4 Prime Features for Subscription Billing Platforms
Integration choices should be available to guarantee that handling both the subscriptions and inventory simultaneously is not a hassle.
FREMONT, CA: With another decade coming to an end, the subscription model has marked its presence in several industries—from frequent grocery purchases to annual car subscriptions. As much as one wants to believe that selecting the right billing solution is easy, it may not be the case. Businesses have different requirements, and the phrase ‘top subscription management platform’ is entirely subjective.
To help one make the right choice, below are the top four features that would make subscription services easier for both the firms and their customers. Also, the use cases where the features might come in handy are described.
1. Pause and Resume Subscriptions
There are times when customers will need some time off from the service or product. In these cases, the subscription management software should permit consumers to pause and resume their subscriptions on demand. This feature helps businesses save time spent on manual calculations while highlighting their flexibility and user experience.
Use case: If a consumer is going on a holiday for a month or so, the billing software should put the subscription on hold and start it again when required.
2. Lost Opportunities Reports
It is disappointing when a business almost acquires a new customer, but they end up leaving because there occurs a problem when they try to make the purchase. With an advanced billing platform, one can quickly get a list of these lost customers and reach out directly to let them know the issue has been resolved. This instance will help improve the conversion rate and build brand loyalty.
Use case: For example, imagine a problem with the payment gateway, and ten customers have had failed payment attempts. With a lost opportunities report, businesses can fetch their email IDs, let them know that they have fixed the issue, and request that they try again.
3. Consolidated Customer Interactions
When billing platforms have more context around the customers’ needs, one can offer them a better customer experience. If companies can consolidate both the emails sent from the organization and those received from the customers in one place, it can help organizations offer a better billing experience.
Use case: If one sees that they are not on good terms with a customer based on past communications with them, they can better understand their needs and offer a personalized solution, such as a discount.
4. Inventory Integration
If one deals with tangible products, manually transferring data between the separate inventory and subscription management platforms is tiresome. Integration choices should be available to guarantee that handling both the subscriptions and inventory simultaneously is not a hassle.
Use case: Assume an enterprise issues magazine to its customers every month. If the firm uses integrated software for both subscription and inventory management, and a consumer purchases the billing platform, a delivery process to the customer’s address can be initiated automatically.
Check out: Top Billing & Invoicing Solution Companies