Have they signed up for a trial? If they are undecided whether to continue using your product after this period, are your customer service executives empowered to extend the trial period? With subscriptions, making people stay after a sign up is just as important as getting them to sign up in the first place.Ī customer’s using your product or services. Let’s look at why subscription management is vital with three scenarios from a typical customer lifecycle:Ī customer signs up. Here’s Why Subscription Management Really Matters But why do businesses need it? The fact is, when customers return to you week after week, month after month, your relationship changes from being a simple transaction into a long, involved conversation. In other words, it allows you to address many of the customer-related actions that come into the picture when payments recur. Some popular payment processors are Stripe, Braintree and PayPal.Ī subscription management solution works on top of a payment processor to support recurring billing and allows teams to take actions that cannot be automated. Recurring Payment Processing: This involves storing sensitive payment data and facilitating the secure transfer of funds between the customer and the merchant. At its simplest, it takes care of invoice accounting for factors like proration and regional taxes. Recurring billing is an automated process involving the customer, the merchant and a way to keep track of a periodic transaction between the two. Recurring Billing: A ‘bill’ is typically defined as a printed or written statement of the money owed for goods or services. This is what subscription management is NOT: But it’s not necessary that one solution service all of this. Untangling Subscription Management from Recurring Billing and PaymentsĮvery business that has a subscription-based pricing structure keeps track of customers, processes payments and cancellations, records buying history, sends invoices at the right time, triggers payment failures, and much more.
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