How to Choose a Subscription Billing Platform in 2020

payvoice22

Subscription billing is one of the most sought-after payment plans when it comes to online offerings of goods and services between merchants and customers.

As such, when you decide to choose a plan, there are certain factors to consider that will help you in achieving the highest results from sales.

Implementing a subscription billing software will create ease of purchase and other benefits to include security and flexibility. To find out if the software has the features you are looking for, you can run various tests and trials to see how they function. Here are three factors that are vital to look out for that will make the process of running your business much smoother:

P A Y V O I C E

HOW TO CHOOSE A

SUBSCRIPTION BILLING

PLATFORM IN 2020

Stripe Subscription Management Software


TODAY'S SESSION

TOPICS TO BE DISCUSSED

Introduction

Revenue Recognition

Dunning Management

Reporting Lost Opportunities

Contact Us


INTRODUCTION

Subscription billing is one of the most sought-after payment plans when it comes to online offerings

of goods and services between merchants and customers.As such, when you decide to choose a

plan, there are certain factors to consider that will help you in achieving the highest results from

sales.

Implementing a subscription billing software will create ease of purchase and other benefits to

include security and flexibility. To find out if the software has the features you are looking for, you

can run various tests and trials to see how they function.

Here are three factors that are vital to look out for that will make the process of running your

business much smoother:


REVENUE RECOGNITION

You will want to get a payment service that allows for revenue recognition, as you

will be able to track your growth and progress steadily. Having a multi-purpose

recurring billing system will help you to have multiple details on one platform so

you can easily connect and record your transaction details.

Bear in mind, not all subscription billing plans are free, and as such, you want to

measure your expenditure against your earnings to see the status of the

investment. When choosing the software, it needs to give you the portal to view a

variety of different information, such as your profitable income.


DUNNING MANAGEMENT

Dunning management should be one of the features you

look for in subscription billing software for 2020, as now is

the time to have an advanced payment structure. When you

have a failed payment request between you and your client,

it can be difficult to manually initiate another charge,

especially if you operate a large business.

What dunning management does is automatically retry the

charging process until it goes through, and if it still fails, an

update will be sent to the customer to notify them of the

issue. A lot of businesses have not utilized software that

offers this option and, as such, lose out on a lot of clients

(as sometimes, clients are not aware of the failed issue).

Dunning management helps with the smooth operation of

your online business as you strive to offer a seamless

service to your clients.


REPORTING LOST

OPPORTUNITIES

It can be hard to deal with issues like lost opportunities when it comes to

operating a business online. Going through the different steps involved in

completing a successful transaction is easy, yet there is an issue with the final

step.

This is a major cause of concern, as in most cases, you end up losing the

customers because they are not confident in your payment system. Bear in

mind, their personal information may be attached to their cards or bank

accounts, and as such, they may believe your system is faulty and has securityrisk

issues.

Also, for those customers you have lost out on, you can contact them through

this medium (lost opportunity report) to notify them the issue as been resolved,

so they are free to try again.


HOW TO

CONTACT US

OFFICE ADDRESS

1111 Alberni Street, Vancouver, British

Columbia, Canada

T ELEPHONE

604-773-4232

EMAIL

cyrus@payvoice.io

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