10 Must-have Features for Subscription Billing Platforms in 2022

10 Must-have Features for Subscription Billing Platforms in 2021

Subscription-based services are on the rise in today's world. More and more people read the news, watch movies, stream music, etc., on the internet. These kinds of services have become even more necessary in times like the current COVID-19 pandemic. And to help both customers and companies, billing platforms come into play. It creates a bridge for the two parties by making online transactions effortless. But a venue like this should provide users with the best features to stay one step ahead of others.So, here's a look at the top ten features Billing platforms should have in 2021.

• People have different ways of paying for a service. When they want to buy goods, they should be able to pay by their choice. Hence, a good billing platform should support various payment options.
• Customers are integral for a subscription-based business to last long. Hence, good customer service is necessary. They should inform customers when credit cards fail, payments that are due, and so on.
• People all over the world use subscription services. And there should be facilities to help them pay in their local currency. Therefore, billing platforms should support multiple currencies.
• Subscription platforms should not be costly. People won't want to pay for expensive deals when starting a business. So, they should come up with affordable deals and discounts. In this way, they can increase their income and revenue.
• Billing platforms should provide payment links to users to make payments easy. Users can pay and receive money effortlessly using this feature.
• A good billing platform should provide an intuitive subscription list to manage subscriptions. These lists are essential as they help in viewing transactions.
• A good billing platform should support automatic billings for subscriptions. In this way, no problems will arise during a transaction. Users can set their payment choice according to their schedule, and the billing system will handle the rest.
• Billing platforms should easily handle credit card complications to avoid the loss of customers. This is known as "Dunning management." They should be able to notify customers about failed transactions, due payments, and so on.
• Billing solutions should provide information on delivered products through invoices. They should also offer invoice customization and adjustment.
• They should store information about annual revenue, activation reports, subscriber churn, and so on. This will enable users to view these data and evaluate them.

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