AI-based Recurring Payment Solutions: Powerful Business Tools

Recurring Billing Solutions are a simple way for companies to collect payments on a regular (i.e. recurring) basis. These payments are normally collected annually or monthly, but clients can also be charged weekly, daily, bi-weekly, or any other interval that is agreeable to them and your business. In terms of who these clients are, recurring billing solutions are mostly adopted by subscription services, like  AI based software, digital or print magazines, local gyms or vehicle leasing to name a few.

However, the vertical most benefitting from recurring billing is SaaS. These SaaS Recurring Payment Software streamline revenue operations, integrate with a number of leading payment gateways such as Stripe, PayPal, and Braintree to allow automation for recurring payment along with taxes, invoicing, accounting, and email notifications. A steady flow of revenue is ensured by giving customers the choice of subscribing to an offer, as this guarantees steady sales each month for the business.

SaaS recurring payment software deals with SaaS subscription billing, payment gateways, and merchant accounts among other aspects of the pricing process for SaaS companies. When it comes to AI-based cloud solutions there are several recurring billing models that SaaS providers can go for including Tier-based, volume-based, usage-based, and even hybrid combinations of several billing models.

Streamlining Recurring Payments Through AI- Based Software

1. Smart Invoicing and payment recovery

Through cloud software you can curate personalized invoices and enhance your customer experience. These invoices are easy for your customers to understand and encourage them to pay using smart pay now buttons which are embedded into each invoice. However, a major hurdle subscription-based businesses face is payment recovery. Therefore, AI-based solutions also enable automated protocols for dunning payment retry. When a subscription billing systems face an error in the subscription fee transaction, an automated dunning management system instead of adding the customer in the list of unpaid users tries again to recover the payment. Along with these features, some cloud solutions such as SubscriptionFlow also allow businesses can also make a payment retry schedule for their subscription business.

2. Reducing Revenue Leakage

The smart dunning features integrated into the recurring payment software allow you to create warnings and scheduled responses, so to avoid the piling up of unpaid invoices and frustrated customers. Resultantly you do not have to worry about revenue leakage caused by involuntary churn and payment failures.AI-based billing solutions also enable you to receive business insights that provide you ARR, MRR, cross-sell and upsell opportunities, and the facility to streamline cash flow through analysis and identification churn behaviors!

3. Third party Integrations With Automatic Recurring Billing

Some of these recurring payment cloud solutions also are integrate with payment gateways such as PayPal for a smooth checkout experience. Here you will find all transactions enlisted and provide to you for payment reconciliation. Other software maybe integrate with CRM solutions such as Sugarcrm or accounting software to maximize automate tax management, sales, and services. The idea is to provide an all-in one automated platform to customers.

4. PayPal Integration and Multicurrency payments

If a recurring billing software integrates PayPal as a payment gateway customers would be able to process their payments in more than 25 currencies and in 200 countries of the world. This recurring payment PayPal service allows a wide variety of SaaS merchants to receive PayPal automatic payments from a number of customers using credit cards, MasterCard, visa, American express, discover, and PayPal Balance.

Furthermore, this integration with PayPal allows businesses the global acceptance of payments by charging customers in their prefer currency and offering them to choose a payment method according to their convenience, synchronization of all customer transaction details, customer data, ability to track transaction histories, and receiving smart analytics such as user behavior and payment payments through an AI-base subscription management platform.

Conclusion

Essentially, PayPal offers three payment routes: PayPal Standard, PayPal Express Checkout, and PayPal Pro. Using recurring payment PayPal through an AI-based recurring billing solution allows integration with all three payment gateways. Moreover, while PayPal does not generally display changes like abrupt cancellations and churns in your database, integrating a cloud based software with PayPal allows you to have a 360-degree outlook of your business finances and also track each customer’s individual activity in real-time while allowing your dashboard to reflect these changes.

Moreover, such software also provide recurring payment PayPal customers with proration services while streamlining their entire payment process to accept payments for up-grades, down-grades at any time of the year, month, or day and to update their customer’s subscription plan accordingly. Lastly, the facility to process transactions in multiple currencies cuts the clutter, displays plans, taxes, and discounts, all in the customer’s currency. This makes the process reliable and comfortable who is able to find all the pricing information from the product’s pricing to one-time setup, or service charges, and discounts in their local currency without cluttering the spaces.

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