Subscription Billing and Management with NetSuite
Getting the most of a Subscription Model with Subscription Billing and Management with NetSuite
When launching a subscription revenue model it is best to not take the spreadsheet and manual approach. A task such as this can become both inefficient and risky. Automating payment collection is where companies should begin their subscription economy. Therefore, implementing a system such as NetSuite ERP that can handle automation for billing cycles monthly is the way to go and to maintain an optimal retention rate. This is one of the core reasoning to why most businesses consider Subscription billing and management with NetSuite.
Automation will streamline billing processes and puts subscription and billing data all in one place. Having your data all in one platform will improve data quality and ensure there is accurate billing. Any mishaps with billing can be extremely frustrating for customers and it is a point where you may lose them if you are not managing billing in a convenient way. It is crucial for an impeccable billing management solution to be in place to ensure the best customer service in the subscription-based business model.
Running global operations, communicating with customers in their own language and currencies is important. With NetSuite, you can implement features that will ensure customers abroad are able to purchase the subscription service or product according to their own local standards. This way they can also determine the value of the items while allowing communication to be more personalized. The convenience of NetSuite is that it can provide all of the above.
NetSuite’s billing management capabilities make it the ideal solution that will support the transactions that a subscription pricing model will need. It offers real-time visibility into inventory levels, detailed reporting, and analytics. Billing operations can be automated in addition to subscription management processes, while also helping businesses make smarter strategic decisions that will improve company performance and meet objectives. Not only that, companies can also use NetSuite CRM (customer relationship management) to improve their customer satisfaction and customer acquisition costs (NetSuite can be integrated with third-party CRM applications as well such as Salesforce, HubSpot etc.)
While subscription products and pricing options are appealing, all businesses really need is a system that is capable of streamlining the billing management and more! NetSuite’s billing management can not only support the billing frequencies that a subscription-based company needs, but it is also able to scale when the opportunity for growth occurs, both locally and globally.