Tuesday, January 18

A Guide to Choose a Recurring Billing Platform

Recurring Billing Platform

Companies that sell recurring contracts depend to a great extent on recurring billing platforms. Their capabilities can make a big difference in the way they achieve their desired goals. A valued platform like Subscription billing has multiple payment options and can automatically rebill any failed payments. A robust platform also supports businesses with an end-to-end retention process that ultimately makes the difference between the renewal rate and separates profitable organizations from struggling ones. In this article, you’ll find various ways to select an effective subscription platform that aligns with your needs.

Consider the Size of Your Business

A good subscription service platform choice depends a great deal on your organization’s size.

  • Small scale business – Small scale organizations require assistance for customer acquisition since they are currently working to attract their primary set of subscribers.
  • Medium-scale businesses – When an organization grows to this size, they start directing their focus on retention. Their emphasis is on maintaining and developing a relationship with the customers they’ve acquired. They thus need the attention of a subscription platform to keep their clients engaged.
  • Large Scale businesses – Large companies require a recurring billing platform to aid their entry into new markets, expand to new demographics, or automate internal procedures.

Focus on Your Business Model

You need to invest in a flexible billing platform. Focus on major capability areas that tie in with your service when selecting such a tool.

  • Product catalog requirements – You’ll require a robust recurring billing platform if your plan configurations are complex and you have very diverse price settings across currencies.
  • Rating engine requirements – Focus on the overhead that’s being produced if you make use of various billing models and pricing plans. Find how complex it is to deal with upgrades, downgrades, and plan modifications. If they are hard, then the rating engine you have might not be correct for your needs.
  • Pricing plan requirements – If your pricing has various layers of complexity, you need flexible subscription platforms of top-of-the-line providers.

Know about the three R’s.

The three R’s, namely refunds, renewals, and retries, are essential components of a subscription platform. It should be effortless for you to refund those customers who want to cancel and also for those who wish to renew. A quality subscription platform consists of a variety of marketing tools concerning renewals. You have the option to set auto-renewal campaigns for your customers straight from the dashboard. Moreover, you can also incentivize the subscribers to enable auto-renewal. A great platform also allows you to set reminder campaigns regarding approaching payments. Lastly, a retry logic in the event of payment failure is also crucial.

Ensure Good Support

Even if your subscription commerce platform is quite effective, you cannot deny the importance of getting assistance at some point. So, ensure that the platform you invest in makes it easy for you to access rapid support when you require it. At the same time, it should also present an easy way for your customers to look into billing questions. Some people want their queries addressed through email or phone, while others search for information themselves. So, it’s necessary to ensure that your subscription platform provider supports you with these touchpoints.

It’s important to invest in a Subscription billing platform that imparts a high-quality customer experience with features like automated communications, account changes, and the ability to sign up customers at any point in time. It also facilitates the creation of customer sign-up forms that work across devices like desktops and tablets. Thus, with such robust functionalities, you enable full business growth.

Author Bio

Phrona Brown is the author of an article, and she is quite experienced in writing different social media platforms for marketing and lifestyle. She guides you about promoting your business on social platforms.

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