Are you finding it difficult to handle your subscription business? Try this solution!Featured • November 10, 2020
Is your billing system giving you a headache?
Is managing your subscription getting increasingly difficult?
Are you looking for a solution that can help you solve both these issues?
If the answer is YES, then read below for the best solution for your business.
Most businesses often have a difficult time handling their billing matters in the subscription business because of the lack of the right software.
That’s when we created our very own subscription management and recurring billing software.
What does ChargeMonk offer?
Our software is specially crafted for businesses that handle subscriptions. Our system helps you connect with your customers easily. You can understand their needs, make changes to your plan and offer them what they want.
Subscription management and Recurring billing:
Subscription management and recurring billing are terms that are used to define something similar. But these two aren’t the same as they deal with different aspects.
What is included in subscription management?
Subscription management includes the complete interaction between a customer and the business right from registration to cancellation. Here’s what is included in subscription management:
- Filling and updating customer information, upgrading and downgrading subscriptions as per customer’s request.
- Handling customer communications, solving their queries, and using dunning management to receive payments on time.
- Understanding customer behavior, needs, and wants using detailed analysis, insights, and creating reports with customized filters.
What is included in recurring billing?
Recurring billing is a part of subscription management that deals in billing-related matters. Here’s what is included in recurring billing:
- Creating invoices, calculating pro-rated + one-time costs, and adding taxes based on the geographical location of all customers.
- Storing payment information of customers helps in completing future payments quickly.
- Tracking payments that are due, delayed, or late and communicating with customers for payment collection.
Why is recurring billing and subscription management both critical for your subscription business?
Recurring billing helps you manage payment-related matters. Collecting payments on or before the due date helps you reduce lost revenue and hence is good for your business. Subscription management helps you communicate with your customer throughout the lifecycle and also helps you understand what your customers want and needs.
Hence both of these are critical for the growth of your subscription business.
What is the role of subscription management and recurring billing software in your business?
- Offering a self-service portal: -
Customers can make changes to their contact information, billing card details, and change passwords at regular intervals.
They can also view their current subscriptions, look for other plans and accordingly decide whether to downgrade or upgrade their current subscription.
Finally, they can view invoices to get a breakdown of the pricing and make payments before the due date ends.
- Enhance communication with customers: -
Using dunning management, you can communicate with your customer at regular intervals like informing them about their credit card expiration date, subscription renewal, payment delay, payment incomplete, transaction status, and much more.
Through software, you can also send promotional offers and discounts anytime during the customer lifecycle. Customers always love discounts and this improves customer satisfaction.
Understand what your customers want through analytics. Through this, you will be able to communicate with your customers effectively.
- Protect customer and payment related data + information: -
You must choose recurring billing software that meets PCI-DSS compliance standards.
With the best security in place for your customer data, you will be able to manage the business easily minus the extra stress.
ChargeMonk’s software meets industry standards and can help your business handle data with the best level of security.
A subscription management and recurring billing software must make life easy for the customer. Providing them with a self-service portal helps them make changes directly instead of contacting customer care and waiting for hours in the end.
There are many ways you can offer your customers total control. Here are some ways a self-service portal helps customers.
The best way to ensure that your subscription business always stays on top of the game is to preserve and improve on the customer-business relationship. Doing this at regular intervals is a good sign to the customer that the business cares for their needs.
There are many ways you can enhance communication with customers. Here are some ways how communication helps your business.
One of the major concerns for every business is data handling and security. If the connection isn’t secure, there’s a high chance your customer data along with sensitive payment-related information can be exposed.
There are many ways recurring billing software can help you with data handling. Here are some ways how you can do that:
Recurring billing software automates most of your duties that would be manual and prone to error. Such software helps you track payments that are delayed, late, and must be recovered. With the help of dunning management, you can communicate with those customers and recover lost revenue.
With Recurring billing software for your business, you will see ultimate growth in revenue for your business and you will be able to understand your customer’s needs and wants clearly.