It would not be wrong to say that recurring income is a dream of every business. Over the years, recurring payments have scaled the businesses with high potential revenue. SaaS companies dealing with software as a service deal with subscription billing and subscription-based customers. many businesses look forward to using the subscription economy model but setting up it is not an easy task.
With that being said, this is a tedious task and in order to do this task within a short time span, we have subscription management platforms. Subscription management platforms are made tailored to the needs of merchants, vendors, and customers. On a subscription management platform, you get inclusive features for your SaaS-based business.
For SaaS companies, there are plenty of subscription management platforms with different features. However, for every SaaS company, there are some main features that must be part of every subscription management software. Let’s look at those features so that you can identify them in your chosen platform.
Easy Payment Management
With a large customer database, it might get hard to manage all the payments manually. It is rather to put it in a way that is it is error-prone. Payment Management is one of the important features for running the business smoothly. On checkout, and also throughout making payments and transactions, the subscription management platform helps businesses and customers to process the payments easily. When there exist easy payment management provided by the platform, all the payment failures, card declines, and payment information problems remains covered. This helps in reducing revenue leakage by solving the problem with robust features.
Flexible Billing Cycle
As it is very clear from the name the subscription businesses charge customers on the basis of set intervals then a subscription management software must have flexible billing cycles. Before billing cycles are elucidated, it remains important to highlight the different types of billing cycles. Billing cycles are created on the basis of different features and different intervals. It depends upon customers to choose the billing cycle they want. You will see a number of billing cycles such as hybrid billing model, freemium, trials, flat-fee, usage-based billing model, and many others.
Adjoining billing cycle3s with flexibility, it entails that a subscription management software must provide a number of cycles at which customers can subscribe to the product or service such as quarterly, monthly, and many others.
Mobile Friendly
This fact is not unknown that most people use mobile as compared to using systems. In the world of technology and the internet, it remains always preferred to use mobiles and optimize systems in a way that they become mobile-friendly. The subscription management platform that you select for your business must be mobile-friendly so that customers can access their dashboard without any obstacles.
Customized Invoicing
Who does not like customization? Customization plays a really important factor when it comes to customers specifically. As subscription management platforms remains powered by automation and artificial intelligence, they also generate automated invoices. Generating automated invoices helps businesses in reducing burnout and providing customers with ease of access. Some subscription management platforms localize invoices by supporting multi-currency, and multi-language. When there exist the option of multi-language, one can have the invoices in their local language so that every payment process and charges remains cleared to customers in order to keep the risks at bay.
Powerful Analytics
Analytics give an insight into the core parts of businesses which is very important. Analytics and reporting help businesses to keep the track of their revenue potential, customers behavior, sales, refunds, and much more. The subscription management platform must have a powerful analytics and reporting system so that no important information exist missed necessary for prospects.
Bottom Line
Subscription management platforms have a crucial role in SaaS companies, SaaS businesses, and other businesses dealing with recurring billing. With the help of subscription management platform your business, you will be able to scale your business in no time.
Schedule a demo now and get a robust subscription management platform for your business to run seamlessly.
