Product Update – Improved Subscription Business Models
Building on the most agile billing platform on the market, BillingPlatform continues to extend the solution to help global enterprises transform their billing operations to adapt and support any business model and pricing structure.
To build on this powerful solution, we release new features every month based on our development cycle. Helping to define these features we take input from customers and analysts as well as incorporate current market trends.
In 2019, we have introduced a number of new features and have many more slated to come by the end of the year. To make sure you are aware of these updates, we will be posting a blog series focused on these features without requiring access to our Knowledge Base.
In this blog we are highlighting three new features and the benefits they will bring to your operation:
- Complex subscription models updates - streamline the process of making changes to existing subscriptions with complete tracking and monitoring of changes
- Lockbox payment processing - a must have automation tool for those accepting payments other than by credit card
- DomainKeys Identified Mail (DKIM) - the security protocol you want to know more about if you are sending emails through our solution
Strengthening our complex subscription model
Basic subscription billing is a common method of charging customers for recurring services on a daily, monthly or annual basis - most modern billing systems can handle this simple pricing model. But what happens when you want to make changes to those subscriptions? Maybe you have customers with multiple subscriptions renewing on different dates but want to have them renew on the same date. Or maybe you want to make changes to the number of seats you have licensed during a subscription period. While these changes may seem simple conceptually, they can quickly escalate into a complex mess once invoice presentment, audits and user experience considerations are taken into account.
BillingPlatform removes this complexity and streamlines these complex processes:
- Co-terms - For customers with multiple subscriptions, you now have the option for those subscriptions to renew on the same date regardless of the purchase date.
- Mid-cycle quantity changes - Customers on an annual subscription can now request a change to the originally provisioned subscription after the subscription has been invoiced but before the next renewal date.
What does this mean for you and your customers?
Co-terms allows a customer to receive all charges from multiple subscriptions on the same date making their spending more predictable
Mid-cycle quantity changes allow customers on an annual subscription to make a change to the originally provisioned quantity after the subscription has been invoiced but before the next renewal date. For example, a common request may be that a customer needs to increase the number of licensed seats from 3,000 to 3,500 in the middle of subscription term. New quantities will be prorated to align to the original terms and then renewed for the sum total quantity and as a single charge. The ability to make these changes help to improve invoice presentment, scrutinize changes on accounts and increase the overall user experience.
With these enhanced features, the system not only allows for better tracking and monitoring of changes but also addresses all aspects of proration automatically and seamlessly, ensuring your customers are charged accurately for the services used.
To learn more about these changes, contact us.
Automation of lockbox payments
Do you offer customers the option to pay their bill via check, bank transfer or another method that doesn’t pass through a credit card payment gateway? If so, you are in luck, BillingPlatform has a payment lockbox feature that automates the processing of those payments.
What is a lockbox? Lockbox is a service offered by a bank that allows the bank to receive payments, process the payments and deposit the money back into the company’s account for posting.
Here’s how it works: if a company offers non-credit card forms of payment, they sign up with their bank for a lockbox service, which then comes with a corporate bank account. The company includes the bank account number on their invoices, and when the customer writes a check or wires the money for payment, it goes directly to that account. The bank then processes the payment and deposits the funds into the company’s account. At this point the bank provides a lockbox payment file to the company listing all the payments received in the name of the company. The company then processes the lockbox file, applying payments to the customer accounts in the system.
That’s where we come in: BillingPlatform is where the payments are applied. To do this flawlessly, we provide an easy to use interface for customers to define the conditions for which the system should or should not attempt to post a payment, how to reconcile unmatched payments and much more.
How does that help you?
To remain competitive, companies need to offer payment options beyond credit cards. With the automated lockbox feature from BillingPlatform you have the flexibility to accept any payment method and ensure your payments are received, processed and posted quickly and easily.
If you need more information on setting up lockbox payments and how this feature can help you accept more than credit card payments, let us know.
Email security feature - DomainKeys Identified Mail (DKIM)
Spoofing email addresses is far too easy, even for the most unskilled criminal. Having become an official internet standard (RFC 6376) in 2011, DKIM is widely supported across vendors offering email services and helps to prevent spoofing of outgoing emails by third parties. In other words, DKIM authenticates that an email came from the domain it purports to have come from.
This security protocol is now a fundamental feature in the BillingPlatform solution. As a BillingPlatform customer you are able to implement DKIM for each email domain you use. Once enabled, all emails you originate from BillingPlatform ( e.g., customer welcome email, account statements, credit card expiration notices, etc) are automatically signed, no changes to email templates are needed. You can send out emails from multiple domains or selectively enable DKIM signing for none, all or some of those domains.
Once enabled, BillingPlatform will automatically add the digital signature to all outgoing emails it generates, protecting you and your customers from spam, spoofing, and phishing.
To learn how to set up this innovative security feature, contact us.
If you have any questions about BillingPlatform, the features mentioned in this blog or would like to see the product in action, let us know. To learn more about BillingPlatform, visit https://billingplatform.com or contact us here.