Did you know? A report by Forbes states that in the time span of 2014 to 2017, the subscription company websites observed 800% increase in its subscriber base.
Due to the success of businesses like Netflix and Spotify, more and more companies are turning to the subscription business model to generate revenue. In the third quarter of 2019, Netflix had over 158 million paying streaming subscribers worldwide as well as over 5.5 million free trial customers.
Subscription models not only helps you retain your customers, but also maintains your cash-flow & increases the chances of expanding your customer base.With the boom of digitization, customers prefer to execute most of their activities online & that too a hassle-less process in every online activity is preferred. Online implementation of subscription models will not only save your time, but also make life easier for your customers by simplifying the process of payment.
Smart billing is a suite of Subscription & Invoicing solutions that helps you create customized subscriptions for your customers & collect recurring payments. Also generate customized invoices to collect timely payments from your customers
For SMEs who charge their customers with rentals, we provide an easy-to-use, fast & automated platform to create subscriptions & charge customers according to the billing frequency & billing cycle that you create.
Subscriptions are simply automatic payments, where a customer authorizes a service provider/merchant to auto debit fixed amounts at regular intervals as per the decided plan. Easebuzz provides an automated, hassle-free platform to the merchants where in they can create recurring payment schedules for their customers, control the billing cycles and get instant alerts on subscription activities. The only thing merchants need to do is link respective plans to their customers and monitor the subscription related activities.
With a strong CMS platform you can easily create & manage your customer and item details. You get to maintain a customer repository where you can store necessary details of your customer like — contact details, billing address, shipping address, GSTIN etc. You need to create this customer repository only once & reuse these details every time you have to create a subscription for them. Similarly you can create an items repository where in you store all the items with details like its name, description, rate per unit, HSN & SAC code for GST. By maintaining the customer & items repository, you save time & also create subscriptions easily by selecting customer details as per the creation.
Our Recurring model helps you to create types of subscriptions such as Fixed billing & Metered billing.
In this type of billing, you can charge your customers for the items or products/services that you offer are fixed. You can set the billing frequency & the billing cycle as per the plan assigned to your customer.
Let’s say you create a subscription for your customer according to a plan of 1 year. So for the items/services that you provide to your customer, you can set the billing frequency to collect payments from your customer. This frequency can be daily, weekly, monthly, yearly as per your choice. Having set the frequency, the next thing is to set the billing cycle count. This will determine the number of times your customer will pay you for the subscription.
For example — A car rental subscription for 1 year is to be made. You want your rental to be collected every month for 12 months. So considering this scenario, you will set the billing frequency to ‘monthly’ & the billing cycle count to ‘12’.
So, your customer will pay you every month for 12 times, i.e for 1 year. In this way you can create subscriptions according to your preferred billing frequency & billing cycle.
In metered billing, you charge your customer according to the usage of the products/services that you have provided. The setting of billing cycle & billing frequency for metered billing is similar to Fixed billing, as described above.
Only difference here is that you charge customer at the end of the billing cycle, as per the usage of the items/services of your customer. So if there is a metered billing subscription for every month for 12 times, you charge the customer on the last date of his billing frequency, i.e on the last day of the month. You can easily add items and update the subscription as per customer’s usage & charge him accordingly.
How customers pay for subscriptions
Easebuzz subscriptions allow you to
Pay for the subscription via Auto debit ( E-Nach/E-Mandate) — The customer will have to complete an authentication transaction which will be one time, to save his card details. The amount for future payments of his subscription will then be auto debited through the saved details.
Pay for the subscription (Via Link) — The customers will receive the link where they can view the subscription invoice & pay the total amount
Subscription management from dashboard
You are provided with a dashboard to easily manage & monitor all the subscriptions that you have created. Your subscriptions will have certain status depending on your activity. If you have just created a subscription & haven’t assigned it to any customer, the subscription will have ‘draft’ as its status. Similarly subscriptions will have statuses like issued, paid, unpaid, expired, halted, cancelled.
All these subscriptions can be managed from a single dashboard. You can even send payment reminders to customers within a few clicks.
Swiftly create invoice online & issue invoices to your customers via email & SMS and simply await payments in your bank account. Share the invoice payment links with customers & enable them to pay online.
A strong CMS powered dashboard lets you manage your invoices — with your customers, items/services (that you provide to your customers), all your calculations with taxes, discounts, deductions, custom charges and more. Manage all of these features from a single dashboard!
As your customers & items are already created, drafting an invoice would be quick. To begin, you will create an invoice number which will be unique number for that particular invoice.Further, simply choose the customer to whom you want to issue to invoice. Select customer’s billing & shipping address which you entered (while creating customers in repository)
Easy populating of line items & calculations
Add the items/products in your invoice, define the quantity of the products. You can apply discounts on the price of your line items. Also certain deductions & additional charges can be applied on the final payable amount of your invoice. Once you apply your charges, deductions & discounts, your calculations w.r.t taxes will be done for you. You can set an expiry date for your invoice to expect payments from your customers in a timely manner with a feature to send payment reminders to be well informed about the payment.
Give your customers flexibility to pay
Often there are situations where in customers prefer to pay you partially. Keeping this in mind, we let you create splits on your the total payable amount of your invoice. For example, if the total payable amount of your invoice is Rs.1200, you can create splits of let’s say Rs. 400 each. In this way , your customer will pay the total of Rs.1200 in 3 splits (Each of Rs.400 ) This will let your customers to have flexibility in paying & customer retention could rise.
Issue invoice to customers.
Once the invoice is made & your splits are set, you can issue the invoice to customer on their Email & SMS. Your customers will receive a payment link for your invoice where in they will see your invoice with all the items charged & they can proceed to pay. If you have created splits on the payable amount, your customers will pay the respective amounts in splits as per the split ratio you make, while creating the invoice.
From the dashboard, every single invoice you create or issue or just draft & save, is easily accessible to you. You can view & edit the invoices which you have simply created & not issued to any customer.
Smart Billing which is comprised of Subscription & Invoicing management, simplifies your billing process accurately, in a timely manner with ease of operations & eliminates manual reconciliation of payments at a greater extent
Benefits of Smart Billing to merchants
Receive payments in a timely manner
Receive quick & secure payments with acknowledgement
Real time payment updates
Benefits of Smart Billing to merchant’s customers
Receive invoice on SMS/Email
Get payment reminders to pay in time & avoid late fees
Pay online from anywhere, on the go & receive acknowledgement.
Pay in splits set by merchants
Quick & secure payments with 100+ payment options
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