Recurring billing or Subscription billing has seen tremendous growth in the past decade. People prefer to pay a small amount monthly rather than spending a massive amount at once. The idea of recurring billing is derived from the recurring deposit(RD) that banks offer in some countries. Much like the RD, recurring billing also comes with its share of benefits – like discounts or an extended time frame to access a product. Here is the list of 10 industries that must use recurring billing platform –
The e-learning industry made over 250 billion USD in 2020. The pandemic indeed helped in increasing its popularity. But what made it easier for everyone to access e-learning was the recurring billing plans it offered. Students could access the courses or materials on the e-learning platform for the time frame they want. They didn’t have to pay extra – that was their selling point. So, for the e-learning platforms that don’t have recurring billing platforms yet, get it now.
Even though online gaming has become a serious profession now, many people play it when they are free. So, a person like this will be reluctant to pay a considerable amount of money at once. However, if you offer them the opportunity to pay monthly, they will definitely choose it over anything else. This will help customer retention and will help in increasing the overall revenue of your enterprise.
The Telecom industry has been using recurring billing platforms for a while now. However, in some countries, people still have to go and do the recharge manually; this usually causes a problem for the customers. So, the best solution in this scenario is to opt for a recurring billing platform, which will automatically cut the specified amount from the user’s bank account, provided the customer has given permission for it.
In the e-commerce industry, when something is costly yet a very useful commodity, its demand is high. But, an average man might not be able to afford it. This is when a company can help the customer by giving him the option of recurring billing/EMI. Needless to say, this, in turn, will eventually help the company only.
OTT platforms basically started the trend of recurring billing in the online industry. With Netflix and Hulu, everybody knows how this works and its importance.
News is something that everybody wants to read or watch. It is effortless and convenient for the industry to opt for a recurring billing platform as most certainly, people will buy it.
The hospitality industry is vast. One would argue that how recurring billing platforms are used here? Well, the answer is simple. People love to travel, and they save their money for years to go on a vacation. Well, instead of doing that, how about they can travel to their dream destinations and pay half of it before going and then the rest half by monthly subscription? Works? Well, this is one way that the hospitality industry can opt for recurring billing platforms.
Software is something that people prefer to update after every six months. In most cases, the company offering this software itself updates into a better version. So, it is always better to provide this in the form of recurring billing, as a customer can have the freedom to pay as long as they want.
Websites like Tinder and Bumble Bee do have the recurring billing feature. This helps in customer retention and customer loyalty to the brand. Also, once the person breaks up with someone, they can always renew their plan – it works for the customer as well as the company.
In a nutshell, recurring billing is the need of the hour, and every industry must opt for it. Not only because it provides comfort to the customers but also because the customer retention rate is higher. Explore Muvi Billing to know how you can use recurring billing for your business. Try the 14-day free trial now.