The subscription business model offers companies a fast track to growth, offering just about anything from entertainment streaming services to renters' insurance. Yet to harness that growth potential, businesses need a subscription-centric billing solution that can keep up with their vision, market demands, and innovation in products and services. At a certain point, however, an upgrade from a legacy billing approach to a more capable billing platform is necessary to handle the volume and complexity of recurring revenue operations, as well as facilitate growth at scale. Here are five billing considerations to help guide your decision-making process.
While credit cards are popular, real-time and alternative payments are the wave of the future. Subscription companies that adopt real-time payments will improve revenues, reduce payment churn, and burdensome payment processes.
One of the many benefits of a subscription business model, especially for consumer-facing services, is that companies don't need to feel confined to particular regions. Even the most modest subscription-based business can have an international footprint. Global expansion is very much in play for subscription businesses as demand for these types of services continues to grow in different international markets. Here's what you need to know before taking the plunge with your subscription business into international waters.
One of the most effective strategies for attracting new customers is to offer subscription bundles, pairing multiple products or services at discounted rates.
Losing four out of 10 customers to a failed payment is a high price to pay during a time with so much economic uncertainty. Businesses can’t afford to lose customers and they certainly shouldn’t be losing them due to a payments issue.
Here is a number to marvel over: $2.3 trillion. Thats the size the subscription revenue marketplace will be in 2020 if economic forecasters are to be believed. Thats up half a trillion dollars from today. Where will this growth emerge, you may ask? And, how can my business capture its share?
To be able to respond effectively to quickly changing market dynamics, finance teams need a strong technical foundation with built-in scalability, security, compliance, flexibility, and adaptability, also known as “Platform Extensibility.” With platform extensibility, if you can conceive it, you can create it and launch it while automating business processes, reducing errors, saving time, and most importantly – increasing customer satisfaction. This “platform extensibility” is what accelerates your ideas into revenue.
Today’s subscription providers are plagued by four key pain points that chronically and uniquely challenge their ability to increase retention, lower cost and drive higher profitability: slow payments, payment expenses, poor integration and payment insecurity.
One important reason why electronic payments continue to gain popularity is that they’re easy and convenient. In the subscription industry, there are...
Customers expect subscription platforms to seamlessly handle every aspect of the user journey, from onboarding and payment processing to their identity, access and consumption, no matter how complicated those processes become.
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