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.

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.

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.

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.