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The subscription economy is minting big bucks, and it has become a successful model that many businesses across the globe are adopting to get closer to their customers.
With the subscription business thriving, and firms working hard to increase their global footprint, the traditional payment solutions are falling short of tools. Here’s where the reputed subscription payment providers prove their efficiency, with their robust subscription payment software and advanced features. Let’s see some of these innovative features that make a recurring payment provider capable.
Subscription Management
A subscription plan management enables you to manage your subscribers and their payment cycle preferences. It maintains your product catalogue, subscribers’ data, transaction history, and billing cycles.
With the right management system, the payment provider can customise subscription plans, automates payment collection, thus saving you time, cost, and workforce.
The reputed platforms offer flexible payment plans that are very useful for your business marketing and sales strategy. There are no overhead charges associated with your principal and promotional plans, thus considerably increasing your profit margin.
Customer Sign-up and Management
While running a successful online business, you will have to be available to your existing and prospective customers, 24/7. The renowned providers have subscription payment softwares that present customised online forms, accessible from any device, round the clock.
Your customers can quickly sign-up using these responsive online forms, from any online channel. You can send automated email notifications to your subscribers for failed payment or payment method changes.
Reporting and Analytics
As the payment platform collects revenue, it offers in-depth analytics and a wide range of accurate reporting capabilities.
These customised reports are super helpful; giving you detailed insights about every subscription-related aspect. You need not spend time preparing any reports; the platform features automated financial reports.
Even if you are not a developer, you can easily access these reports that provide an instant overview of your business performance.
Moreover, the provider gives you the advantage of downloading these reports in your preferred format and conveniently!
Invoicing
It’s one thing to manage customer sign-up and subscriptions, but having a robust invoicing system to achieve a higher payment collection rate is equally important.
A subscription payment platform offers electronic invoicing, compliant with taxation standards, and PCI DSS. It ensures the platform handles your business-sensitive and customer data with a high level of security.
The robust platforms have sophisticated invoicing design software, providing customised data representation, invoicing adjustments. Moreover, they handle payments via direct debit banking, debit and credit cards, automatically converting local currency into your preferred currency.
Failed Payment Management
With the right automation in place, you need not manually check accounts for failed and outstanding payments.
The recurring billing platform identifies failed payment instances and notify you. And then there are auto-generated notifications that can inform your customers of their failed payments.
This feature also enables a customised re-billing process, allowing your customers to resolve the issue online with credit cards.
The subscription payment platforms are cloud-based. And besides, their cloud technology is PCI compliant and adheres to Australian banking regulations. So why wait? Consult a subscription payment solution provider that offers the best features, best suitable for your business. Harness the best of the subscription economy, for a productive and profitable engagement with your existing and potential customers.
