All businesses are now shifting to a subscription-based business model, but the one industry that is faster than any other type of business is media and entertainment. Modern day consumers also have new expectations and preferences on how they want to pay and enjoy the services for taking the advantage of media products and services. Media and entertainment industry has always relied on ads for its core revenue. But with changing times and altering consumer interest, many media companies realized that their viewers were going to be their most precious revenue source. This realization led to a shift towards multiscreen OTT video subscription. With the help of a subscription billing solution for OTT Platforms, companies started monetizing and enhancing their revenue cycle.
OTT Video subscription represents a novel business model constructed around constant customer relationships. It allows media businesses to take the advantage of modern-IP based technology to interact straight with the end user despite time, place and device constraints.
Choosing a subscription-based billing model for OTT platforms is driving to build better methods to run business successfully. An easy-to-use subscription billing software provides a modern and seamless method of selling, collecting payments and managing account receivables that helps saves a lot of time and at the same time ensures constant revenue flow.
What does a subscription billing system for OTT platforms do?
A subscription billing solution for OTT platform enables you to streamline the process of billing and offers your business the ability to comprehend the results of your hard efforts – efforts of acquiring and serving your clients.
It allows businesses to collect payments from end users through a flexible range of payment alternatives such as credit cards, debit cards, PayPal, Amazon Payments, and many more. Why invest in a developer to set up and later spend a lot of money on maintaining the codebase when you can enjoy automated billing by choosing a good subscription billing management software.
Capabilities that you should look for in a Subscription Billing Model
Changes are the true constant of life. A customer hits your website or application however, they do not stick to their initial preferences. It changes with their ever-changing preferences. They may decide to upgrade, pause or cancel their subscription. Changes can also come from your business with altering preferences such as a pricing change, discount coupon, trial and freemium experiment and so on. Hence, you should always look for a platform that can handle such a volume of changes across a developing subscriber base. You need an automated billing solution that is equipped for today and tomorrow.
Multiple Payment Gateways
Subscription billing solutions for OTT platforms integrate with several payment gateways and support numerous payment methods such as credit cards, wallets, etc. You can also set up several payment gateways to deal with multi-topography audiences along with multiple payment modes along with multi-currency setup making your platform truly universal in terms of accepting payments.
Multi-currency subscription billing software helps users to pay in local currencies. It allows you to make payments in several currencies such as US Dollars, Pounds, Yuan, or Yen, you have the freedom to set up multiple currencies on your website or application. This feature also allows users to set up variable pricing for your product for each currency. It also allows you to add multiple payment gateways through which you can accept local currencies in all corners of the world.
Free trial Management
Offering a free-trial to your prospects is a great method of showcasing what your software or business has to offer. A free trial allows users to use your product or services in their daily lives and see just how much it helps them.
A dedicated automated billing system with free trial management features attracts maximum consumers to your business. You just need to set the duration, create a workflow to accept payments, set up payment methods and create communication triggers.
Create Hassle free billing experience for your consumers!
Are you looking for such an amazing automated payment solution for your OTT Platform? Muvi Billing when integrated with your website or application allows an easy and instant flow of revenue by streamlining the revenue operation. If you are ready to automate the entire billing process of your OTT platform, consider taking a 14-days free trial now and see how it can help scale your business.