Subscription-based business models have been around a long time. First pioneered by the publishing industry (think newspapers and magazines), the model has gained popularity in recent years in both Business-to-Consumer (B2C) and Business-to-Business (B2B) companies. Recurring business models are driven by a desire to have predictable, smooth revenue streams.
Yet subscriptions require businesses to handle the relationship with the customer differently. Rather than a transactional model, subscriptions require a new approach to loyalty, pricing and experience. Subscription billing is evolving from putting a charge on an invoice at a defined frequency to include any combination of one-time, recurring and consumption-based charges.
TRACT automates the entire Consumption-to-Cash™ process, including the subscription lifecycle. It supports virtually any customer subscription model, provides customer metrics, tax automation and compliance and multi-currency support.
The subscription billing capabilities in TRACT allow users to do the following:
- Launch or modify products and services within minutes
- Manage pricing and terms for recurring charges
- Accommodate on-the-fly changes to subscription terms and payment options
- Calculate usage, recurring and one-time fees per customer for each invoice
- Bill on subscriber activity, not just simple flat rates
- Automatically handle adjustments entered between billing periods
- Apply charges, discounts and applicable taxes at time of billing
- Invoice, collect and manage revenue in local and foreign currencies
- Handle free trial periods, one-time fees, promotions, refunds, email receipts, etc.
- Gain a 360-degree view into subscribers through powerful business intelligence dashboards, reporting and analytics
- Integrate with most popular ERP and CRM systems