Having a successful business requires more than a great idea and a brilliant marketing strategy. To keep your customers satisfied and prevent problems that could cost you money, you must manage payments and revenue effectively. Using software to process recurring monthly fees can help you do that.

Reasons to Use a Recurring Payment Model

Setting up recurring monthly payments makes it easy for customers to manage their purchases. Instead of having to place individual orders, they can simply create an account, choose a membership option, and forget about it. That provides customers with convenience and gives businesses a steady stream of income.

Abandoned online shopping carts can cause businesses to lose out on large amounts of potential revenue. Customers often leave before completing a purchase because the payment process is too complicated or because there are not enough payment options. Recurring payments can prevent losses due to abandoned shopping carts.

If a credit card payment fails for some reason, a subscription billing system can automatically try to process the payment again at a later date. If the payment still cannot be processed, the software can send an email asking the customer to update the billing information.

Recurring payment software can notify customers if their credit card will expire soon so they can update their billing information and prevent problems. Billing software can allow users to make those and other changes themselves, rather than calling to speak to a customer service representative. That can save your business money.

Why You Should Work with a Professional Subscription Management Service

Businesses often offer subscription services with a variety of pricing structures. Prices may change periodically, and discounts and promotions may be applied from time to time. Without the right software, it can be difficult to keep up with all those changes and to make sure that customers are charged the right price. A subscription billing service is set up to handle numerous pricing structures and can make changes as needed.

Companies that receive regular recurring payments must separate earned income and deferred revenue to reflect the difference between money collected for products or services already provided and payments for products or services still owed to customers. A company that processes recurring payments has software that can meet those requirements.

Hacking is a serious problem that has affected businesses in every industry, as well as governments and educational institutions. It may be difficult or impossible for you to protect your customers’ data if you try to handle billing with a simple in-house system, but a company that handles recurring payments on a large scale is up to the task.

Get Help Managing Recurring Payments

Subscription DNA can help your business efficiently process recurring monthly fees. Our software makes it easy to manage customers’ subscriptions and financial data and to make changes when necessary. Our Secure Subscriber Portal allows customers to make any changes themselves, which can reduce the burden on your staff. Contact us today to learn more.

According to a recent report compiled by Zuoara, a subscription software company, the subscription industry is currently stable. Even though this may sound comforting, it’s important to remember that this is still very much a time of uncertainty. This is a time when anything can happen: like the swings of the stock market, the subscription industry can either sore or plummet tomorrow. 

We already offered some strategies subscription companies can use to gain and retain customers, but today we wanted to take a different approach. If you’re in an industry that is struggling, then have you considered starting completely fresh? We are not suggesting that you abandon your brand; rather, ask yourself if it could be reinvented? 

Put a Unique Spin On What You Already Know

If you already have experience starting a subscription based company, then why not consider jumping into a market that is stable? For example, streaming resources can be quite valuable. If you’re in the travel industry, consider creating a streaming platform that travelers can appreciate. This could be shows where hosts travel the globe (a la Diners, Drive Ins, and Dives, except in the travel niche). 

Are you in the event industry? What if you tried selling reoccurring merchandise online? Whether it’s speakers, artists, or influences, the fact remains that you already know who’s trending, right? So, capitalize on it! If you don’t think there’s a market for it, then think again. Companies like Loot Crate have shown us that people enjoy all sorts of unique collectibles.

Don’t give up. This pandemic will pass in time. Stay safe, healthy and creative!

Ecommerce is becoming more and more essential. While giants like Amazon and Walmart make certain markets quite competitive, there is 1 best practice that no ecommerce business should ignore: the subscription offer. Amazon calls it “subscribe and save,” which makes sense. Why? Because customers are given a discount if they commit to repeat orders. If you don’t think you can find room in your price margins to offer such a discount, then crunch the numbers again until you do; or better yet, listen to why you must make room for this powerful and effective business strategy.

It Maximizes Customer Retention

To really retain customers, you have to have a killer product that people will want to buy again and again. Once you’ve got that down, then it’s best to put re orders on autopilot with subscription offerings. When you’re able to put your product on set and forget it status, you’ll get a more consistent revenue stream. 

