual billing is prone to errors that are capable of causing heavy financial losses. The possibility of such errors happening when working with automated billing software is reduced significantly. So, you don’t have to double-check your invoices as you do to manual bills. Unless there is a wrong entry, you’ll always do accurate calculations with billing software.
8) Data Security
Contrary to what most consumers think, automated billing programs are safe and secure. To begin with, customer data is protected by firewalls. A firewall forms a protective barrier to secure customer payment information. Secondly, customers need a login username and password that they set to make online payments. This means that no one can access their account without the login details.
9) Simplified Reporting
The automated billing software allows you to collect billing information accurately and timely. You are allowed to automatically create and schedule reports. You can also refer to the reports when wanting to see who your most profitable clients are and what they buy the most. You can also track their spending patterns and predict future cash flows.
10) Business Transparency
Customers and partners are likely to have questions on manual billing if calculation errors are suspected or they can’t understand the details of purchases made. They may feel like you are hiding something and this is not healthy for your business relationship. When the billing process is automated, it becomes easy for customers to review the payment process by checking all the steps and verifying the payment details. The partners can also access a customer portal to view billing reports.
Automated billing software is undoubtedly beneficial to your billing activities. It’s not just convenient for your customers but also for you and your partners. Thus, it’s a great investment worth considering if you already haven’t.