Sales by subscription is a business model gaining more and more followers. The growth of subscription sales is mainly due to the place occupied by the Internet today. Indeed, subscription sales are now a must in online business. Is evidenced by the growing number of e-commerce boxes, the multitude of Saas software since the advent of the Internet, and the migration of web agencies to subscription sales.
The Main Advantage Of Recurring Payment
Recurring payment, electronic bill presentment and payment and subscription sales are an opportunity for entrepreneurs. Whether it’s products such as e-commerce boxes or services, selling by subscription is a great way to build up a source of recurring revenue. As demonstrated by the main key figures of the box market in France.
However, knowing the constraints involved in recurring payments and direct debit is important. If you have decided to launch a subscription-based business (monthly boxes, for example). Like any business model, selling by subscription does not come without difficulties.
Indeed, the success of the e-commerce box market does not only come from the good ideas of entrepreneurs in this sector to design a box. Creating your e-commerce box and managing to promote it is not enough. The success of the box market is mainly due to the existence of solutions for managing subscriptions and recurring payments online. Understand more on https://www.e-complish.com
Recurring Payment Management Tools: Selection Criteria
Selling by subscription requires the use of appropriate tools and processes. Not only to ensure the proper management of subscriptions but, above all, to facilitate the initiation of recurring payments, both on the side of the seller and the subscribers. The key to implementing effective subscription management can be summed up as Agility and Automation.
In this article, we will make you think about the different aspects to consider when you want to sell by subscription, that is, accept recurring payments from your customers in an automated way.
Automation and agility: the keys to good subscription and recurring payment management
Automation is essential to facilitate and manage subscriptions and recurring payments. It becomes possible to manually manage your subscribers and their recurring direct debit from a certain volume.
To overcome this, you must set up an automated direct debit reminder system when an automatic direct debit fails:
identify the reason for the failure
and set up a series of actions to retry the direct debit at a later date
or to ask your subscriber to update their payment method if it is no longer valid.
But for your customer to be able to update his payment method, he must have access to secure personal space. Please take the opportunity to allow him to download his invoices, and why not allow him to cancel his subscription; 92% of consumers believe that this reassures them.