Who needs a subscription billing software? This is a question more and more people are finding themselves asking every day. The increase in the number of businesses that are opting for subscription billing models is turning everyone’s heads. With the addition of subscription rundles and features such as discounts, coupons and rewards, businesses are experimenting with more revenue streams each day.
Since Porsche announced its subscription packages to the public, the whole world has started to follow suite. It’s no secret that the business model is much more secure in terms of generating reliable revenue. Moreover, subscription models are also easier to track with regards to analytics, making it easy for businesses to understand their target audiences.
However, even with all the pros of subscription billing, the complexities of processing all these payments solutions are undeniably difficult. Not only is it a hassle to keep an account of all your expenses and income, but it’s also troublesome to automate recurring payment transactions at regular intervals.
Unless you have a subscription management software that can help you process recurring payments, you can’t expect to cater to customer demands such as upgrades, downgrades, upsells and cross-sells, etc.
Here’s a list of reasons why you need to be using a smart subscription billing software to process recurring payments:
Firstly, the most important benefit of having a subscription management software is that it allows you to integrate a lot of payment gateways. This means you can accept payments from around the world from any user. Most businesses that are only processing recurring payments Stripe and recurring payments PayPal are limiting themselves. There are other payment gateway integrations that you can and should be going for. These include GoCardless, Braintree, Authorize.Net, and several others.
Another reason you need a recurring billing software is automation. Obviously, if your customer-base increases past 100 users, you can’t expect to send invoices to each and every customer on time. Especially if your clientele is growing, you can’t send customized quotations to new customers without help. This is where recurring payment processing platforms come in. With a seamless interface that integrates with your business’ accounting and marketing operations, this software can streamline all your accounting operations.
Not all businesses can work with a flat fee. That’s the vision behind subscription management software that are designed to help businesses offer custom billing models. Companies that opt for recurring payment processing platforms get to practice and experiment with various pricing strategies. For example, if you were offering a usage-based billing model, you can further experiment with pay-as-you-go or overage-tiered models. As per your needs, you can customize your own hybrid billing models and program the platform to start processing payments accordingly.
So, suppose you were thinking of offering freemiums to a certain group of audiences. Similarly, in another region, you were offering discounts to another audience. In your subscription management software, you can segregate the two accordingly. You can even offer specific discounts for people offering to pay recurring payments Stripe or recurring payments PayPal.
How do you automate customer service? By offering your customer the chance to serve themselves. How do you do that? With a platform that offers your users an interactive dashboard with all the options they need to manage their subscriptions. You can display everything you’re offering on their dashboards. This means they’ll be able to view and pay their bills, upgrade and downgrade their plans, check out other products and services, etc.
Analytics are core to every smart marketing strategy. It’s your past data alone that can pinpoint the details you need to identify your buyer persona. Analyzing how you made your past sales can help you plan for future campaigns. This is something your subscription software can help you with through smart real-time analytics.
Top recurring payment processing platforms give you the ability to monitor your transaction details in real-time. This means that you get to see everything that a user is doing on their dashboard live. Any smart marketer can use the insights gained from metrics such as session time, engagement, conversions, etc. These analytics can further be used to identify customer behavior and recognize upgrade, downgrade and even churn behavior.
If you’re a business that needs to process recurring payments and wants to scale globally, you need subscription management. With payment gateway integrations, you can make sure that you’re not missing out on any opportunity to streamline revenue generation. Just make sure that you’re going for the best subscription management platform in the market. Get in touch with a few companies, schedule demos and ask questions to see which one can fulfill the needs of your business.
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