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Factors To Consider While Selecting The Subscription Management Software

If your business is based on subscription billing, then nothing can affect your business more than the decision of selecting the subscription management software for your business. We live in the age of modernism and every one of us has witnessed that how technology is evolving and revolutionizing the world.

To compete in the market, to retain your recurring customer, and to manage your subscribers, you just need software that can handle all these tasks side by side. There are so many platforms that offer subscription management services that it can be challenging for anyone to choose the right one. Especially, entrepreneurs need to be cautious while investing money in subscription management system.

Following are some factors that if you take care of, you can easily get the right software for your subscription-based business.

Subscription Management Software Trends

Subscription management software’s features and characteristics are constantly evolving. Trends change quickly, and you must be aware of the most recent trends in order to select the best subscription management software for your company.

As a result, with the help of the suggestions provide here, you can select the best subscription management software. So, select the best subscription management software for your company’s requirements and keep growing.

Flexibility

System flexibility is very important for any subscription handling software because a subscription-based business need to run many business processes other than managing and handling subscribers. And to manage these business operations, system flexibility is mandatory.

Now, what does it mean when we say that your system has to be flexible. It should be able to integrate with other applications. These third-party applications are require to run different subscription business activities. To put it simply, rather than running ten different applications, it is better to run one system that has link different applications with it to offer the user a platform where all business activities can be manage.

Affordability

Whether you are an establishe subscription business or a new entrant in the market, the budget has to be decided that you need to invest to get a subscription billing management system. New businesses can perform their business activities even with simple subscription management software.

However, large enterprises sometimes need to shift their system from one platform to another because they need advance functionalities that the existing system does not offer. Whether you are adopting the subscription management system for the first time or shifting your system from one platform to the other, always keep the factor of affordability in mind. You can consult with more than one subscription management platform to find the most efficient and affordable one for your business.

Accuracy

One of the most important functions that your billing and recurring payment system can perform for your business is accuracy. Because a single mistake in the process of billing, invoicing, or payment can lead to losing the customer. Mistakes in billing can directly contribute to voluntary churn because customers annoy when they are charge more or less by mistake.

Just like this, payment failure is the leading cause of involuntary churn. Some subscription management systems do not allow customers to try again to repay the subscription charges when the payment fails because of any reason for the first time. That way, you lose customers even those who want to stay with you.

PCI Compliance

There are many subscribers of different services who prefer paying their charges by using their bank cards. They need to share their sensitive information for transactions that occur when they pay their recurring charges. All retailers in the digital world that offer online billing and payment methods to their customers or subscribers must offer PCI compliance. When you use a subscription management platform, your system should provide PCI compliance.  

Security

Data security is very important when it comes to selecting subscription management software. Retailers sometimes need to manage millions of customers. These customers share their information. PCI compliance is there for the security of their card information but there are many other points where security is need. Get services from a cloud-base subscription billing management system. Systems that are cloud-based offer better security.

By now, you would be equip with enough knowledge that will help you find the right subscription management software for your business. If you are a large subscription business enterprise and shifting your system from one software to the other, then it is recommended that you get services from that SaaS company that also offers training. 

SubscriptionFlow is one such SaaS subscription management & subscription analytics software that can provide you with subscription management and training. You can contact their team to know the details of their services.

Insights on Choosing the Best Subscription Management Software

According to a recent Gartner report, global end-user spending on public cloud services was $257.5 billion in 2020 and is expect to increase by more than 18 per cent to $304.9 billion in 2021.

So it’s no surprise that the subscription marketplace is growing in popularity, and trends indicate that it will continue to grow as businesses promote their goods and services to all demographics, from children to adults. The Generation Z consumer is one of the most significant consumers, accounting for more than a quarter of the U.S. population and contributing $44 billion to the economy.

Subscription management software has a wide range of features. Choosing a specific software for all of your subscription management needs can be difficult. All of the features of a standard subscription management software will be present in a good subscription management software.

  • The software must have the most recent features. When selecting subscription management software, make sure it has an up-to-date list of features.
  • A genuine subscription management software must adhere to and work in accordance with the company’s objectives.
  • In addition to providing solutions to today’s problems, subscription management software must function in accordance with the needs of tomorrow.
  • The subscription management software you choose must be adaptable and dynamic in order to meet the needs of your business and market.
  • Authentication methods and security features must adhere to industry best practices.
  • It is best to go with software that has a proven track record and positive reviews.
  • The licensing of the subscription management software should be flexible, allowing you to choose and migrate your plan based on your business’s conditions and needs.

Subscription Management Software Features & Capabilities

  1. Payment Gateways: pre-built connections with credit card companies allow customers to use any card without submitting to Payment Card Industry (PCI) compliance.
  2. Support for Merchant Accounts: These are bank accounts that allow your company to accept payments via credit cards.
  3. Automated subscription management: Automated processes ensure that the appropriate accounts are charged the correct amount each month.
  4. Reporting: Analytics systems or dashboards that provide quick access to customer and sales data.
  5. Data management: Payment data and customer account information can be stored in systems for financial administrators to access.
  6. Reporting: These systems automate accounting processes and ensure that revenues are only booked for products or services provided, often using integrated workflows within financial systems. Revenue recognition.
  7. Customers should be able to update and edit their stored payment information through a browser or a mobile app.
  8. Payment Gateways: prebuilt connections with credit card companies make it easy for customers to use any card without having to submit to Payment Card Industry (PCI) compliance.

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About Nayab.Aman

Nayab Aman is a SEO content writer and a digital marketing experts. She has worked on a number of successful marketing campaigns. Her blogs and articles show her expertise in inbound marketing.

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