It Makes Inventory Management Much Easier

When you know how much product you’re going to sell ahead of time, you won’t have to worry about over or under-stocking. If you know for sure that you’ll need at least 100 of the same items a month, it makes you quite valuable to the manufacturer. If you’re able to place consistent orders, you may even be able to get a discount as well. 

It Increases Your Return On Marketing Spend

It doesn’t matter if your customers are getting to your site through SEO, PPC, Social Media, or Emails–marketing costs money. Without an auto-stock option, someone may click onan ad, buy 1 product, and then not return; however, if they do sign up for “subscribe and save,” your margins get better: 1 purchase turned into 3 more consecutive purchases makes certain marketing channels super lucrative. As long as you are tracking conversions properly, you should be able to see the change in ROI quickly. 

Implement Subscription Billing With Subscription DNA

Compatible with most CMS’s and frameworks, Subscription DNA makes subscription billing easy. Visit our site or contact us to learn more

If there’s one thing all small business owners and entrepreneurs can agree on, it’s that time is important and being crafty to achieve efficiency is critical. With so many moving parts, it can be difficult to get everything needed done in one day. Limited resources also create a need to choose solutions that serve more than one purpose.

When it comes to getting paid for what you provide, nothing is more critical than the type of billing and invoicing software you use.

Modern businesses are online. They meeting customers on the channels they prefer and they’re creating a presence on social platforms. It only makes sense then, that they will bill customers online too. If you’re a small business in 2020, you need cloud-based billing.

Here are 3 reasons why.

Get Paid On Time

Time is money and getting paid is a critical part of being able to pay your own overhead, employees, bills and other expenses. Not only is paper billing time consuming it’s also hard to keep track of and delays the time you’ll get paid. With automated, online billing you’re more likely to get your customers to pay you on time and quickly.

Save Money

There are so many ways the cloud can save businesses money. Much of the costs saved through automation are translated into funds you can keep and use elsewhere. Employees won’t need to spend time working on invoices manually for example, and no need for additional IT staff to manage and update the solutions in-house also means cost savings.

Stay Secure

Security is on the minds of everyone today. If you want to protect your business data, it is far more secure to have that data in the cloud offsite than in-house stored on a local server. This can stop hackers and phishing scams from leading to bigger threats or breaches. If you want to remain reputable, put your customer’s data privacy first.

Subscription DNA provides a robust billing platform that cloud-based and makes invoicing, billing and receiving payments from your customers easy and hassle-free. Our packages start at $99 per month and are perfect for start-ups, small businesses, and growing businesses.

Contact us today!

It’s not secret that the COVID-19 pandemic is affecting many different industries–and the subscription industry is no exception. Gyms, magazines, SaaS and paywall-centric companies seem to be getting hit the hardest. Even in the face of uncertainty, though, many subscription companies can take steps to not only stay afloat, but thrive. Here’s 3 tips to consider.

Adjust Your Freemium Models to Retain Existing Customers

Now is the time to hold on to what you have: your loyal customers. Rather than shut your existing customers out from your services, offer whatever you can for free. For example, many gyms that were forced to close have both refunded their customers and started to offer virtual work out classes for free. These actions keep their brand awareness alive. When this is all a thing of the past, customers will remember who had their backs. 

Embrace Online Video Services

It’s amazing how much you can accomplish online today. It’s no surprise that subscription streaming providers like Netflix, Hulu, and Amazon are thriving right now; nor is it shocking that grocery delivery services are thriving either. If this is not inline with your capabilities, then consider producing educational content. Colleges aren’t the only ones who’s online courses are in demand. From music to computer lessons–hobbyists and career-driven individuals are always looking to learn new skills. Rather than go to or back to college–and endure the high costs of attendance–people are turning to online courses. If you’re a SaaS company, is there something you can try teaching? If it’s not specifically related to the product, maybe you can offer software development courses.

Show Your Support to The World & Keep Marketing

It’s important to let potential customers know that you’re flexible and supportive. Free incentives are always welcome, but so too is the acknowledgement that everyone is in this together. Don’t let the outbreak stop you from marketing your services or products either: now is the time to stay active on social platforms. Continue to post regularly while actually interacting with the community too. If something catches your eye from a connection of a connection, then like, comment and share! This will create much-needed awareness. Be genuine, supportive, and attentive; in time, old customers will return, and new customers will find you.