Subscription Management & Payment Process

Innovations In Subscription Management & Payment Processing That One Must Know To Keep Abreast Of The Ongoing Trends

At present, customers are well aware of their rights, and they detest step motherly treatment. They need you to be with them from onboarding to subscription cancellation. And it is not just about customer care, but you have to offer the best treatment to ensure customer retention.

If you want your recurring customers to stay with you, offer them the best customer experience. And, one of the subsets of customer experience is the friction-free subscription fee payment.

Nothing can be more annoying for the customers than that they are ready to pay their subscription fee but their payment fails. Not only the failed or delayed payment, sometimes, the subscriptions can also get cancelled for late or no payments.

For customer retention, for the best customer experience, and for customer satisfaction, it is high time to move towards innovations in subscription management and payment processing. We are here with some new thoughts that if you inculcate in your subscription-based business can help you a lot.

Also Read: Leverage Subscription Management Platform for One-Window Operations and Attain Business Excellence

Pricing Flexibility

First, you should know the fundamental idea of pricing flexibility. It is about analyzing the market, customer’s sales and purchase behavior, business insights, and coming up with pricing that is attractive for the customer every time they come to your platform and benefits you in business as well. The subscription billing business is known for pricing flexibility as it enables you to offer customers what they can happily pay.

Now that the trend of subscriptions is established, customers want options beyond conventional subscriptions. Some subscribers want to share subscription charges, and companies are offering them pricing flexibilities in different forms. For example, Netflix offers 4 screens in one subscription package at affordable rates. Subscribers enjoy video streaming on different screens, and they can share subscription charges.

Just like Netflix, you can also improvise the idea of subscription price flexibility as per your business requirements.

Multiple Payment Methods

Multiple payment methods are not something that you ‘should have’ rather your ‘must have’ them. The customer churn is always high with just one payment method. For instance, if the customer tries to pay with his bank card, but payment fails because of the card limit, expiry, or any other reason, he can simply move to the other payment methods that the billing and payment system allows. As a retailer, you need to consider your location and the customer base to decide the payment methods that you can offer. If circumstances allow, even direct credit can be offered.

Studies reveal that there are hundreds of online payment methods that recurring billing businesses are using as per their requirements. There are many subscription businesses that now offer the option to pay through digital wallets and cryptocurrency. It is just about offering the best customer payment experience and minimizing the complexities involved in this process.

Also Read: Leverage Subscription Management Software-Expand MRR for Your SaaS Business Growth in 2021

Multiple Currencies

The concept of only one currency in the subscription business is obsolete. We are all already living in a world where people believe in ‘subscriptions beyond borders.’ All of us are somehow part of the subscription ecosystem. Times magazine, Netflix, and The Economist caters to local as well as international subscribers. It is obvious, customers living beyond borders will prefer to pay subscription charges in their local currency. It is beyond the capacity of a layman to understand the currency conversion, foreign currency conversion fee, and cross-border tax liabilities. However, if you offer multiple currency support, it will be easier to access new customers from other countries.

If your system does not support multiple currencies, then you need to start working today on this. One of the causes of revenue diversification in the subscription business market is multiple currencies and payment methods. Though the Dollar is accepted in a number of counties, there are huge economies e.g. China and Japan that prefer local currencies. To grow your customer base and to improve your revenue stream in such huge markets, you must offer multiple currency support.

Also Read: What is Customer Success and why do You Need it for Your Subscription Business Model to Succeed?

Multiple Payment Gateways

The basic function that a payment gateway performs in the payment process is the encryption of the sensitive information that the customer shares at the time of transaction. Sometimes, payment gateways stop working and there can be various reasons behind it from card cancellation to using the payment methods that the gateway does not support. In such circumstances, what should be the plan B?

Another payment gateway is the best option. So, opt for more than one payment gateway to offer safe and secure online transaction options.

Also Read: Subscription-Based Business Model Explained-Proliferate Revenue Opportunities with Recurring Billing

Subscription Cancellation Experience

As we mentioned earlier, you need to offer the best customer experience from customer onboarding to cancellation of subscriptions. Even if the customer is leaving, you should have a planned strategy for his farewell. Why? Word of mouth matters. People believe what they listen from other customers.

So, your subscription management system should be efficient enough to make it easy for the subscribers to leave so that they may not spread a negative image of your business.

Another challenge is to get back to those subscribers who are asleep or dormant. You need effective communication to re-engage them or opt for the appropriate strategy to say goodbye. Your subscription management & cancellation strategy should cover all these scenarios to offer your customers a good experience till the end. Your optimal strategies can also help win back dormant and sleeping subscribers, and that’s where the innovation in ideas plays its role. For example, you can study customer behavior and offer him something that he cannot resist. Communication can also help you bring your dormant subscribers back.

Earning from diverse revenue streams, predictable recurring revenue, and customer satisfaction attracts many businesses towards subscription billing. However, you cannot enjoy these advantages in the subscription business market if you do not have the instincts of trendsetters. Every day, new companies enter the market, and new payment methods are require to fulfil the requirement of a diverse customer base in the digital realm.

We hope that by now you are convinced about multiple gateways, multiple currencies, more than one payment method, and a good farewell for those who cancel subscriptions. If you want a platform where you can manage your subscriptions & payments as well as keep experimenting with pricing and payment options for your subscribers, then come to Subscriptionflow.

Because Innovation is the foundation stone of our platform