Firms are constantly looking for new ways to streamline their payments to have a better understanding of their cashflow. This demand has led Red Maple, the payments solution provider, to launch a new subscription payments model designed specifically to integrate with Microsoft Dynamics 365 Finance & Operations and Business Central.
The new software by Red Maple eliminates manual processes, enhances customer experience, and ensures timely payments through automation, customisation, and seamless integrations. Consequently, this new offering will provide firms with a more flexible and stress-free way of managing recurring payments, billing, and customer subscriptions.
There are three primary ways in which the Red Maple offering can benefit an organisation:
- subscription and plan management
- billing and payments
- automating recurring billing
“With Microsoft’s new subscription feature in Dynamics 365, we saw an opportunity to develop a best-in-class payment management solution that aligns with modern business needs,” said Patrick Hodo, CTO at Red Maple. “This new software empowers businesses to streamline their subscription models, reduce administrative burdens, and enhance the customer experience.”
Breaking down the perks
From a subscription and plan management perspective, firms can create multiple subscription plans for different durations (yearly, monthly, and custom cycles if needed) and attach payments directly to contracts. In turn, this will make it easier for them to track the payments and ensure compliance.
Additionally, the offering allows for the configuration of primary payment methods and the collection of payments before invoicing which will reduce revenue leakage.
Further perks to billing and payments can be seen through the flexibility offered by Red Maple. Not only can firms offer both one-time and recurring charges, but Red Maple will also provide flexibility to choose a preferred payment processor.
Additionally, it will provide customisable communication tools for invoices, payment confirmations, and rejections; automated payment retries to reduce failed transactions, and multi-currency support for global business operations. Firms can also leverage Clever Division to set preferred payment methods and manage their payments efficiently.
Lastly, Red Maple will focus on ensuring there are customer management perks. These will range from a self-service portal for customers to manage subscriptions and payment methods, to full account history and transaction tracking for complete transparency. Firms will be able to support multiple subscriptions per customer, catering to diverse business needs. Integrated communication tools, including notifications, emails, and reminders, to keep customers informed will also be a part of the offering.
