Online transactions for the monthly subscriptions of customers is an excellent way of maximising efficiency and convenience. The sheer number of subscribers is difficult enough to monitor regularly—that is, if a systematic payment and billing management system does not exist.
Creating a systematic subscription billings system for customer payments makes it easier for your business to monitor transactions with each customer. It also enables your customers to manage their payments accordingly and avoid missing payment deadlines. A system for billing your subscribers likewise allows you to gauge what modifications or adjustments are needed in the company’s services and payment gateways to boost efficiency and customer satisfaction.
What are some of the tried-and-tested methods businesses can use to execute a user-friendly subscription billing process?
- Define each subscription package.
Each subscription you offer to your customers is composed of different features and offered at varying rates. Enumerate and provide concise information on the benefits provided for each type of subscription. Doing so gives your customers a complete reference of what they are paying for. Without clearly defining what each subscription package offers, it becomes even difficult to regulate payments and reinforce existing customers’ transactions.
- Send billing statements on the same date every month.
An effective way of reminding end-users about their subscriptions is to send them their monthly bills on the same date every month. Their billing statement’s uniformity instantly creates a mental association that functions as an unspoken reminder or alarm. As such, customers will no longer feel surprised the moment you send their bill. It gives your customers enough leeway to prepare their payments, too.
- Create subscription forms and send them across different communication platforms.
Subscription forms entail interested customers or potential subscribers to provide their personal information such as their name, email address, and age. You can use this information to categorise your customers and organise data about your subscribers. You can use this information to monitor trends in subscriptions and devise ways to create more convenient billing methods that adhere to dynamic customer demands.
- Enlist the services of a subscription payment service.
A subscription payment service prepares a tailor-made system based on the products and services that you offer. It sets up billing options that your customers can choose from, and synchronises payment data of each user with your previous invoices to create analytical graphs and reports. The result is a more comprehensive understanding of the factors that affect the paying behaviours of customers.
- Be responsive to customer queries
Assign customer service agents to address customer concerns regarding their monthly billing statements. If possible, incorporate a live chat widget on your website and have support representatives to monitor the chats regularly. Quick responses to user concerns help nail down the factors that delay or affect their business transactions. For instance, if a user’s payment is not pushing through to the business’s end, then there could be a problem with the payment gateway system. It is also possible that the customer’s personal information has been phished. Addressing billing concerns reflects professionalism and provides key areas on what else can be improved on the existing billing processes for customer subscriptions.
Working on subscription billings is tricky because it requires maintaining customer satisfaction while ensuring that their experience with the company’s services continues to improve as time goes by. A seamless billing process sets the tone for how customers are likely to boost their subscription or recommend the business to their peers.
