Top questions you must ask yourself before adopting a subscription billing platform
Businesses are fast adopting the subscription billing model to sell their products and services and to retain these customers by building brand loyalty. One of the implications of recurring billing business model is that the number of customer that particular business has to handle is ever increasing.
This also means that subscription billing cannot be handled manually and needs to be automated. A subscription billing platform is typically designed to manage subscriptions.
The use of this software not only makes the process of managing subscriptions easy but also accurate and error-free.
A wide range of subscription billing systems is available these days and a business can adopt any of these. However, a business before choosing the subscription billing software that works best for the business must answer the following questions.
• What types of payments does the business want to accept? A business can accept subscription payments via a credit card or methods like PayPal. It is important for a business to choose the software that supports all payment types that a business wants to accept.
• Does the business need a merchant account? When a business accepts payments via a credit card, it is essential for the business to have a merchant account. Thus, software that supports an integrated merchant account needs to be adopted. If the business accepts payments by some other method, it is essential to choose a recurring billing system that can link the merchant account with the payments.
• How much technical expertise does the business have to manage a subscription billing software? Managing a subscription billing software requires robust technical resources. It is essential for a business to have the required technical expertise to manage online sign up and online payment collection. If the business lacks technical resources, hosted online payment platforms must be opted for as opposed to a subscription billing software.
• To what extent is the payment process to be automated? Usually, a business with recurring billing model required the entire payment process to be automated. It is essential for a business to choose a system that can manage the customer payment receipts, email them, manage failed payments and also advance payments. This ensures that the bills and payments are always accurate and that there is no mis-communication with the customers.
• What are the reporting needs of the business? A business using subscription billing model would often have proactive reporting needs. It is essential for such businesses to adopt systems that notify issues and report any errors so that the system and the recurring billing process can run smoothly.
• Does the business need to modify the subscription billing software often? A business that runs on subscriptions may need to edit the customer details or billing schedules or the subscription amount often. Thus it is essential to adopt the software that has flexible editing capabilities. Subscription billing software with editing restrictions does not work well in such an environment.
In addition to all these, a business needs to choose a subscription billing software that can be set-up quickly at a low cost.