How To Choose A Subscription Billing Provider?
Are you planning to choose the best subscription billing provider as per your requirements?
Then read this complete article to know what you should look for while choosing a subscription billing provider.
Subscription billing, in collaboration with recurring payments, refers to the automatic and regular payment/billing process that is initiated when a person registers to avail of service. Recurring billing makes sure that the customers get to know all the details necessary for billing, including the service they are paying for and payment schedule, which ensures transparency from the start that helps build trust.
A subscription billing platform is the core of any business. So, you have to be careful while choosing one. Here, we have listed some of the key features that you must check in a subscription billing provider before choosing it.
1. Recurring Billing Support
Recurring billings make it easy to create membership plans in which the customers have to give their details once and then the recurring billing service manages the rest. A subscription billing provider that provides reliable and flexible recurring billing support should be considered.
2. Collecting Payments
The payment method used must be flexible enough to facilitate customers. As subscriptions need to be renewed according to the subscription plans, you should make sure that the subscription billing provider you choose provides both online payment and offline payment methods.
3. Customer’s Preference
A business that takes care of their customer preferences is more likely to be trusted by customers. So, you should choose a subscription billing provider that aims to create ease for the customers by providing easily customized plans.
4. Subscription Management
This is a process that enables businesses to manage their subscribers and customers’ priorities throughout their lifecycle. It helps provide a great user experience by providing customers complete control to use the service or product. You should check that the subscription billing provider ensures effective subscription management by providing the following benefits:
It should be able to provide upgrades and downgrades in subscription whenever needed.
See if it offers an easy way for reactivation and cancellation of a service if the customer is not satisfied.
You should look if the provider allows pausing and resuming of subscriptions as customers might need it sometimes.
It should allow you to create coupons, discounts, and credits to maximize your sales.
Providing a free trial for your service can surpass your business very quickly. So, you should check if the billing providers allow you to do so.
It should allow multiple payment attempts in case the customers fail to make payment in the first attempt.
5. Accounting
This is important for subscription businesses. You should make sure that the billing tool allows you to have a reliable account system to keep an eye on your recurring income. This is needed because a track of the income is essential for the overall performance of businesses.
6. Analytics
Detailed analysis helps business owners to have an idea of how fast their business is flourishing. A subscription billing provider should be capable of providing revenue reports such as monthly recurring revenue, average revenue per user, lifetime value, and churn rate. Moreover, customer reports are also required for a detailed analysis of the business progress rate.
In a nutshell, a subscription billing provider should be flexible to handle all your business requirements effectively. Never make a choice solely on price. This choice will end up being a blunder in the long run when your business grows. Make sure that you consider the features mentioned above while making a choice of subscription billing provider for your business.
If you have a complex subscription model, it is advisable to consult with a payment expert to fund the best suitable solution. Paymentsop experts provide consuting services in the fileds of e-payments and billing. Contact us for to find the best suitable solution for your business.