The subscription model has undoubtedly made its mark across industries. You can find this model extensively implemented in grocery purchases and annual car subscriptions. However, selecting a suitable billing solution isn’t exactly a cakewalk. Every business has distinct needs, so the definition of the best platform is purely subjective. However, it is essential to choose a cloud-based subscription payments solution that allows easy management of recurring direct debit payments. Such a platform also has multiple payment methods as well as currencies. For a business to arrive at the right choice regarding a subscription billing platform, there’s a need to analyse some of the unique features that it should have. Given below are those functionalities that are crucial for such a platform to possess.
Pause and Continue Subscriptions
It’s not always that your user will want to continue with your product or service. There will inevitably be times when they may require some time off from it. To deal with this scenario, the subscription management platform should have the functionality to pause and then continue with their subscription as and when they need.
Report of Lost Opportunities
There’s nothing worse than acquiring a new customer but then losing them the next moment. Usually, this happens when they cannot make the purchase. So your advanced billing platform should allow you to get a list of lost customers so you can reach out to them. It, in turn, boosts the conversion rate and forges brand loyalty. You can quickly get the email IDs of the lost customers and inform them that their issue has been sorted out.
Complete Security and Compliance
Security and compliance are essential features that your subscription billing platform should have. It’s wise to choose a subscription payments platform that is Payment Card Industry Data Security Standard or PCI DSS accredited. Such a platform is compliant with relevant banking regulations and rules. It ensures that each of your users’ credit and debit card handling, payment, processing, and billing is accomplished with the greatest security level.
Inventory Integration Option
Businesses that deal with mainly tangible items need to transfer data between an individualised inventory and subscription management solution. It is mainly done in a manual manner. Naturally, the process can be tedious. Therefore, in a great subscription billing model, integration options ensure hassle-free handling of inventory and subscriptions. For instance, if your model provides health food products every month, then when you make use of integrated software and a customer buys from your billing platform, a delivery process to their address will begin automatically.
The Functionality of a Checkout Page That’s Prefilled
It would help if you always endeavoured to provide your users with a smooth checkout experience. To achieve this, a great practice is to prefill the checkout page. Prefilling this page can save loads of time for your customers. They’ll certainly appreciate your efforts.
For example, suppose your users renew their gym subscriptions each month. In that case, utilizing gym membership software and prefilling specific checkout fields on this page will provide them with a rapid checkout experience. It will also give them greater customer satisfaction.
There are particular organisations that are required to upload documents containing information of customer transactions or details to manage account data. Even though there are many document management apps, it is still better to have every file related to your customer in a single place.
Today, the business environment has turned quite competitive, especially after the COVID-19 pandemic. Organisations desiring to stay efficient need to provide their customers with a convenient and hassle-free experience. That definitely means migrating to a recurrent billing platform.