When your business generates revenue on a recurring basis and carries out billing in a periodical manner, subscription management and recurring billing aren’t the only features you will need. There is a whole set of other features that covers all the bases, from invoicing to reporting and beyond. These features are essential for a subscription-based business, which would complement your growth and revenue goals.
What does a subscription management software do?
A subscription management software is a tool that helps businesses manage their subscription-based services. It offers multiple features facilitating the businesses to manage all aspects of subscription-based services such as handling sign-ups, recurring billing, time-to-time invoices, payment reminders, cancellations etc.
In this article , we will be looking at few such features that your software needs to have
- Accommodate Multiple Payment Gateways.
- Accurate Billing Metrics.
- Simplified Subscription Management.
- Automated Invoicing and Payments.
- Customer Communication.
Accommodate Multiple Payment Gateways
The best way to ensure conversions is to offer multiple payment gateways. If a customer gets all the way through the buying process and is ready to commit to a subscription billing plan, but finds out that their preferred payment method isn’t supported, they’re far more likely to abandon their shopping cart.
You have to make sure that the billing solution you choose also works well with your in-house software. Billing is a part of this process, and its information needs to be passed from one team to another easily. It’s important that the integration help your team progress better.
Accurate Billing Metrics
Accurate metrics provides businesses with necessary information required to understand the business progress and manage their revenue channels. These metrics guide businesses in tracking down and analyzing relevant data like churn rate, customer lifetime value, and revenue per user.
Choose a program that integrates with analytics platforms like Google Analytics to give you accurate and up-to-date insights into the health of your business. Many programs come with built-in visual reporting systems that make it easy to understand the data quickly.
Automated Invoicing and Payment retries.
Automated invoicing and payments is the cornerstone of any viable billing and subscription management system. The software should provide automatic plan renewal reminders or payment status alert.
Recovering failed credit card payments through retries is essential to avoid churn and earn predictable cash flow into the business.
That's when dunning management feature in the subscription management software comes to the rescue. Having these pivotal features at your fingertips reduces manual tasks and ultimately saves time.
Simplified Subscription Management
A good subscription management software is easy to integrate within a business’s pre-existing payment gateway(s), e-commerce platform solution, financial systems, and any other e-commerce tools that might be employed. Fast and efficient implementation of the software results in faster ROI(Revenue On Investment).
Multiple customer subscriptions can be managed and tracked easily. MYFUNDBOX Subscriptions automatically bills each customer based on the customer’s subscription frequency. The software is versatile enough to handle multi-currency invoicing, consolidated billing and changes in subscription.
Customer support and troubleshooting tools to enable users to quickly think on their feet and easily solve any billing issues that may arise are a must in subscription billing and management software.
Customers should have access to submit tickets, receive notifications via email, chat with representatives, or access a live support forum for help.
These communication tools like Intercom allows customers to interact directly with the business which builds trust and loyalty — ensuring customers are always satisfied with their subscription service. Additionally, an FAQ section, video tutorials, documentation or knowledge base is essential for customers who might want to find solutions on their own.
MYFUNDBOX is a subscription billing platform to help businesses handle recurring billing and revenue management operations.
Our customer support has been notable for its availability and instant responses. One of our cherished customers who can't stop raving about our service attests here- Check out
Being a Google Cloud Partner MYFUNDBOX provides a scalable and reliable and maintainable platforms for an any number of transactions implementing these features would prepare you for the repercussions stemming from the complexities of a subscription business model.
And, to keep up with your growth goals, you would want to provide your team with the necessary tools to be more productive and deliver an enhanced customer experience.
Start with your free test account today with MYFUNDBOX.