Billing is a complex issue for companies to handle, as every market and business plan is different. If your system is lacking in any way, though, it can be detrimental to your customer experience. Here are a couple of signs you need a new billing system.

Competitors Market New Offers Quicker Than You

If you have a new offer or promotion that could win you market share, the last thing you want is your billing system standing in the way. Many traditional billing systems need the intervention of an IT specialist to integrate new products and pricing models. This is due in part to the lack of synchronization between your website and billing process. Failing to update your billing system can create a bottleneck that enables competitors to reach the market first.

Billing Constrains the Services and Pricing You Offer

What’s worse than being the last to offer a new product? How about not being able to offer it at all. If your system is too out of date, there may be entire services you can’t integrate, causing you to miss the opportunity entirely. Most traditional billing applications don’t provide the basic functionality needed to handle recurring revenue from subscriptions, tiered pricing, discounting, and promotions.

These are some of the signs you need to update your billing applications and practices. Before investing time and money into a billing process, do your due diligence. Look into reviews and find how user-friendly the platform is and its available features. If you’re an AFEUSA member, utilize your exclusive discount with First American. First American offers the most current billing systems and processes to ensure you’re meeting your client’s needs through their customer journey.