Subscription management platform is where you can store payment information and process billing charges automatically to handle periodic payments such as subscription that consumers are signed up to. Online companies that want to keep hold of their customers and create loyalty opt for a subscription management platform to increase its service to your customers. A subscription management platform makes sure that the correct payments are being charged to customers on time on the agreed payment cycle. The subscription software plugs into a payment gateway that gives the functionality to take one-off payments.
Company products and services are offered in two ways, either a software suite or a add on application. The software suite is where the whole process of subscriptions is managed from beginning to end whereas an add on application or a plugin is where it makes it simple for companies to add various subscription models to the present offers. Subscription management platforms can be used with additional tools such as payment gateway software, e-commerce software and service management software.
Enabling Easier Access to Data
One of the key features of a subscription management platform is that your business will have much easier access to customer data with less effort and time wasted. Each customer will have their own profile on the subscription management dashboard, and you will have access to all your customers personal details with comprehensive information about all your subscribers. With all this information to hand, the company can get an enhanced understanding of their customers and expand their marketing plans to target subscribers better and improve their own service in the process.
Simpler Way to Manage Invoices
All subscriptions require a receipt or an invoice in online terms to send to customers for their acquisition in services they pay for. The whole process of managing invoices can be easily handled without any obstacles by using an automated billing system known as a Subscription Billing Platform. With the billing system in place, customers can be billed and paid periodically and automatically with the payment details that they have been supplied. With an automated platform this reduces errors and time spent processing and billing invoices.
Processing and Collection of Payments
The processing of payments is another advantage, whereas the cumbersome processes of payments can be easily tackled. The processes such as sending automatic alerts to the customers when their credit or debit cards expire can be easily handled without many troubles. This is a cost-effective solution as it works by reducing the costs involved in processing the payments and other processes.
Trial Periods and Fees
The subscription levels, fees and trial periods can be easily processed through this Subscription Management System. The system automatically alerts the manager of the system when it detects any expiry of any fees and trial periods. Then the manager can take immediate action and make necessary changes in the system. This helps in reducing the cumbersome involved in handling the trial periods and fees of the subscribers of the company.
Coupons and Discounts
This system offers companies a cost-effective solution for managing processes and activities, the companies can now focus their investments to acquire customers by introducing coupons, discounts and offers.