Recurring billing refers to a process of all billing related functions including generating and sending invoices automatically for charging customers at regular intervals (recurring basis). It eliminates the need for manual invoicing and allows businesses to collect payments seamlessly and efficiently. By automating the billing process, companies can save administrative time, reduce errors, and improve customer satisfaction.
How can EarnBill help your business
With EarnBill, you get a lot of flexibility to customize the capabilities of the billing process as per your business requirement plus customer preferences. In addition to the functionalities of core billing, EarnBill offers some other capabilities as listed below.
Supports multiple cycles like daily, weekly, monthly, quarterly & annually.
Generate Review Report
This enables you to generate a review billing report before generating the final / actual invoices for any particular billing cycle however it’s an optional feature. The purpose of this feature is to validate the simulated invoices, rectify mistakes or inaccuracies found and make any corrections needed in the respective subscription order, before processing the real invoices. The report also provides a revenue forecast (total invoiced amount) which is expected to generate for any given billing cycle. The review billing report can be approved or disapproved.
This option helps you to automatically apply proration in the billing process itself if it’s enabled. For example, customers can upgrade or downgrade their plans in the middle of a billing cycle, EarnBill’s prorated billing feature ensures that customers are charged correctly as expected and accordingly generates accurate invoices.
Apply Over Payments to Invoices
If this option is enabled, the EarnBill system automatically applies payments to unpaid invoices. For example, a customer may make a payment to their account, which may not be specific to any invoice and if that customer has any unpaid invoices then the system automatically finds such payments and links to the unpaid invoice(s).
Auto-Apply Credit Note to Invoices
The EarnBill leverages its credit notes feature and when it’s enabled, the available balance on credit notes will be applied before any automatic payments are processed/collected from the customers for their invoices.
Automatic Payment Processing
This option allows you to set up automatic payment processing (secure payment handling) before the due date of invoice. For example, any business model where the customers are charged on a recurring basis can use EarnBill automated billing to automatically collect payments from customers’ credit cards on a periodic basis. This can help the company to improve its cash flow, reduce the risk of customer churn and help to improve the customer experience by making it easy for customers to pay for their purchases.
Automatic Invoice Notification
The EarnBill allows you to automatically send invoices email to the customer with PDF attachment. This can save the company time plus help to ensure that invoices are reaching customers on time. Additionally, the system provides an ad-hoc option as well for sending out invoice(s) manually to customers anytime.
Benefits of EarnBill's Recurring Billing
EarnBill’s automatic collections feature helps to collect payments, send notification reminders, and suspend customer accounts too in case payment is not done after multiple reminders. The Collections Process enables you to define multiple steps as per defined company’s policy. This further minimizes revenue leakage by automatically recovering failed payments using EarnBill’s configurable retry mechanism of collecting payments. It ensures minimal disruption to your cash flow.
Better Data Insights
EarnBill’s automated billing provides various administrative reports which can help businesses gain better insights into their billing data. For example, EarnBill’s Data Consistency Report checks orders and other data for inconsistencies that may lead to generation of incorrect invoices and/or payments. This information can be used to identify areas for improvement, fixing any issue early and making better business decisions.
Efficiency & Accuracy
The efficiency and accuracy are the most important quality factors of a software product. EarnBill helps businesses save time and money by automating many of the manual tasks involved in the entire billing process, such as creating invoices, sending out bills, and tracking payments. With automated processes, employees can focus on other tasks, such as core business activities, drive growth, enhance productivity and customer service or sales. Not only this, the EarnBill provides an option called Review Billing report (as described above) which enables you to review the invoices, rectify any inaccuracy found and make necessary corrections before processing the final billing run, this helps eliminate the risk of human error and ensure the highest level of accuracy in the invoices.
Enhanced Customer Satisfaction
Customer satisfaction is a crucial metric for business growth. Keeping this in mind, EarnBill’s automated billing helps businesses in number ways like providing accurate invoices, sending out automated email notifications / alerts to keep customers informed about plan modifications and/or any relevant details regarding the new plan. Further, the system allows customers to view their subscription, invoices & payments online using EarnBill’s UI (self-service) portal and they can also make secure payments as well. This transparency and control empower customers, enhancing their satisfaction and reducing support requests.
Scalability and Growth
Scalability is an essential component of any software system. Therefore, EarnBill’s Billing system is designed in such a way that it provides horizontal scalability to support growing amounts of data. This means, as your business grows, EarnBill effortlessly scales with you. It can handle an expanding customer base, increased transaction volume and ensure a seamless experience for both you and your customers.
Choose EarnBill for your billing needs and leverage its powerful features to streamline your recurring billing operations.