Another decade is about to pass, and the subscription model has markedÌýits presence in numerous industries—fromÌýrecurring grocery purchases to yearly car subscriptions.ÌýAs much as we'd like to believe that choosing the right billing solution is easy, it's not.ÌýBusinesses haveÌýdifferentÌýneeds, and the phraseÌý"bestÌýsubscription management platform" isÌýcompletely subjective.
To help you make the right choice, we're listingÌýthe top ten features thatÌýwould makeÌýsubscription services easier for bothÌýyouÌýand your customers.ÌýWe'll also describe use cases where these features might come in handy.
1. Pause andÌýresumeÌýsubscriptionsÌý
There will be times when your customers need some time off from your product or service.ÌýIn suchÌýcases,Ìýyour subscription management softwareÌýshould allow them to pause and resumeÌýtheir subscriptions onÌýdemand.ÌýÌýThis helps businesses save time spent on manual calculations while emphasizing flexibility and user experience for customers.
Use case:
If a customer is going on a vacation for a month, the billing software should be able toÌýput the subscription on hold andÌýstart it up again when necessary.
2. Lost opportunities reportsÌý
It's disappointing when you almost acquire a new customer, but they end up leaving because there's a problem whenÌýthey try to make the purchase.ÌýWith an advanced billing platform, you can easily get a list of these lost customers and reach out directly to let them know the problem has been resolved. This will help improve your conversion rate and build brand loyalty.
Use case:
Let's say there's a problem withÌýyour payment gateway, and five customers have had failed payment attempts. With a lost opportunities report, you can fetch theirÌýemail IDs, let them know that you have fixed the issue, and request that they try again.
3. Inventory Integration
If you deal with tangible products,ÌýmanuallyÌýtransferring data between yourÌýseparateÌýinventoryÌýand subscription management platformsÌýis tedious.ÌýIntegration optionsÌýshould be available to ensureÌýthatÌýhandlingÌýboth yourÌýsubscriptions andÌýinventory simultaneously isn't a hassle.
Use case:
Assume that you issue magazines every month to your customers. If you use integrated software for both subscription and inventory management and a customer makes a purchase from your billing platform, a delivery process to the customer's address will be initiated automatically.
4. Consolidated customer interactions
When billing platforms have more context around your customers' needs, you're able to offerÌýthem a better customer experience. If you can consolidate both the emails sent from your organization andÌýthoseÌýreceived from your customers in one place, it can help youÌýoffer a better billing experience.
Use case:
If you see that you're not on good terms with a customer based on past interactions with them, you can better understand their needs and offer an individualized solution, such as a discount.
5. Document attachments
Some businesses will need to upload documentsÌýwith customer details or transaction information to better manageÌýaccount data. While there are tons of document management apps available, it's more convenient if you have all your customer-related filesÌýin the same place.Ìý
Use case:
Here's two:
Notary services benefit by attaching documents for proof of client identity.
Businesses which collect cash from customers can upload scanned invoices while recording payments.
6. Prefilled checkout page
When you prioritize giving your customers a seamless checkout experience,Ìýit's a good idea toÌýprefill your checkout page.ÌýPrefilling the checkout page can help save a lot of time for your customers.ÌýMake their lives easier, andÌýthey'll appreciate you for it!
Use case:
If your customers renew their gym subscriptions every month, prefillingÌýcertain checkout fields on the checkout pageÌýwill give them a faster checkout experience and lead to higher satisfaction.
7. InvoiceÌýreminders
When your customers pay through invoices, it's important to be able to send due date reminders so they don't miss out on their subscription renewals. Likewise, reminders need to be sent even after the due date has been exceeded. It's easier to retain existing customers rather than acquire new ones, so features that help with this are important.
Use case:
When due dates are nearing, internet service providers often send multiple reminders to their active customers about their subscriptions' expiration date.
8. Cancellation reports
CustomersÌýend their subscriptions for different reasons, but what if the reason is your product or service? When a customer is about to leave,Ìýyour billing softwareÌýshould be able toÌýcollect feedback toÌýunderstand why they are leaving. This information can help youÌýimprove your productÌýfor the future.ÌýYou canÌýthenÌýcompile a report, and understand the top reasons your customers are churning.
Use case:
Let's say you own a SaaS product. With this report, you discover that your customers are churning because your product is buggy. Because of these insights, you can start prioritizing solutions to your customers' top complaints.
9. Advance payment collections
When customers make paymentsÌýbefore their due dates, the billing platform must be ready to receive, record, and make adjustmentsÌýto their subscriptions.ÌýIt's better to get paid earlier than to waitÌýuntil the last day. It enables healthy cash flow and helps customers avoid late payment fees if they miss their due date.
Use case:
Suppose you run a community where your members need to renew their memberships once a month. If your customers prefer to make bulk payments for three months altogether, the advance payments should be collected and automatically renewed using the billing platform.
10. Custom module views
The same way you canÌýuseÌýfilters to seeÌýonly the data you want when performing actions in yourÌýspreadsheet, your billing system should be able to show you only the results you need.
Use case:
Here are someÌýcustom viewsÌýyour business might need:
Customers who've made payments in the last week only
Businesses that are located in New York
Inactive customers only
With each day, customers have increasing standards about what they expect from recurring billing services.ÌýBusinesses need toÌýtake it up a notch if theyÌýwant to stay efficient and competitive. It's important toÌýstart offÌýonÌýthe right foot, but it's also never too late to migrate from your current recurring billing platform.
Catering to more than 50 million users, ×îв©²ÊÍøÕ¾'s 45+ products useÌý asÌýtheir recurring billing software.Ìý×îв©²ÊÍøÕ¾ Subscriptions hasÌýbeen around for five years, challenging us to stay relevant, versatile, and on top of our game.ÌýÌýalsoÌýhasÌýallÌýtheÌýfeatures you're looking for, including theÌýten listedÌýabove. Start evaluating your billing software right now, and beÌýready for 2020.
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