Running a successful subscription business enables you to support customers with ongoing value in return for multiple payments over a period of time. This is an effective way to develop a strong relationship with them and encourage customer retention.
Once you’ve decided that your business is ready for automated subscription billing and you’ve chosen your preferred subscription billing provider, it’s time to look at rolling out the solution in your business.
There are many points to consider to ensure that your account is set up the right way, so to help you out, here’s a few to help you start planning:
- Does your business need to upload or migrate customers from an existing system or database? If so, how can you easily transfer your customer data without interrupting billing?
- Who should be paying the applicable transaction fees? Does it make sense for your business to absorb them, or should they be on-charged to customers?
- What notifications do you want to have for your customers? Should they be reminded of upcoming payments or missed payments?
- What should happen when a payment fails? Do the following payments need to be stopped until the payment has been collected? Or should they continue?
- How often do you want your collected payments to be distributed to your business? How does this align with your billing cycles?
- Will anyone else be using the billing provider’s interface? If so, what security levels will be required for each user?
This is an exciting time for your business with rapid growth right around the corner. Ensuring that your subscription model is well executed now, will enable your business to unlock its full potential for growth and success by streamlining your operations and improving your capacity to expand.
Get the full picture with our checklist “How do I roll-out subscription billing in my business” featuring 14 points for consideration to ensure you introduce subscription billing to your business the right way.