When you have a large number of customers, it becomes slightly difficult to manage them and their subscription payments. Subscription pricing strategies can be tiered according to functionality, metered according to usage levels, optimized or reward loyalty. The list goes on from overage charges, free trials, virtual coupons, early bird offers, freemium to paid. Here are the highlights of the subscription mistakes that kept surfacing to the top. Make your invoices as transparent as possible and start looking for subscription billing platform that measures all your needs.
Some of the commonly faced broad level problems include:
- Billing and managing multiple users.
- Managing all the data related to subscription payments.
- Communicating with a large number of customers.
- Receiving payments from across the globe.
- Managing records of the customers who sign up for their services.
- The complicated situation of offering a different level of services at different periods.
- Recognizing failed transactions and automatically inform users.
- Manage and track discounts and promotions that help you get new signups and upgrades and thus improve revenues.
- Identify any invalid user transactions.
1) Keep track of Payments:
Client management is very important and so are their payments. Payment solutions that automatically allow recurring payments help in getting payments on time. Search-able client categories help in easily managing your large number of recurring clients and their outstanding payments.
2) Auto-Bill Profiles
Your business may start signing up a large number of customers. Every customer may have his own level of service as well as pricing. In such a scenario creating Auto-Bill profiles to send invoices to these customers automatically, may be the only solution.
3) Payment and Data Security
You need to choose a billing and payment solution that has the highest security parameters, so that your customer data is absolutely safe and secure. Besides that the communication channels between you and your customer should be secure too. It is your responsibility to keep the credit card information of your customers absolutely safe.
4) Providing Flexibility To Your Customers
Your subscription based business needs to provide the much-needed flexibility to the customers. They should have the option of being invoiced weekly/monthly/quarterly and so on. They should also be offered discounts on the basis of their annual billing plan.
5) Taking Care Of Transactions
Your subscription billing solutions should be efficient enough that you don’t have to worry about failed payments at all. If it is a custom solution, then it should tell exactly how failed payment issues can be resolved at the earliest. A tracking and resolution mechanism should always be in place.
6) Languages and Currencies
Your subscription based business will have customers from across the planet. These customers are comfortable with the currency and language of the place they belong to. Your billing system must have multiple currencies and language options so that these customers can sign-up easily. Moreover the billing system must have different payment gateway add-ons to choose from.
7) Integration with Different Shopping Carts
Your online invoice system must be integrated with your shopping cart. This helps in creating the auto-bill mechanism where in a bill is directly raised to your customers, the moment a sale takes place on your site.
8) Managing Pricing
There can be levels of pricing that you can charge your customers for. This will broaden your audience and get you more business. A recurring billing solutions should be flexible enough to incorporate different pricing plans for different customers.
Related post: 10 Advantages of Subscription Billing
A subscription billing system has several advantages over the conventional payment system. There are several benefits which can be enjoyed implementing a subscription billing into its website. The system helps companies in flourishing their business of subscriptions and recurring payments.
INVOICERA: RECURRING BILLING|SUBSCRIPTION BILLING SOFTWARE
A powerful recurring billing software like Invoicera helps you in overcoming all of your subscription billing challenges. It helps you in improving your business productivity as well as client retention in a big way.