Experience Remote Collections Through Recurring Billing Platform Amidst Global Corona Lockdown

To an ever-increasing extent, online businesses have grasped the utilization of subscription billing platforms to sell their items on the web. Subscription trade is the new in vogue plan of action because of reliable income, high client maintenance, and bigger client lifetime esteem. Even during the current Coronavirus outbreak, online businesses are still managing to continue operations for their customers. Subscription billing platforms like SubscriptionFlow at this tough hour of lockdown is enabling businesses to utilize remote collections option to maintain a smooth flow of finances. Not only this, easy to grasp and nice dashboards are crafted for the business as per their current customer’s requirements.

Sustain Recurring Operations With Subscriptiptionflow Amid Corona Outbreak

At SubscriptionFlow we do understand it’s a tough time for businesses worldwide but we are here to help you sustain your operations and recurring payments through our recurring billing platform. Now you can let customers continue processing

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their recurring payments online through our billing platform. Our recurring billing platform is capable of providing real-time output against every customer request. We maintain strict compliance protocols considering the current financial, operational and business lockdown. Businesses can get a fully encrypted and transparent net collections insight to predict their future revenue.

Entertain Remote Collections Ways

During the current lockdown, there are a ton of ways from which subscription providing organizations can collect their receivables. By sheer volume, credit and platinum cards represent about 66% of all non-money exchanges happening globally. It bodes well that Visas are the favored installment strategy for organizations and clients the same. It's quick, advantageous, and secure. In any case, there are many card options, for example, ACH, eCheck, wire moves, international forms of money, and obviously, old fashioned style paper checks are also there.

Numerous clients despite everything like to pay for their subscriptions through checks, particularly when managing larger companies' money divisions. Any business that deals with enterprise customers, or moving money around on behalf of clients is going to get their fair share of checks.  But the clearance of checks might take some time because of the present pandemic outbreak. Banks have just called on their online operations and provided an extension in all other physical financial and transactional operations.

Wrap up

Recurring billing platforms like SubscriptionFlow is now enabling customers to get a sigh of relief while providing them with a financial layoff at this tough time. Furthermore through the podium of SubscriptionFlow recurring billing businesses can ensure the sustenance of their clients through easy and flexible billing terms.  We are enabling businesses to provide maximum facilitation to the customers while providing adjustable pricing options.  Furthermore, businesses can also ensure the customer footfall is intact during the present lockdown while providing customers with remote online billing services and relaxation in due payments. Showing empathy and flexibility might seem critical at the moment but you can always trust SubscriptionFlow for smooth business operations. We are enabling businesses to retain customer footfall even during the current uncertain situations. We have jotted down a few of the many ways by which organizations can maintain customer footfall and retain customers for long.

  1. Provide flexible terms and conditions for subscription payments.
  2. Introduce financial layoffs across the board.
  3. Provide free of interest incentives to customers globally.
  4. Provide free features during the quarantine period.
  5. Provide relaxation in the subscription billing date. For instance, if a subscriber gets charged on a monthly basis, extend the charging period in view of the present lockdown.

Putting all this in a nutshell, during the present global crisis, SubscriptionFlow through its recurring billing platform is assisting businesses to promote customer-centric services by providing them with an ability to postpone the billing dates for their customers. Subsequently, businesses can ensure their customer footfall. Also, it helps customers mitigate financial difficulties during the worst COVID-19 outbreak. For any further help, you can get in touch with SubscriptionFlow today. Stay home save lives.

Make a Wise Decision with Subscription Management System Geared By Subscriptionflow

Subscription billing software is capable of executing multiple tasks in real-time. Automating billing tasks has never been easier. With subscription billing software you can automate all your billing processes with the assistance of a few clicks. The subscription management system enables businesses to deal with the bulk of bills at the cause of minimal errors. Also, the software helps businesses to keep the dashboard intuitive and easy to understand for their users. So that they do not have to invest more time exploring the subscription management system.

Clearly subscriptions have enabled organizations to perform tasks in a hassle- freeway. When you deal with multiple bills, invoices also come along. Invoice makes an organization clear whether or not a bill is paid successfully. A subscription management system helps subscription organizations to speed up the whole bill generation process and makes it transparent for the users to check their statuses online. The calculation amount against every subscribed service or plan has been automated with a subscription management system. No matter how many plans a subscriber is linked with. The bill generation always plans specifically.

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The subscription management system is industry-specific. Needs and requirements vary with every business. The same is the case with the billing logic. Sometimes businesses charge their customers on a monthly basis. Else, on an annual and quarterly basis. Keeping in view all these details, a subscription management system is made flexible in order to cater to every business industry. It includes far too many details opting for optimum subscription billing software. The local market is full of diverse options. But while opting a subscription system businesses need to know how scalable functionalities are being offered to the user base and under what rates. Furthermore, free demo options are available for businesses to get a deeper understanding about the overall performance of the system.

Most of the times users are curious about the billing logic. So it’s imperative for organizations to set clear terms for their billing methods. Not every company makes the billing logic public but when it comes to subscription management systems developed by SubscriptionFlow, users can choose from a variety of billing methods and see how their bills are calculated. The option includes usage-based billing technique, volume-based billing technique, and tier-based billing technique. Not only has this but SubscriptionFlow also has taken care of simplifying the design of billing receipts. So that the customers can easily view the detail of the particular. A simple and easily understandable billing receipt can ensure that your subscribers are satisfied with your services.  Moreover, following such proactive practices can help your business retain more potential subscribers. The subscription management system at SubscriptionFlow also allows subscribers to view, receive, pay and track their invoices without any hassle.

