There is a race that has begun among startups in India. The competition is increasing day by day. The entrepreneurs are trying to win the race while the experts are busy analyzing the trends. From analyzing to presenting you the best tips that would make your business more approachable, the internet is overflowing with data.
Each tip seems to be useful for your business, right? But you cannot incorporate each tip into your business cycle. You have to be smart in choosing which tip suits the best and will be fruitful for your business.
Before hopping into the Knicks and knacks of subscription billing, we’d like to discuss the basics related to subscription management. Beginning with one of the most common questions – what is Subscription Management?
What is Subscription Management?
Subscription management is basically referred to as the lifecycle of the customers. It includes facilities like management of trials, credit assignments, issuing refunds, and creating the mid-cycle subscription changes if required.
Sounds similar to recurring billing? There is a major difference that makes subscription management completely different from recurring billing. Recurring billing is an automated service, while subscription management involves around billing actions and it can’t always be scheduled.
In a way, subscription management software is one way that works above the payment processor and supports recurring billing. This way subscription management allows the company to take required actions on services that are not automated. In short, subscription management platforms allow you to address the customer-related queries, which normally comes up when billing or payment occurs.
When a service becomes automated the customer loses interest and becomes relaxed. He does not pay much heed on the transactions. This is one deed that a company cannot afford. Why is that so? Customer interaction with the company is very important, that way the company helps build and maintain relations and it gives a human touch, which makes customers feel like they are cared for. When you have a one on one personal relationship there is a better understanding that gets developed
Why does subscription management matter?
There are various reasons that showcase the importance of subscription management. Some of them are given below:-
Getting to know your customer better:
Every month when a bill is generated you can track data on the customer dashboard. The invoices generated help you understand your customer and what services they opt for. With online subscription billing software, you can track the customer data.
The profile page has all the customer related information that is needed if some query comes up. It keeps you informed about the requirements of your customer.
Payments and Processing:
Subscription management helps you in letting your customer as well as you know about the payments. This way your company can easily access the information from the dashboard and handle any query, without any hassle.
The processing of generating invoices with the right information becomes easy and instant. This way handling and management become easy.
Building better customer relations:
When you are able to offer better help to your customer you not only gain goodwill but the company gains a customer. Bingo!
Accuracy in invoices alerts generation and handling customer related queries without any difficulties is the key to growth.
This is the basic need of any customer that it seeks from a company, which when fulfilled helps flourish your business.
It is now evident that recurring billing and subscription management are closely integrated. One of them offers complete automation and the other one offers flexibility and more control.
The benefits stated above tell us that when the automated services like recurring billing fail to provide complete customer satisfaction, the customers tend to lose trust in the company, which is a huge loss. All you need to provide to your customer is an assurance that the payments are taking place safely and the needs of the customers are fulfilled. Therefore, it becomes important for a company to offer recurring billing along with subscription management.
deAzzle to your help:
Having described subscription management and its benefits from both the customers and company point of view, let us acquaint you with what you as a company owner need to know in order to accumulate these services.
deAzzle is your one-stop solution to all business-related services and products, it helps you manage your services, provides a safe and secure scheduling software absolutely free of cost. It is not just a safe payment platform, but also provides hassle-free management. Once you choose the online subscription billing software provided by deAzzle you can easily handle your business from anywhere at any time. With deAzzle, the online scheduling of bills and payments becomes an easy and hassle-free task.
At deAzzle, our main aim is to not just provide the perfect solution, but for you to build a strong foundation with your customer base offered in terms of safety, security, and management. As they say, Rome wasn’t built in a day – similarly, each small step taken in favor of your business will make your company reach new heights.