If you are a business person, then billing your customers must be a concern for you. While the subscription billing model has taken the center stage for the online businesses, there are ways to improve your subscription billing process to bring the best out of it. Subscription billing is the process of billing your customers recurrently for their subscriptions. Here we will walk you through the top 5 ways to improve your subscription billing process-
As you know, subscription billing and automated billing goes hand in hand, especially for online businesses. But, to give a clear picture, let’s talk about automated billing briefly. In an automated billing system, your customers get charged automatically in their chosen time intervals. Automated subscription billing process gives you an all-in-one solution for timely payments, eliminating billing errors, generating invoices, managing coupons, discounts, offers, and many more while reducing your billing related overheads. Most of the online platforms such as Amazon, Netflix, LinkedIn, eBay, and Hulu, to name a few, have already adopted automated billing systems. And it’s high time you opted for one!
2. Bring Variety in Subscription Models
All your subscribers don’t have the same requirement and so, your subscription model should have variety. For instance, if you have an OTT channel, then you may have customers who prefer to stream on mobiles, or tablets, or laptops. In addition to this, ensure your subscription billing process is flexible enough to let the customers upgrade, downgrade, pause, or take other actions smoothly.
Do you know, the number of Netflix subscribers has grown by nearly 22% in the last one year and its innovative subscription models are one of the factors behind it?
3. Gain Customers’ Trust with Transparency
Transparency is the secret key to gain your customers’ trust, when it comes to payment. Your subscribers like to know exactly what they are paying for, and your subscription billing system must be able to provide them with the details of transaction history, reports, purchase details etc. This will not only help in improving your subscription billing process but enable your customers to make better decisions for their future purchases.
The leading job, news, and social networking platform LinkedIn offers ‘View Purchase History’ option to its users for their better understanding.
4. Add-ons and More Add-ons
Coupons, discounts, promotional codes, bundle services- your subscribers are never bored of add-ons. The subscription billing process must incorporate this holy grail for subscription businesses, as it is one of the most effective ways to keep your subscribers interested in your products or services. Research shows that discounts influence the buying decisions as customers take it as monetary gain.
According to survey, the number of bundled digital subscribers is set to surpass 395 Million by 2023, and your subscription billing process must leverage the upcoming opportunities!
5. Offer Secure and Fast Transactions
Secure and fast transactions are a necessity for your customers. Always adopt a subscription billing system which is compliant with the security standards such as PCI DSS. PCI DSS or Payment Card Industry Data Security Standard is an information security standard to secure and protect credit card data of your customers. Also, ensure your subscription billing process offers smooth transactions to your customers and eliminates payment network latency, payment failure, etc. A go to solution is to provide your subscribers with more payment options as well as more payment gateway options.
Apart from these, consider having multi-currency and multi-lingual support, as these should never be a bar for your potential customers from different demographics.
The ‘best subscription billing process’ is a subjective term and it always keeps changing with the type of business, latest trends, customer demand, and many other changing factors. However, a clear concept about the basic facts as discussed above, will always help you out in improving your subscription billing process.
Muvi Billing is such a subscription billing system for your websites and apps. It ticks off almost all the feature-rich solutions of a quality billing system including automated billing, smart record keeping, 17+ payment gateways, flexible billing, analytics & insights, and carrier grade security. You can take a 14-day free trial of Muvi Billing and if you like it, we will set it up for you!