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Also, the subscription management system is made highly customizable with built-in tools for marketing purposes. The system is highly scalable and efficient in terms of processing multiple requests anytime. The dashboard can be easily customized as per business demands with just a few clicks. The workflows can be created seamlessly and classified according to business needs.  Also, the subscription billing software developed by SubscriptionFlow assists businesses with unified tools to utilize cloud technology. Although the customization is a high-end option given by this software. It makes the subscription billing software worth every effort.

Selecting a subscription management system is a crucial and time-consuming task. Considering all the options available it puts a lot of stress on the companies to wisely select a system for their business. But if they match their requirement with the offered features, the process can be a little less troublesome. Moreover, businesses can get in touch with the support channels for a clear understanding of the features and functionalities available in a particular subscription management system.

Why Recurring Billing Software is an Asset for Small Businesses?

Small businesses who offer online products and services often struggle with financial management. These businesses usually do not have large funds to spare on resources. In this case, subscription management software for small business is a cost-effective solution. As opposed to a generic payment system, recurring billing software reduces the effort required to manage billing and invoice processes. This way businesses can efficiently automate their billing process. The main motivating factor to utilize recurring billing software for small business is its resourcefulness. This is why recurring billing software is ideal for small businesses.

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Integrating a recurring billing software into your system does not take much effort, time or money. If you are a small business looking to compete with industry giants then resources are a luxury for you. With recurring billing software for small business, you can get started with targeting customers and generating revenue in no time. Your business needs recurring billing software that can make your billing process faster and error-free. This is only possible if your customers can pay on time. Payment delays cannot be afforded especially in small businesses. A recurring billing software sends out automatic invoices and receives subsequent payments in a timely manner.

To understand why recurring billing software for small business is important, we need to look at its salient features:

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Ease of Multiple Payment Gateways

With subscription management software for small businesses, you can plug in different payment options to cater to your customer’s needs. This software allows you to take control and choose appropriate payment gateways. Your customers are more likely to subscribe to your products/services if your business uses multiple payment gateways. Your business can expand into new markets with multiple payment gateways and increase customer retention. Moreover, having many gateways allows you to mitigate the risk of overloading traffic on your gateways. It balances the payment processing and maintains billing frequency. 

Flexible Design

Subscription management software for small business saves the cost of designing an in-house software. Its adaptable design allows you to customize features and align them with your brand image. Your business will also perform better in the competitive market if your interface has a seamless design. You can also offer discounts, trials, and promotions for your products and services. Its intuitive dashboard is designed to assist with managing all functions of your business from one place. Another advantage of using this intuitive design is the ease of integrating accounting software. The integration of an accounting platform automatically tracks every invoice and payment. It saves businesses the hassle of bookkeeping every customer transaction.

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Access to Real-Time Reports

Subscription management software for small business generates real-time reports and analytics. Your business can analyze received payments, customer searches, daily activity, outstanding payments, and current sales. This insight will allow your business to improve its customer service. Moreover, with these reports, you can also view expenses incurred for running your business, tax payments and manage employee salaries. Small businesses face many challenges when it comes to handling recurring payments. Subscription management software is an asset for small businesses because it is specifically designed to overcome issues such as late payments or incorrect invoices. With recurring billing software for small business, you will experience unprecedented progress and growth.

Best Subscription Management Software 2019 to Reduce Customer Churn

Every business has to deal with failed payment and declined credit cards. The situation is further aggravated in the case of subscription-based business. Unsuccessful transactions are mostly a result of customer drop-off rate and lost accounts. With best subscription management software 2019 you can improve these aspects of your business. Companies with big subscriber bases need an automated billing system that can be customized to fit to your specific business requirements.

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Debit and credit cards are the most common payment methods for recurring transactions. There are multiple reasons for failed or unsuccessful payment i.e. technical issues, inadequate balance, stolen credit cards or some specific restriction laid by the bank. Given these underlying issues, customers may opt for involuntary drop-off.

Customer churn refers to the rate at which customers who subscribed to your product or service ended their relationship and stopped bringing in revenue for your business.

Reasons for customer churn are unique but mostly fall under the following categories:

  • Price

Price is a common reason why customers may want to churn. If customers find a more cost-effective option, they will be quick to switch. This is the reason why there is so much emphasis on establishing value and educating customers about the worth of the product.

  • Customer Experience

When a customer’s experience hasn’t been very pleasant with other aspects of your brand i.e. customer support, marketing content etc. this becomes a likely reason to churn. Besides, customers can be finicky and expect to be welcomed and valued. If that gesture is lacking, they won’t stick around for too long.

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What needs to be done?

Companies that use best subscription management and billing software 2019 have a predefined payment retry procedure in place. This helps to address failed payments individually with problem-specific retry schedule tailored to your business model. It is imperative that failed payments are addressed individually. This will help to recover and renew up to 60% subscriptions. This step ensures a deliberate method to increase your revenue.

Best subscription management software 2019 offers a dynamic payment retry schedule. Each billing cycle gets updated automatically to accommodate your specific subscriber base. You can also handle a wider set of billing and customer account issues. When you have a system that covers all aspects in a short span of time, the company benefits from a stable flow of income and subscriber retention at the same time.

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What customers stand to gain?

Payment failure situations can prolong and become worse if it isn’t resolved immediately. Best subscription management and billing software 2019 allows you to customize each message according to the specific payment issue, without any unnecessary obstructions. Customers can continue using your service while you also fix the payment issues simultaneously. This way you can continue providing value to your customers and improve your revenue level at the same time.

Best subscription management software 2019 will handle failed payments smartly with dunning management. An automatic recovery process is deployed which deals with failed credit card transactions and expiring cards. You want to check whether dunning management has been effective. This can be easily done with the help of a metric and reports which the subscription management software will generate.