What is flexible billing?
Flexible billing lets businesses send invoices that customize their billing software to fit their pricing plan. A flexible billing system can handle all kinds of subscription billing models, such as an average fixed-recurring subscription model, a usage-based model, or a mix of recurring and non-recurring pricing models.
Users can also change the terms of subscriptions based on certain billing information at the account level with this method. For instance, it lets you change the payment terms, bill-to-contacts, payment times, interest rates, taxes, minimum payments, and other money-related factors for each subscription in an account.
Synonyms
- Flexible invoicing
- Flexible billing software
- Flexible subscription billing
- Flexible subscription management
Why flexible billing is useful
Different types of pricing models can be used with flexible billing software. These include consumption-based pricing, subscription billing, tiered pricing, pay-as-you-go, and hybrid models.
There are a lot of situations where companies need flexible bills when they are making invoices.
Here are some popular ways to use them:
- A business that offers several membership products, each with its own price range.
- A business with customers in different parts of the world who buy a mix of goods with different tax rates, volumes, and bill-to-contacts.
- A business that charges customers based on how much they use its services.
Software for flexible billing
More and more companies use subscription and usage-based billing models, and the market for flexible subscription billing software is growing along with it. The software isn’t always given to a company as a ready-to-use solution; it’s usually changed to fit their needs.
Businesses that use flexible billing software can easily and quickly make invoices, automate payments and transactions, keep billing information safe, and give customers different payment methods, like credit or debit cards or online payment sites. Making the billing process more efficient can help businesses save time and money while making it easier for customers to pay their bills.
You can make your invoice templates, change prices, offer discounts and special deals, send automatic payment reminders by email or text, and use flexible subscription billing software with built-in reporting and detailed data. With these features, companies can keep track of what their customers want, divide them into groups, and automatically send reminders for unpaid bills so they can make more money.
Flexible billing software has many features that make it a good choice for companies that use more than one price model or sell products and services that can be customized. This is in contrast to traditional billing methods like spreadsheets or paper records. It also works with CPQ, which makes price quotes that customers buy, and CRM systems to automate customer-related jobs, like sending email receipts or keeping track of the history of communications with clients. Many flexible billing systems also have advanced analytics features that let businesses use data to decide how to price their products or services best.
How a Billing Platform Gets Things Done: Billing Options
Flexible billing software makes setting up billing rules and terms specific to each customer’s needs or tastes easy. This gives businesses more freedom to handle their ties with customers and ensure they always have a way to make money.
Machine-Assisted Tasks
Another benefit of flexible billing software is that it lets you set up automated processes that make billing more accessible and ensure that invoices are correct, which is especially helpful when working with different subscription pricing combinations.
Automation can make the billing process more accessible by tracking payments, receiving them, and balancing them. This frees up staff to work on other tasks. This technology also reduces the mistakes that come with entering data by hand, saving time and money.
Better Security
Flexible billing software has better security features, another great benefit for businesses that want to keep their financial transactions and data handling safe.
Any private information in the software’s files is encrypted using safe technology. This helps businesses stay safe from fraud and other nasty things. In addition, it has access control features that let businesses set user rights based on job roles or other factors.
Better service for customers
Additionally, flexible pricing software makes it easy for customer service reps to answer questions and address customer concerns quickly.
It also lets them send personalized texts based on detailed customer profiles that they’ve built up over time. This keeps customers returning by ensuring that each interaction is unique and tailored to their needs.
Fitting in
Finally, flexible billing software usually works with a business’s current systems to ensure that all price, billing, and customer information comes from the same place.
With this tool, businesses can immediately see up-to-date information about customers across all of their departments. This gives them a better picture of their operations ecosystem and makes everyone more productive.
