What is consolidated billing ?
Consolidated billing is a mechanism of combining multiple subscriptions of a customer into a single invoice. Basically at the end of every subscription cycle, individual invoices are generated to collect payment from each account. To reduce the efforts of collecting payment individually individual payments get grouped together in consolidated payments.
Factors consider before implementing Consolidated Billing :
- All bills share the same date : Before implementing Consolidated billing you have to check that all the accounts sharing the same date or not.
- Same collection method : Before implementation you have to check that all accounts using the same payment method are either automated or offline.
- Method of payment : At a time of payment all the transactions get combined in a single one so that you have to check the method of payment like credit card or something else.
- Same Currency : Payment of all transactions should be in the same type of currency.
Benefits of Consolidated billing
- Never miss the payment : Sometimes a single customer subscribes more than one service, but consolidated billing never misses any single payment.
- Saves time and effort : As there are so many customers and so many subscriptions Consolidated billing saves time and efforts of collecting payment individually.
- Keep data and information organised : Consolidated billing keeps the system well organised and keeps notes of every transaction.
