At some point, your business will reach a threshold where you struggle with growing pains. Scaling for growth is one of the hardest things a business has to do to succeed in the long run. It’s tough, but you NEED to make scaling a priority early on, or you run the risk of failure in the future.
If you want to overcome this milestone/obstacle, you need the right tools to set yourself up for success. One of the most straightforward means to help scale your business for growth is recurring payment software.
How Does Recurring Payments Help Scale a Business for Growth?
Did you know that according to the International Data Corporation, by “2022, 53% of all software revenue will be generated from a subscription model.” When you think about it, subscriptions and installment plans are just easier for everyone. Your customers and your staff don’t have to waste valuable time over the phone anymore!
Typically, scaling your business means more customers; more customers means more potential for billing errors, which in turn costs time, money, and resources. You’ll get to the point where an excel sheet won’t do the trick anymore.
Recurring billing is a powerful tool for people in the medical, financial, and even the retail industry, especially if you have a subscription model like many online stores today.
What is Recurring Billing?
Recurring billing is a payment model that allows companies to invoice their customers based on a regular schedule, specified by the company (usually once a month). The most common forms of recurring billing include;
- Membership Dues
- Installment Plans
What used to be a painstaking process, full of endless paperwork and spreadsheets, can now be handled automatically. What a wonderful world we live in now!
It’s easy to see how every business, from hospitals to subscription-based online coffee stores, can benefit from this useful tool.
Customize and Automate your Workflow
We’d be a little remiss if we didn’t mention that BillingTree’s Payrazr Portal Plus solution allows you to create subscriptions that include a payment schedule, the billing amount, and the customer’s payment information.
Even if you need to bill a different amount, Payrazr Portal Plus offers your business that flexibility. It’s easy to set up, and once you’re finished, you can always adjust the information later (if needed). The process is so simple that your customers can set up their recurring payments, saving you additional time and resources.
Stay in the Loop
Our recurring billing solution does a great job of keeping you up to speed on essential details like upcoming subscription and credit card expirations. In fact, Payrazr Portal Plus features an Account Updater integration that automatically updates expired or replaced cards, so you never lose out on a sale.
We also offer custom reporting so you can create charts that show you the most vital information in one clear and concise location!
The main reasons you’d want to have a recurring payments system for your business are:
- Reduces Costs
- Makes Your Business More Efficient
- Saves Time
- Helps with Scalability
- Helps Build Branding
If you’ve been searching for a way to manage recurring billing smoothly and effectively, then BillingTree’s Payrazr Portal Plus solution is perfect for you!
We make getting started simple, and our 24/7 customer support team is always standing by to help you. To get hands-on experience, click the button below to sign up for a free demo.