Looking into the different needs of businesses across various industries, a new feature known as Multifrequency has been added to the Maxio Advanced Billing. This addition offers a new approach to billing by allowing components the capability to establish their distinct billing cycles, independent of the products to which they are attached. Take a look at some of the approaches in this introduction article as well as our other articles on this feature.
What is Multifrequency?
Traditionally, subscription billing has followed a model where all components associated with a product share the same billing cycle. While this system has been effective, it may not accommodate the entric billing catalog demands of other businesses. This is where Multifrequency steps in.
The core benefit of Multifrequency is its ability to disentangle components from their parent products' billing interval. This change enables each component to have its billing cycle, providing businesses with a higher degree of flexibility in structuring their subscription offerings. This new feature empowers companies to tailor their billing schedules to meet the unique requirements of their customers, creating a better workflow for new and existing clients.
It is important to note that components will still need to be attached to products for them to be able to function as components by themselves cannot create a subscription. This feature allows for products and components to be billed independently on separate billing intervals.
How do I access Multifrequency?
At this time, Multifrequency for the Maxio Advanced Billing Platform is not yet available for everyone. We are only releasing it to select users, however, if you are interested in this feature, please contact our Support, Implementation, or Customer Success team for assistance. Our related help articles regarding Components with Multifrequency and Adding Multifrequency to a Subscription include more detailed information on utilizing this feature should you have access to it.