In an ever changing market with an unlimited number of product and service providers, obtaining and retaining customers is becoming more and more challenging for businesses. While product quality, product positioning, marketing, packaging, and pricing are all important factors affecting customer retention, customer experience is something worth focusing on but often overlooked.
One of the most critical parts of any customer experience is billing. A UK research revealed that 77% of customers have experienced some form of billing issue, with two-thirds stating they would consider, or definitely switch providers, when they encounter one. The process is often overlooked as it seems as easy as printing out an invoice and collecting money. However, billing actually involves many other processes which need to work together smoothly, accurately, and timely. As a smart business owner, you understand the importance of implementing a fast, robust and seamless billing system.
But how does this whole process affect the customer experience? Here are four reasons why.
1. Billing Accuracy
A manual billing process leaves a lot of room for human errors which can lead to repeated mistakes and inaccuracies in customer invoices. As this activity is repetitive, the risk of inaccuracies increases. Not only do errors create unnecessary work and hassles for both the business and the customers, it can be damaging in the long run with decreased customer satisfaction. No customer finds it pleasant having to deal with invoice mistakes or errors in general.
With an automated billing system, most common manual mistakes can be easily eliminated, ensuring an accurate and seamless invoicing process. Anything less would likely to hurt your customer relationship and lead to long term consequences for your business.
2. Insights to Revenue Intelligence
Through reporting features of an automated billing system, your business can extract important insights into customer behavior which allows you to create a more personalized and customized experience for the customers. This could mean recommending bundles or add-ons based on past regular products or services. It could also mean implementing different pricing models to suit customers’ needs. A reliable billing platform allows tracking useful information automatically and accurately, as opposed to difficult manual processes which are bound to errors.
3. Information Accessibility
With the availability of the Internet and technology providing access to limitless information, customers have high expectations when it comes to transparency and control over their transactions. Pricing options, invoices, usage, and order status all need to be clear and consistent. An optimal billing system is one that allows the end users to view their invoices and billing usage data. Customers should also have the autonomy to update billing and payment information directly. Besides that, easily accessible info regarding their payment history, discounts, or other aspects of the billing process can truly enhance customer experience and customer satisfaction.
4. Effective Integrations
Any customer experience can be ruined when systems don’t work well together. An agile billing system must communicate with other systems effectively in order to fulfil customer requests. If they fail to do so, delays or errors within the process of invoicing and more are inevitable, adding unwanted friction to your customer relationship.
All things considered, an outdated manual billing system can put your business at risk and jeopardize not only individual sales but also customer retention and invaluable future opportunities.
Our experts at Congero Technology Group are committed to helping you find a suitable, agile, and frictionless billing platform to advance your business. Take a look at our platform today and speak directly to us by requesting a demo here.