With each region having specific taxation rules and regulations, billing existing customers, registering, collecting, and filing the right amount of tax in every country becomes a complicated process.
Without establishing solid partnerships with subscription billing systems with the required features to handle these complexities, e-commerce developers might find it difficult to achieve long-term success.
Why Use Subscription Billing Software?
Managing multiple subscriptions can be a daunting task. Not uae whatsapp number data to mention that it can expose the business to a multitude of risks and challenges.
Investing in recurring billing software is the natural choice of action in the current dynamic landscape. Here is what you gain as a result of this strategic move:
Efficiency and Automation: By automating repetitive tasks like invoicing, payment processing, and subscription management, SaaS merchants are saving more time and allowing their teams to focus on more strategic efforts.
Greater Accuracy and Consistency: Task automation eliminates human calculation errors by automating and ensuring accuracy in billing, leading to fewer billing disputes and improved customer trust.
Improved Customer Experience: Through features like automatic reminders, a self-service customer portal, alternative payment methods, and currencies, reputable subscription billing platforms offer seamless billing and boost customer retention.
Scalability: As your business grows, so do the billing complexities. Introducing new subscription tiers or add-ons, having to manage greater customer volumes with different payment preferences, and complying with various mandatory tax and compliance requirements need a scalable foundation. This can only be achieved by externalizing these operational burdens to a comprehensive, fully-featured e-commerce payment solution.
And this leads us to our next topic.
How To Choose The Right Recurring Billing Platform
When it comes to deciding on the right subscription billing solution, it’s important to keep in mind that you aren’t simply looking for help in managing recurring payments.
Your partner should provide you with additional features to allow your business to reach global audiences and track your overall performance. So, consider the following functionality when reviewing your options:
Dunning Management
Through automated payment reminders and notifications, dunning management helps businesses recover failed transactions and reduce involuntary churn.
Scalable Infrastructure
Through open APIs and strong integration capabilities, your business benefits from a scalable solution capable of swiftly accommodating higher subscription volumes and complex workflows.
Customer Support
Dedicated customer support is essential for troubleshooting payment issues and clearing up misunderstandings before they become a requests for a service pause or cancelation.
Recurring Billing Automation
Your solution partner should be able to provide you with automation capabilities in terms of recurring billing operations like payment, collection, plan renewal, and invoicing to reduce your manual work and improve efficiency.
Flexible Pricing Options
A worthy recurring payments software should have the ability to sustain a flexible pricing strategy, offering multiple subscription billing models and frequencies, ensuring an effortless switch between them, and providing brands with multiple payment options to cater to diverse customer preferences.
Subscription Management
Consider improved subscription management capabilities to adequately handle sign-ups, upgrades, downgrades, cancellations, and prorations. Additionally, having the option to set up custom billing rules, discounts, promotions, and audience-targeted billing cycles is definitely a must.
Data Compliance and Security
Expanding internationally and locally requires your business to comply with different industry regulations, including PCI DSS (which is a mandatory requirement). Additionally, correctly handling all payment details is required in order to maintain payment security.
Analytics and Reporting
Having quick and easy access to real-time analytics and reporting allows you to track key subscription metrics and measure your brand’s performance.
Is the Merchant of Record a Solution?
Yes, the Merchant of Record is a valuable solution from the payments, risk and business perspective.
how merchant of record works
Acting as your reseller, this business model performs several payment-related operations, such as:
International SaaS payment processing
Tax and compliance management
Access to different payment methods and local currencies
Fraud and risk analysis
Refunds and chargebacks
Having the expertise and latest technology, a Merchant of Record can ensure a faster time to market when looking to launch a new service or expand in new territories. You are no longer losing time setting up local entities in each market you want to sell or invest resources to assemble your own payment infrastructure.
However, keep in mind that not all MORs are built the same. So when choosing the right partner for your SaaS or e-commerce business, it’s important to assess them thoroughly and carefully consider your business needs. On the surface it may appear you are comparing apples to apples, when often this is not the case. A quick call with a reputable provider will help you ensure you are moving in the right direction and that the partnership will be a successful one.
Meet PayPro Global.
The Merchant of Record that helps you grow
PayPro Global takes away the headache of selling your products worldwide. From local payment methods to simplified subscription handling and tax management, we give you the eCommerce tools you need to scale your business smoothly into the global market.
Book a call today!
How Can PayPro Global Help?
PayPro Global effectively combines the MOR business model with advanced subscription management capabilities, providing SaaS and software vendors with a complete payment solution.
With over 15 years of experience in the industry and an excellent track record, our subscription management solution gives you the benefits of streamlined operations, reduced risk, and global reach, all coupled with features specifically designed for subscription businesses.
You can easily experiment and quickly respond to growth opportunities with access to multiple pricing models, monthly or annual subscriptions, manual, automatic, or on-demand renewals, upgrades, and real-time payment reporting.
Additionally, by providing you with automated billing, best-in-class dunning management, smart payment routing, and our 24/7 multilingual customer support, we help drive more recurring revenue and prevent churn by lowering transaction failure rates while considerably reducing your staff's workload.
As a certified PCI-DSS Level One partner committed to global compliance, we uphold the most rigorous payment security standards, ensuring that payments are not declined due to compliance issues.
Find out more about how our all-in-one payment solution can strategically help your recurring business grow in global markets, or book a demo and let our specialists show you how advanced the platform is.
