More businesses than ever offer subscription services to their customers. Using a subscription management system helps automate recurring billing processes so your customers can stay subscribed to your ecommerce services.
Subscription management software reduces your day-to-day workload by controlling the customer lifecycle. For example, the system lets customers sign up for trial offers, renew membership, and schedule payments. Additionally, subscription solutions are compatible with billing software so you have complete control over your ecommerce platform.
There are many benefits to setting up a subscription management system for your customers. Learn more about all the ways software can improve your subscription model:
The customer lifecycle begins when someone finds your service and decides to sign up. However, an upfront price tag can put them off from your business. One way to bring in new customers is to offer a trial period for your subscription services. If they have the chance to explore your services, they are more likely to continue with their subscription after the trial period ends.
Monitor trials in real-time in order to maximize retention and minimize churn. See how often new members are utilizing services to look for potential patterns which may cause users to quit. Then, address those concerns!
Individual invoicing can slow down your subscription billing process. Instead of manually checking payment information, automate the system and create a better customer experience by using a self-service subscription management platform. Let users manage their entire subscription with ease by using management software. The right system will allow customers to change their payment methods, upgrade their plan, or schedule payments.
Interrupted services can cause your customers to complain or even cancel their service. Especially if the failure to renew comes from your end. Subscription management software automates the process so you can get reminders whenever it’s time to review a customer’s plan.
Want to send out payment reminders or upgrade opportunities directly to existing customers? Subscription management systems record contact information so you can reach your clients with new deals.
The end of the customer lifecycle is just as important as the beginning. If you’re careful, there are many ways you can extend your customer relationship into the future. Since so many customers and businesses rely on subscription services, especially software as a service (SaaS), they want easy accessibility when it’s time to renew, modify, or upgrade their plan.
Have a loyalty program? Subscription management systems can monitor real-time reward levels from points earned or longevity. You can customize the system to offer specific rewards depending on the customer account.
Online payments are vulnerable to hackers and malware. Yet using saved credit card or direct payment data can speed up the checkout process, making it far more convenient for your business. Since some customers may be reluctant to store their credit card information on a website in case of a security breach, reassure them your payment gateway is safe. Subscription management software provides a secure way to store credit card information for recurring billing payments.
Churn happens when someone doesn’t pay their subscription. Dunning is when someone attempts to pay but their payment method fails. Both of these scenarios can leave your business trying to figure out who is in good standing. By using secure management software during payment processing, you can also look out for issues like subscription churn and dunning.
One of the most common causes of failed payment is when a customer doesn’t change the expiration date on their credit card. Set automated reminders for customers who need to update or add a new payment method before their subscription expires.
By streamlining your subscription process, management systems can help your business save time and money. Software rates begin at $8 per month. The base price may increase if you require special customer support, training, or implementation. More expensive plans may allow for more subscription options or ERP solution add-ons. These solutions cost up to $299 per month.