Subscription-Based Businesses
Industry Overview
Complex Billing
Subscription models come with complicated billing needs. They need to be able to support recurring billing, but also one-time payments, discounts, proration, and more. Subscription-based businesses need flexible and powerful billing, all within an automated system.
Payment Management
Companies must be able to accept multiple forms of payments for their customers, including credit card and ACH/EFT payments. Their software should support multiple payment services. To reduce failed payments, payment processes need to be able to automatically retry based on customer parameters.
Analytics
Subscription businesses can gain an edge using powerful analytics, reports, and key performance indicators (KPIs). They need self-serve, web-based reporting and analytics to view and explore secure data as needed. Performing analyses for MRR, ARR, churn, renewal rates, average contract value, lost customer analysis, and more will help them improve revenues and customer relationships.
Key Challenges
MaxQ helps to solve many key challenges for this industry such as:
- Maximizing renewals
- Complicated Billing Needs
- Scalability
- Managing Spread Sheets
- Visibility into data and performance
- Complex Pricing Models
- Supporting multiple payment types
- Modifying Contracts
- Maintaining customer relationships
MaxQ Solution
Our solution for subscription-based businesses is our Advanced Revenue Management Suite which consists of these modules.
Advanced Billing
ARM’s Advanced Billing is the most flexible and powerful billing system available, including automated invoice creation, proration, metered billing, and more.
Advanced Payments
ARM’s Advanced Payments provides comprehensive payment automation, including support for multiple payment options, currencies, processors, and more.
Advanced Analytics
Analyze every aspect of your billing and payment operations such as renewal rates, churn, ARR, MRR, average contract value, product analysis, lost customers, and much more.
Product Scope
MaxQ's Advanced Revenue Management Suite assists subscription-based businesses in operations that include:
- Automated Recurring Billing
- Automated Revenue Recognition
- Financial Analysis
- Payroll
- Contract Management
- BOM
- Multi-Currency
- Multi-Company
- Order Management
- Project Management Controls, Accounting
- Time and Expense Reporting
- Employee Utilization
