Providing subscription management and recurring billing software, Las Vegas’ top credit card merchant company SiftPay is your one-stop subscription billing management solution. Aside from the apparent purpose of getting the cash register clinking, billing plays a vital role in client interactions. It guarantees that clients understand what they pay for, when they pay for it, and why.
And in a business where it is promoted from a one-time event to a recurrent occurrence, it becomes much more notable. We understand as a top-tier credit card merchant company in Las Vegas that billing software is an ocean of the subscription wheel that connects many spokes (such as subscription management, billing, invoicing and accounting, payment processing, fraud control, and so on). It guarantees that the wheel continues to spin smoothly and steadily, allowing your company to ascend the mountain of growth efficiently.
What exactly is Subscription Management?
The practice of maintaining your subscribers and their preferences throughout their lifespan is known as subscription management. A subscription management software
The practice of maintaining your subscribers and their preferences throughout their lifespan is known as subscription management. Used at casinos and other high-end businesses in Las Vegas, subscription management software contains a company’s product catalog, pricing, and subscribers’ data, including subscriptions, add-ons, transaction history, and payment cycles.
This also covers trial management, grandfathering in the case of a pricing change, trial-to-paid upgrades, downgrades, and cancellations throughout the subscription lifecycle.
Take it from the most trusted credit card merchant company in Las Vegas, subscription management and recurring billing go hand in hand.
Subscription billing may have far-reaching repercussions across your revenue processes, all the way down to revenue recognition, as you’ll learn in subsequent sections.
What is the purpose of Subscription Billing Software?
The primary (and most noticeable) characteristic:
Enabling and streamlining the billing process for you, allowing you to reap the benefits of your effort – the labor of gaining and servicing your clients.
Put, collecting money from your consumers using a variety of payment mechanisms (credit cards, debit cards, PayPal, Amazon Payments, ACH, wire transfer, checks, cash, etc.).
The less visible, but equally important, feature:
When it comes to constructing their billing system or employing one of the market’s current options, most subscription billing organizations in Las Vegas and across the country are at a crossroads. Initially, building billing in-house may appear to be the most cost-effective alternative. However, it is an inefficient long-term approach for the following reasons:
Managing Increasing Customer Base
As you scale, the programming complexity grows dramatically with each additional subscriber, pricing change, support for alternative payment methods, upgrade and downgrade requests, flexible invoicing, and prorations. The second argument is that having an in-house billing system will seem like running a second product within your primary offering.
Compliance & Security
In addition to operations, there is the issue of security. Suppose your billing system collects sensitive payment and personal information. In that case, you must comply with PCI-DSS (guidelines for securely processing, storing, and transmitting payment card data), as well as broader regulations such as the GDPR (standardized data protection law across the EU) PSD2 compliant payments, and GAAP compliant accounting.
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