Businesses utilise many new-age technologies to improve their products and services. The sole purpose of this is to make their customer delighted every time they buy their products/services. The businesses also want to make the purchase of their services less complex and quick, and that’s where the subscription billing model comes into play.
The businesses are opting for this model because of the benefits and convenience for both parties.
A subscription model is suitable for a company and customer because of the following reasons.
- Continuation of sales
- Long term customers
- Easy payment (one time and automated)
- No frequent shopping spree
- No need for everyday payment
- Long term service without interruption
- Longer the service period, the lesser the total cost
All these benefits and convenience make the subscription model a great choice for both parties.
There is absolutely no doubt that this model is the best choice, but the biggest challenge for management is selecting the best available subscription billing software/platform for their business.
The must-have features of this billing software can be listed as below:
Corporates are now turning to the subscription service model, and you can see the online services have been doing this for the past few years. Whether it’s a music streaming App, daily grocery app, healthcare/medicine firm, everyone is now opting for the subscription model of business.
1. Stop and resume option
It is a common feature but important. A customer may want to stop the service for a few days or weeks. In this situation, the software must stop the billing process and should only start it when the customer chooses to resume the service. The reason for this pause and resume option can be many such as vacation, house shifting, financial issues, etc.
2. Inventory Integration
The manual transfer of data from separate inventory and subscription software is a tedious task, especially when dealing with tangible products. The process has to be super fast and smooth. An integration option will ensure the proper handling and the least hassle during the process.
For example, assume that you issue books every month to your customer. If your inventory management and subscription billing software are integrated, the delivery address, date, quantity, etc., will be initiated automatically. There’s no need for a person to do any work, and the platform will do the job, from receiving the request to sticking the address to the delivery box.
3. Document attachment option
Some companies might need the address proof and the customer’s identity proof for delivering service. Some software can transfer and check this information, but if the subscription platform has this option, the process becomes easier. In business, the speed and ease of the process of availing the services are crucial.
4. Invoice reminders
Sending reminders to the customers who pay via invoices is better than calling or meeting them in person. Like any other App, sending a reminder even after the due date will help retain the customer.
5. Cancellation reports
It can also be called the feedback report. The customers leave the subscription for many reasons, and it would be great to know those reasons through the App. There must be some feedback collection option in the software for understanding and improving the business.
Some other essential features include:
- Lost opportunity report
- Consolidated customer interactions
- Prefilled checkout page
- Advance payment collections