Managing subscriptions is one of the most time consuming and terrifying tasks for businesses. A subscription-based business requires you to manage a big client database, billings and most importantly keep in mind the exact dates that you have to renew the plans on.
Yet there are a numerous challenges that businesses operating under the subscription model face. Here are few of those challenges.
1. Managing Customers
Subscription businesses tend to have a significant number of users at any one time. This can be hard for the business to manage with all the customer records that are needed. An inaccurate customer management database can damage relations because mistakes are made. These mistakes can be down to staff not knowing what level of service customers have, whether they are on a trial or when their subscription period ends.
To avoid this, you need to utilize an effective customer database that can categories where in the sales process an individual is and previous interactions they have had with your company. It should also track the current status for a customer’s membership.
MYFUNDBOX let you implement scalable, manageable data backups with regular interval of time to manage customers data properly.
2. Managing Billing frequency
Your business is never aimed to stay stagnant; growth is its ultimate aim. Make sure you choose the best recurring billing software that is able to manage payments, clients and user base at any frequency.
Software should be able to handle payments on monthly, quarterly, semi-annually, annually or as required by the company.
The flexible billing service option may increase efficiency for business owners since invoicing and sending out paper bills in not necessary. The flexibility of accepting payments can streamline the accounts receivable process for business owners. Customers have a variety of options available for subscription billing services, such as credit card payments and debit card payments.
MYFUNDBOX supports multiple billing models which include one-time payments, subscriptions and mixed billing.
3. Failed transactions management
With recurring transactions, failed transactions rise too. A system should inform its clients about the failed transactions automatically to save time. With hundreds and thousands of clients subscribing to your services it will become difficult for a business to manually track each transaction.
Therefore, businesses need a way to automatically highlight when transactions have not been processed and to inform customers of failure. From there, the payment system can automatically resolve the issue by finding a solution for payment to be made or to cut off the customer so they don’t get access to the products / services until the payment has been made.
MYFUNDBOX provides a better solution to handle the failed transaction by sending the email notification to customer by every half an hour to resume their transactions.
4. Multi-Currency and Language Support
While some subscription businesses only offer their products to customers in one country, those offering subscription or content services can often be global. This can cause numerous problems with billing customers, whose charges may fluctuate with exchange rates or can’t read the bill because of language problems.
A good subscription billing system should be able to manage the invoicing no matter what country the customer is located.
MYFUNDBOX provides multi currencies and languages to easily let you create invoices, communicate and receive payments without any barriers.
5. Payment gateways support
The best subscription billing software should be able to integrate you with multiple payment gateways, in order to receive payments without any hassle from any part of the world.
MYFUNDBOX works with financial partners which includes stripe, Amazon, GoCardless and more online payment gateways to let you receive payments from more than 25 countries, in any currency with just a simple click.
There are numerous challenges that subscription businesses face while setting up their services and maintaining their customer relations. One of the only ways that businesses can overcome this is by using an effective recurring payment system that can address these issues.
The efficiency, ease of use and the features of a recurring billing system can make or break the operations of a business. Get a system that will help you to manage your customers’ subscriptions, offer support, keep costs low and increase efficiency.
MYFUNDBOX will help you in overcoming all of your subscription billing challenges. Which in turn help in improving your business productivity as well as client retention in a big way.