We have already looked at How to choose better subscription management software in your business
in one of our blog post.
This time lets have some useful tips to have successful subscription billing.
Recurring billing and subscriptions are an excellent way to see consistent revenue in your business. They offer an easy way for your customers to receive a product or service, and keeps revenue rolling in for your business, month by month.
Here are few tips to consider for managing successful subscription and recurring billing
Securely Store Essential Information:
When you launch a system of recurring billing, you’ll quickly amass sensitive customer data you have to keep on file. All information on file should be securely stored and kept up to date.
Subscription management platform collects sensitive payment information and frequently collects personal information as well, for instance, shipping addresses, phone numbers and so on. You owe your customers the promise that all of this data will be handled safely and securely and will never be shared without their consent.
MYFUNDBOX takes data integrity and security very seriously. MYFUNDBOX works with financial partners like Stripe, Amazon Pay, World Pay to enables data to manage global payments securely.
Use Secure Encryption for Transactions:
Since you’ll be processing regular transactions over your website, the system you use should always be encrypted for your transactions. Don’t try to go cheap on this particular process. It’s vital to invest time, money, and effort to keep your payment system as secure as possible.
MYFUNDBOX’s all transactions are secured with SSL protocol. Using SSL helps to encrypt the information so that the card details and all other sensitive data is protected. It, of course, improves payment security, but also makes customers more willing to buy.
The SSL is symbolized by a padlock icon in the URL bar, and the web address begins with https.
Write Transparent Policies
If customers are signing up for a recurring subscription, make sure they know it. Consider adding the words “recurring transaction” to the order confirmation, and spell out the frequency of charges, the date(s) of future transactions and the amount to be charged. The summary lets customers confirm the subscription details before the transaction is processed.
Then before each transaction date, remind them of the service, billing date and purchase total. After the transaction is processed, send the customer a confirmation email that reminds them of the charge they’ll see on their statement.
MYFUNDBOX is efficacious in managing your entire subscription-based business right from payments to subscriptions to reporting.