A subscription management software or a recurring billing software is a platform that manages the subscriber experience through signup, automated invoicing and billing, automated notifications, and the overall payment facilitation process.
Such software is essential for a growing business. Initially, the billing process could be managed by the in-house employees, but the billing software is necessary as the business grows. A recurring billing software lets the company manage the billing, invoicing, and payment on a recurring and automatic basis with ease.
When it comes to billing, If a business depends on manual registration and management, it’ll be a nightmare for the employees as the business grows. The software not just manages the subscriptions, but it also helps launch new products and pricing strategies faster as it provides the flexibility to expand and adjust their catalogue of products in real-time.
So, what should a growing subscription business look for in subscription software?
To help you with that, here are five features of efficient subscription management software:
1. Flexibility to Change Pricing Plans When Required
It should offer adaptive catalogue flexibility that lets you test various price points simultaneously, iterate on pricing, and create new subscription plan offerings as required.
An efficient software must handle your customers’ subscription plan migrations easily, which is difficult to manage manually.
2. Promotions, Discounts, and Coupons
A business may want to experiment with tiered discounts, bundling of products, or usage-based billing, all of which are tough to track manually.
An efficient software can easily incorporate and monitor any discounts, coupons, promotions or pricing models a business wants to offer its customers.
3. Supports Bulk Operations
These types of businesses are in a constant state of flux by adding products, making price adjustments to account for overhead changes, removing items, production costs, and new features and product development.
Without an adaptive subscription system, these changes would have to be made manually for every invoice, which will cause fatigue to the employees, making them prone to committing mistakes.
4. Corporate Branding on Invoices
Corporate branding is essential for every business as it adds professionalism and credibility to a business and helps build a robust relationship with customers. They’ll relate to the brand more with this branding technique. This strategy works together with others to increase the profit of a business.
It is common for businesses to use corporate branding on their complementary products, from letterheads, business cards to sales literature. With the help of this software, a business can do the same through an invoice.
5. Customers Can Choose Their Preferred Payment Method
People prefer different payment methods, and the software allows them to choose from multiple options for the payment. The popular methods are mobile wallets like PayPal, Apple Pay etc. Make sure the software provides enough payment options to the customers.
These are some of the features you have to look forward to if you plan to buy subscription management software. Keep in mind that these are the primary and most essential features a billing software must-have.
The software must also provide a platform to register complaints, must be compliant with the PCI (Payment Card Industry) regulations etc. Having all these features will help a subscription-based business to grow and prosper without any hindrance.