A subscription management service is an automated system that enables easy control of subscription business processes. The system allows subscription businesses to manage billing, invoicing, and payments on a recurring and automated basis.
A subscription management service saves businesses from handling bulky finance work manually, which is cumbersome and prone to errors. Additionally, this service enables businesses to easily and quickly launch their products or services to customers. It simplifies the bulky and repetitive work allowing businesses to focus on growth.
Here’s a guide on the features you should look for when choosing a subscription management service for your business:
1.The subscription management service allows for easy changing of pricing plans whenever necessary
A good selection of plan offerings is a must-have component for every subscription business. When your customers need to change plans, you need to have a system that will help you transition to meet their expectations.
Your subscription management service should handle the seasons and situations when you are running promotions, discounts, and coupons. It will ensure that these promotions and discounts are withdrawn on time to prevent the business from incurring losses. It also ensures the promotions and discounts are not withdrawn before the running period, enabling your customers to enjoy the benefits and prevent dissatisfaction and churn.
A reliable subscription management service should provide your business with the flexibility to change pricing plans, manage discounts, coupons, and other promotions.
2. The service enables your business to create branded invoices
Branding is essential to any business that is keen on its growth. It adds credibility and professionalism to the business. It also leads to higher customer retention as businesses can identify with your brand.
3. Reliable subscription management software allows for easy integration with other aspects of your business, such as bookkeeping
Good subscription management software allows subscription businesses to integrate with other business operations. Ensure the software can integrate with pre-existing technology in your business tech stack. If your business is still small, you should consider software that will integrate with other features of the business as it grows.
4. A good subscription management system should be PCI compliant
The Payment Card Industry (PCI), launched in 2006, ensures that customers’ financial data is well protected and not prone to theft. PCI compliance is critical for any subscription business because of the exposure of customers’ financial data on every billing cycle. The subscription management service you choose must meet this standard. Your customers will carry on doing business with you without the fear of losing their financial information to cybercriminals.
5. The platform must support different payment options
There are a variety of payment options available, and every customer has one they prefer. Therefore, you should choose subscription management software that allows you to accept all your customers’ preferred payment methods. It enhances the customer experience, thus reducing the incidences of customer churn.
Conclusion
If you want to grow your subscription business, start by choosing the right subscription management service. It will simplify your operations, save you time and money, maximize your customer experience, and grow your business revenue.
