The OTT industry has now become an industry that deals with billions of customers; we are not lying. According to a report by Statista, back in 2020, nearly 2.13 billion people used OTT platforms, and the numbers since then have undoubtedly increased. So, when an industry is dealing with billions of people and their money, it definitely needs a billing solution that can satisfy people around the world. A billing platform that offers monthly recurring payments supports multiple payment gateways for people around the world and also has top-notch security. If you are an OTT platform owner, then chances are you already have a billing solution. You now have to look for ways to improve your billing solution. So, we have listed a few tips on how to improve subscription billing for OTT platforms –
Tips to Improve Subscription Billing for OTT Platform
1. Integrate a Recurring Billing Platform
Whether you are looking for a billing platform as a newcomer or someone who has been using a built-in billing solution for a while, buying and integrating a recurring billing platform is always a good idea. It saves you time, it is budget-friendly, and also, you won’t have to spend on manpower. With some recurring billing platforms like Muvi Billing, integrating it with your existing website is also simple and can be achieved in just a few steps. Note: You won’t even have to go to your ‘IT guy’ for this.
2. Upgrade Security Level
For any billing platform to be successful, you need a carrier-grade security level so that all the transactions that will be placed on your website will be safe and secure. Security level badges also ensure your customers that their money will be safe and no personal information will be leaked. Some of the security features that every billing solution must-have is : SSL Certificate, ISO certification, and PCI DSS compliant platform.
3. Have Multiple Subscriptions Plans
The best way to improve your subscription billing for OTT platforms is to offer different subscription plans. Not all people think the same, and not all people will have the same amount of money with them. Just like Netflix offers different plans for mobile, laptops and tablets, and even the number of screens, you can customize the plans according to your convenience.
Billing is one of the most important factors for the success of any industry, especially an industry that relies on subscriptions. So, start looking out for ways through which you can improve your subscription billing platform, and the best way to do so is to integrate a subscription billing platform. Also, we hope you have understood the importance of protecting your customer’s data. If you are running an online business and have a lot of vulnerable data to manage, ensure you are following standard security practices. To protect your customer’s transactional data auto-abiding with global security standards, sign up with Muvi Billing – available for a 14-Day Free Trial.