Automatic Recurring Billing Solutions
If youre in any kind of a subscription billing business, for services or products, you need to set up recurring billing on order to make sure you bill your customers on time every month.
This can be done using old systems where desktop based accounting software send reminders to bill a client or the more modern cloud based billing systems where once youve set up a recurring bill with the clients receivables department, the software will take care of billing the client the right amount, at the right time every month. These bills are even created on company letterheads and are emailed to the client and added into your bookkeeping system, all automatically.
Free and low cost billing solutions:
There are many free or low cost recurring billing solutions available out in the market. When setting up a billing system for your company, you have the choice of either using an off the shelf system, a billing system thats built into your accounting or bookkeeping software or you can build one from scratch.
Most of the billing systems that you can use as an add-on charge a percentage of your transaction costs. These are most expensive to use but easiest to implement. All you have to do is connect your bank account to it and send around invoices to your customers. Yet, if youre doing any larger volume of transactions, the fees can add up to a big number.
The other choice is to add the billing to your accounting system. Usually this is slightly more complex but since youre paying for your accounting software already, the prices are much lower. It may be a smaller cut of your sales or even a fixed fee.
The lowest cost for subscription billing is if you built the invoicing system yourself using available technology billing. There are many APIs and libraries available to make it easier and a lot of Billing Plans for Startups use this type of technology to cut costs.
In fact, a lot of Donation Collection for Ngo is also done using these types of software to lower the cost of transactions such that a larger portion of the money goes to the charity instead of the bank. Although, if the NGO does not have the expertise to build software like this, they can talk to their accounting software or other billing providers and often, they will have a discounted rate for charities that serve a good cause.