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 are essential for a subscription-based business, which would complement your growth and revenue goals.
In this article , we will be looking at few such features that your software needs to have:
Simplified Subscription Management
A good subscription management software is easy to integrate within a business’s preexisting 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.
Dunning management is the process of recovering failed credit card payments through retries. Card failures occur because of factors like expired cards, cards acquired fraudulently, insufficient funds, temporary holds, generic declines, hard declines, etc.
Three of the most important aspects of dunning management are online and offline dunning, retry schedules, and customer communication.
MYFUNDBOX supports dunning for credit card and other payment methods.
When a payment is due and a payment method is about to expire, you can notify (pre-dunning communication) your customers through emails and in-app notifications. This would also be done when a retry attempt has been carried out on a customer’s account, and if there has been a change in their subscription because of non-payment.
From there, you can send a sequence of reminders and finally send the last notification of service termination if there is still no response from the customer.
Accommodate Multiple Payments
The best way to ensure conversions is to offer a wide variety of payment methods. 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.
Through Connect, you can use Stripe Billing’s automatic collection features to create subscriptions on connected accounts.
Stripe is MYFUNDBOX preferred payment gateway, you get to leverage Stripe’s latest and greatest features right within your subscription management platform.
Being a Google Cloud Partner MYFUNDBOX provides scalable and reliable and maintainable platform 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