Importance of Subscription management software for BusinessesFeatured • January 12, 2021
Businesses with subscription models are very popular today.
In some way or the other, all of us are tied to a few subscription models.
Whether it’s YouTube subscription, subscription for Times of India, Netflix subscription, Hotstar subscription, subscription for Amazon Prime, and many other businesses, this market has become a part of everyone’s daily lives.
But the business that runs these subscription models faces multiple difficulties. Handling data, billing, invoicing, collections, taxations, etc can get very tedious. There is a high chance of manual errors that can lead to huge losses for the business.
This is where the need for the best Subscription management software arises.
Before we explain the importance of this software, let’s understand Subscription management.
What does Subscription Management mean?
Subscription management is the process of managing the subscriptions of customers. It’s also considered as an art of handling your customer’s journey from signing up to canceling your subscription.
While it sounds easy, managing subscriptions can be a tedious affair. There are many aspects that you have to deal with right from billing, managing trials, data analysis, and much more. Below mentioned are a few challenges that any business faces that don’t have this software.
Challenges for Businesses not using Subscription management software:
In general, businesses that don’t have subscription management software end up spending additional time conducting subscription tasks. With the software, these can be done quickly and sometimes even automated. You can send invoices through the software quickly but without it, it becomes a manual affair that’s time-consuming.
If you are a subscription management business that doesn’t opt for software, then you will create your own system. This system costs a lot to create and you end up spending even more to reach markets. But with the help of Subscription management software, you get a ready-made system that helps you manage business smoothly.
Compromising on security:
Did you know? Almost every business that is finalizing Subscription management software will check which one of the options is the most secure and PCI compliant. They do this so customers all around the world get a safe online payment experience. Also, being PCI compliant is a tedious & costly affair. So having software can help you save costs here too.
Manual errors can cost a lot. If you add a zero in the final refund amount, you might end up sending a lot more to customers and costing a loss for your company. But with Subscription management software, you can automatically compile costing, quotes, refunds, etc quickly. This means you save time and money for your company.
Lost revenue is an aspect that can hurt your business the most. This is because lost revenue over a period leads to lower cash flow and lower profits. Hence if you wish to see your subscription management business do well, you will need to change and adjust the way you do business. This can be done through Subscription management software.
These are some of the challenges that a business will face minus Subscription management software. So how can a business deal with them? Let’s read below!
Benefits of having Subscription management software:
One of the best benefits of utilizing Subscription management software for your subscription business is that you will get multiple online payment gateway choices to choose from. Choose the best options and offer them to your customers. You can opt for payment systems that are affordable and help you save on transaction costs.
If the Subscription management software has a robust API, it means it’s a flexible system that can be used to offer customers a seamless experience. This flexible system is key to offering your customers a user-friendly experience that helps improve brand image.
What’s the best benefit from Subscription management software? It’s having the luxury of customized reports in real-time. Often, creating reports without this software will be time-consuming and wasting man-hours. It’s also possible that you might not get what you want.
But using this software, you can create reports as per your filters and save time on manual reporting. This will help you crunch numbers quickly for meetings so you can plan your future tasks in a better manner.
Dunning management is an automated payment recovery method that you can get via subscription management software in the event of a payment failure. A simple glitch can lead to transaction failure. This software uses dunning management to find such failed transactions and connect with the customers to recover payments.
We have saved the last for the best. Having Subscription management software helps you get updates on daily tasks, products/services sold, sales generated, and much more. If your business involves inventory, the system will give you real-time checks on inventory levels. This way, you’ll always be prepared and never go out of stock. Right from billing to every other task, real-time updates will help your business stay ahead of the game.
Running a subscription management business comes with multiple challenges. Now you can choose to face them with your system or you can save time, money, and effort by option for the best Subscription management software.
ChargeMonk offers unique Subscription management software that helps you clear all the above-mentioned challenges and give you multiple benefits. With our support, you can run your business model seamlessly and get the best out of it.
How can ChargeMonk help you create and improve stronger customer relationships?
Over the years, we have understood what clients require and that’s how ChargeMonk was created. Our system helps you connect with your customers easily. You can understand their needs, make changes to your plan and offer them what they want.
When customers see that you are giving what they want, it improves customer relationships and your brand image too.