Benefits of a Subscription Management Software
Whether you have just started your subscription business or you have been in the game a while longer, a Subscription Management Software will help streamline your operations and help you continue to grow your subscription business. So often, business owners underestimate the importance of having software that can handle anything from failed payments to detailed reporting and customer service. You might think you don’t have enough subscribers to have a subscription management software, but we can promise you that now is the time. If you haven’t encountered these problems yet, you will soon understand how important subscription management software is.
1. Billing is bulletproof
Your billing needs to be fully automated so you can focus on your core business. You may manage a few failed payments, but you often lack critical information like why the payment failed. Sometimes you don’t even have to reach out to the subscriber, and you can retry the payment at a later date. With the average being 10-15% of all recurring payments fail, and 50% of your failed payments will be lost due to involuntary churn, a subscription management software with a failed payment technology is crucial. With this, you can download a report and get a list of all your failed payments and exactly why the payments failed. When you have this information, you know which cards need to be updated, which payments can be reprocessed, and which subscribers you need to contact. Services like account updater update a portion of these failed payments proactively on an ongoing basis.
2. Customer service tools are top-notch
You should have the ability to look up each member and details about your subscriber. Knowing when the subscriber first signed up, their billing cycle, and their purchase history is excellent information. Having the option to push a refund through or edit or update their billing information is also something you’ll want to have. These tools will help minimize your chargebacks and chances of losing a subscriber. Integrating ways to stay engaged and connected to your subscribers helps improve your customer experience and service. The methods should include phone, e-mail, and texting as ways to keep in touch and communicate with your subscriber.
3. Reporting and Analytics to Boost your business
All subscription management software has real-time reporting allowing you to track and view vital information about your subscribers and business. If you have a subscription management software that integrates with your payment gateway, you can see exactly where every dollar goes. Tracking new subscriptions, failed payments, and cancellations are vital to improving and growing. The detailed reports inform you how many new subscribers you have gained and how many subscribers are canceling. They also include how many payments fail each month, which helps subscription business owners handle these, so they don’t compound and affect your bottom line. You will know all of the areas of your subscription business and where your focus needs to be.
Optimizing your business with a subscription management software helps you retain subscribers, maximize your revenue and grow your subscription business. Data and intelligence should back these solutions to streamline your business and take your subscription business to the next level.