Simplify Shopify Subscription Management with Bankful

The subscription economy is not just thriving, but it is transforming the way online stores build relationships with their customers. No matter if you’re managing digital memberships or monthly beauty boxes, shoppers want convenience and consistency. And for Shopify merchants, that means they need to master subscription management to deliver more value to their customers.

Also, as your subscribers’ list becomes bigger, so does the challenge to manage it. Manual renewals, billing errors, failed payments, and scattered data can plague your system. This is exactly where a subscription management application comes in to do the heavy lifting for you. It offers you the tools to simplify, automate, and scale your subscription workflow, all under your Shopify store. Additionally, it lets you integrate with global payment gateways like Bankful.

No matter if you’re giving recurring products or managing tiered memberships, Bankful helps you simplify payment processing. In this blog, we will explore how Shopify subscription management is managed with Bankful and how it helps you keep customers happy and bring in revenue, month after month.

What is subscription management in Shopify?

Shopify subscription management is the process of selling products to customers on a recurring basis. Usually, it uses the built-in Shopify Subscriptions app or a third-party app to do so. Then the customers are able to make automated buys at set intervals (e.g., weekly or monthly). It also provides merchants with the tools to manage recurring orders, payments, and customer accounts within Shopify.

Main features for merchants

It allows merchants to create recurring orders and automatically process the payments of customers on set schedules. Besides, you can create subscription plans for users based on different frequencies, like weekly, monthly, or yearly, with varied discount types (such as a fixed amount or a certain percentage off on a purchase).

You can also sell subscriptions to people using the Shopify POS. Moreover, Shopify keeps track of your subscription products’ stock. It notifies you about the status of your inventory to fulfill an order, so you never oversell or face any last-minute out-of-stock issues.

Automated email updates keep you connected with your customers. Whether your customers need to renew their subscription, confirm payment, or get info on delivery, they are always kept in the loop.

Main features for customers

Shopify puts control in the hands of your customers. They just need to log in to pause, skip, or cancel a subscription whenever they want to, without any support tickets.

As it allows flexible plans, your users have a choice to pick how often they want deliveries and hence enjoy a tailored experience. Furthermore, the payment details are securely kept so that the customers get charged smoothly and securely every time.

Similarly, customers are allowed to access their account dashboards so that they can view and manage their recurring orders in one place without any inconvenience.

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But Shopify can be limiting when it comes to gateways for recurring payments.

While Shopify’s native subscription management capabilities get you started with the fundamentals, they can become restrictive once your business begins to scale. As you grow, you will need more sophisticated billing customization, smarter analytics, and more advanced automation, all of which require more flexibility than native features can offer.

Shopify doesn’t support recurring payments through most gateways. Also, if a customer makes transactions from PayPal, Shopify will not let them use any other gateway unless they cancel it and choose a new gateway.

However, software such as SubscriptionFlow is capable of overcoming this limitation. It links Shopify with gateways like Bankful and delivers full subscription management, handling everything from recurring billing and invoicing to customer-lifecycle automation, so you can leave the operations to it.

Shopify, SubscriptionFlow, and Bankful help create an end-to-end system, empowering you to automate payments, manage subscriptions, and give your customers a flawless experience.

How Bankful complements subscription management

When you implement SubscriptionFlow into your Shopify store, you open up an end-to-end subscription management system, streamlining everything from billing intervals and invoices to renewals and churn management. But when it’s time for customers to pay their subscriptions, the process must be equally seamless, secure, and reliable. That’s where Bankful enters the picture.

As one of the reputable payment gateways integrated with SubscriptionFlow, Bankful drives the checkout and recurring payment experience for Shopify merchants. When your users reach the checkout option on Shopify, they can choose Bankful to make a secure transaction. Bankful complies with PCI, making sure that all the sensitive info of customers is encrypted and safe from any cyber attacks.

Bankful enables customers to pay via credit card, debit card, digital wallet, or any other payment means. Customers can pay by any mode that is convenient for them. Moreover, the system is free from any frauds, preventing any chargebacks.

Bankful and SubscriptionFlow give a seamless experience right from the sign-up on Shopify to doing a secure, recurring transaction without facing any technical issues.

Benefits of Shopify, Bankful, & SubscriptionFlow combo

SubscriptionFlow and Bankful together give Shopify merchants a comprehensive solution. SubscriptionFlow helps you smartly manage subscriptions, while Bankful makes sure when the customers make any payments, they are safe and secure. You get all the features to handle subscriptions under a single system, increasing your revenue and helping you cut operational costs.

Flawless subscription management

SubscriptionFlow easily adapts to the changing needs of your Shopify subscription management. Its features help merchants streamline their subscription services:

Flexible subscription plans

It offers a variety of subscription models, such as classic, prepaid, or subscription boxes. Likewise, merchants can set up different delivery intervals, like weekly, biweekly, or monthly, catering to varied customer preferences.

Smart pricing propagation

Any product price variations are automatically reflected across all the subscriptions, providing accuracy and uniformity without any manual intervention.

Customizable subscription plans

It enables merchants to set up subscription plans with functionalities such as prepaid payment, editable delivery intervals, and differentiated discount models like percentage discounts, fixed value discounts, and automated adjustments based on payment milestones.

Comprehensive analytics

You get detailed analytics with SubscriptionFlow. In detailed analytics you may get how your business is growing over time, are you losing any customers, and how much stock is left in your inventory. This way you can make decisions that are not just a hunch but based on data.

Customization & integration

The software easily becomes one with other famous Shopify apps and offers merchants and customers many customization options to choose from.

Real-Time Payment Intelligence for Smarter Subscription Decisions

Bankful adds a layer of intelligence when it comes to payment, enabling you to closely monitor every transaction. You get real-time payment insights to help you identify any failed transactions and address them then and there.

Also, customers get to enjoy smooth and flexible payment options through cards, ACH, and digital wallets. In addition, Bankful’s supports multiple currencies, making it ideal for global operations.

Moreover, as your business grows, so does the complexity of billing your customers. Software like SubscriptionFlow makes managing complex recurring models effortless. Once integrated with your Shopify store, it takes care of automating your entire subscription lifecycle from start to finish.

SubscriptionFlow offers smart automation, helping you automatically generate invoices, process renewals, and handle failed payments if there are any. It helps businesses craft customized subscription plans, establish flexible billing plans for customers, and provide them with a customized pricing plan that suits their requirements.

You also get data-driven insights, enabling you to monitor recurring revenue and the value customers bring in and help retain them, so there are lesser churn rates. Also, there is no need to chase users to make them pay on time. SubscriptionFlow also contains an inbuilt dunning management system that assists in recovering payments without chasing.

Customers receive reminders automatically when subscription payments are due, making sure the revenue continues flowing for your company.

As mentioned in the previous section, SubscriptionFlow serves as a bridge between your Shopify store and Bankful’s payment gateway. Merchants have greater flexibility at their hands to handle subscription payments more effectively.

Conclusion

So, when you combine Shopify with SubscriptionFlow and Bankful, your subscription management becomes streamlined, aiding you in making payments securely and bringing in smarter automation. Managing subscriptions on Shopify becomes an easy-breezy process, as you don’t have to worry about recurring billing and keeping customers happy. All such processes are automated, helping you focus on long-term strategy to get more cash inflows.