You’ve started your subscription-based business, and you’re ready to accelerate your growth with a management and billing platform. But where do you begin? While there are many different markets in the world of recurring payments, there are some universal features that can help upgrade almost any type of subscription you plan to offer. The obvious ones include the ability to change pricing models and reliable payment options. However, there are also some underrated features to be on the lookout for, and they might be able to transform your entire business. Here are five elements that could fly under your radar but your subscription management platform should offer.
Keep Involuntary Churn Low with an Automatic Card Updater
Involuntary “churn”—the number of subscribers lost to card declines and expirations—can slow down growth. With an automatic card updater, you don’t have to worry about involuntary churn. Instead, your subscription management platform can do the work for you. Look for an automatic account updater that works with the major card companies to track changes made to payment methods. This helps keep a subscriber’s account information up to date and cuts down on the rate of involuntary churn your business faces.
Look for a Platform that Makes Coupons Easy
Offering discounts to customers sometimes gets forgotten in the world of recurring billing. After all, the main draw of subscriptions is a steady and predictable revenue source. It is still important to let your subscribers know that you care and use a management platform that enables you to send out coupon codes and implement discounts. Offer coupons for one-time purchases outside of a customer’s subscription or offer potential new subscribers codes for a free trial of your service. There are so many creative ways you can use a feature like this.
Find a Service that Offers Customizable Communications
It is essential to add a personal touch to your subscription. Turn simple communication aspects like email alerts into an opportunity for connection with customizable content. Instead of a robotic block of text, your subscriber will get to read a message you crafted. This personal connection is too often overlooked. With the right subscription management platform, you can customize notifications to your subscriber base, helping bring you closer to your customers.
Don’t Forget an Analytics Dashboard
Sometimes, you don’t know you need data until you want to use it. The bigger your business gets, the more you wish you had an organized place for all the data you need to make crucial decisions. An analytics dashboard is the perfect solution. Browse all the essential stats, churn numbers, revenue, and results to get a clear picture of how your business is doing. It isn’t the flashiest feature but is one you will definitely want.
Protect Your Customers and Your Business with Fraud Detection Services
Fraud detection benefits both your customers and your business. You’ve built your business on serving your subscriber base, and you can take that to the next level with built-in fraud detection. Partner with a subscription management platform that offers fraud-fighting capabilities by choosing a third party with experience in the industry, offering you and your customers peace of mind. Make sure to keep this feature high on your wish list, so you can rest easy knowing your customers are protected.
About Recurly
Are you ready to take your subscription-based business to the next level? It’s time to partner with Recurly. Subscription services have become a mainstay in nearly every market, and Recurly can help you keep up with the ever-changing world of recurring billing. Their subscription management and billing platform offers the tools you need to successfully implement and manage subscription services for your business. With over 40 million subscriptions under their belt, Recurly knows what it takes to succeed in the recurring billing industry. Their host of tools, services, and analytics can help fuel growth for your business and improve the results of your churn calculation. From testing alternate pricing models to incorporating payment gateway integrations in multiple currencies, Recurly makes it easier to build a thriving subscription-based business. When you’re ready to take the next step for your company, Recurly can help.
See what features Recurly can help your subscription business integrate at https://recurly.com/
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