seen from Mexico
seen from Malaysia
seen from Singapore
seen from Russia
seen from China
seen from Russia
seen from Malaysia
seen from Bahrain
seen from Malaysia
seen from United States
seen from United States
seen from Estonia
seen from Malaysia
seen from Netherlands
seen from Russia
seen from United States
seen from United States
seen from Japan
seen from Malaysia
seen from Singapore
RackNap revolutionizes subscription billing, empowering businesses to effortlessly manage subscriptions and optimize revenue streams.
Our user-friendly platform streamlines processes, ensuring efficiency and growth: https://www.racknap.com/billing-and-pricing-management/
How to Incorporate Bundles as Your Subscription Service Grows
As a subscription-based business, the key to sustainable growth is providing value to your customers. That way, they always want to renew their subscription and keep using your service or products. One way to provide value is through bundled offerings. There are many ways to bundle your subscriptions, but it should always be done with the customer in mind. How are you providing more bang for their buck? Does this bundle give them more of what they want? Here are three ideas for bundles that can provide more value to your customers with the help of the right subscription management platform.
Bundles that Enhance Your Product Enhancing bundles are like visiting a restaurant that provides their sauce and seasoning options on your table. It allows you to make the main course fit your exact taste. Similarly, you can offer a subscription bundle that includes services or products that may not warrant an entire subscription on their own but work great as add-ons and bonuses to your primary subscription offerings. Take the example of a pet food subscription service. The main reason customers would subscribe is to get food for their pet delivered to their home. In this case, your business could start offering a $5 add-on of vitamins to mix in with the kibble. Customers can even choose from a wide range of benefits and flavors to enhance their furry friend’s dinner. These types of bundles help customers easily see the added benefits that enhance their subscription. Offer Combined Services for a Bundle Full of Value A bundle of combined services is like wrapping up different subscription options into one offering. This is closer to an all-you-can-eat buffet. You get every course for one price. A bundle like this provides value in multiple ways. Firstly, your subscribers don’t have to deal with many different payments or accounts. Secondly, they can enjoy a variety of subscription benefits at a lower price than if they were to sign up for them all individually. To continue with the pet food company example, it would look like this: The pet food company partners with a dog walking business and a grooming salon to offer three services in one discounted package. Each business gains new subscribers from different yet related markets. Plus, the subscribers get to enjoy the benefits of all three services. Adjacent Bundles Reducing churn can be a benefit of bundling services. “Churn” is the rate at which you lose subscribers, and adjacent bundles can help improve the results of your churn rate formula as your business grows. Adjacent bundles provide extra value by allowing customers to get services and products that might not be obviously related but can still enhance their daily lives. If the parent company of the pet food brand also owns a meal prep service for humans, offering a bundled subscription of both services would qualify as an adjacent bundle. These two subscriptions operate in two different industries, but many pet owners might see the value in combining the two services, especially if they already use one and are interested in trying the other. About Recurly When you want to take the next step in growing your subscription-based business, choose Recurly. Subscription services have exploded in popularity over the past few years, and Recurly can help you manage every step of the recurring billing process. Their subscription management and billing platform has been a leader in the industry for over a decade. They have helped manage over 40 million subscriptions and can provide that same expertise and service for you. With Recurly, you gain access to a range of smart tools and data-driven insights that can help you scale and increase lifetime value for each customer. Whether you want to run a churn calculation or implement a new pricing model, discover how Recurly can help you achieve success in the world of subscriptions. Get the help you need to manage your bundle subscription offerings with Recurly at https://recurly.com/ Original Source: https://bit.ly/3tjHiZ8
Dynamic pricing is simplified with #Subecob
Subscription Management and Recurring Billing Platform
Anything and Everything requirement to run your #Subscriptionbusiness. #Subecob, the perfect #SubscriptionManagement Solution.
What Is Churn, and How Does It Affect Your Subscription-Based Company?
As a subscription-based company, your business is centered around one thing: your loyal subscribers. You want to gain as many subscribers as possible, but the inevitable result is that every company implementing recurring billing strategies will have customers who end their subscriptions. This is what’s known as “churn.” You can’t keep 100% of your customers—some subscriptions simply come to an end. However, if you understand churn and its effect on your business, you can keep these cancellations to a minimum. Here is a breakdown of everything you need to know to keep your churn percentage as low as possible.
The Basics: What Is Churn? Churn sounds like a scary thing to happen to your business, but it isn’t. Put simply, churn is the percentage of canceled subscriptions you company receives in a certain amount of time. That time frame is up to you when you are making your calculations. Calculating your churn rate allows you to see how many customer subscriptions ended in a week, month, quarter, or even year. Once you have your timeline defined, you can investigate and see how many subscriptions expired or were canceled due to a failed payment or transactional error. This is what’s known as involuntary churn—cancellations caused by billing issues such as declined or expired payment methods. It could be caused by something as simple as a customer not updating their payment information when their card expires. Involuntary churn is important to analyze because it accounts for the customers you may have lost who didn’t have any intention of canceling their subscription. Fortunately, this type of churn can almost always be avoided with the right strategies. By focusing on elements you can control, like making sure your customer’s account information is updated, you can lower your business’ churn rate. Why You Should Spend Time Analyzing Your Churn Churn impacts many important aspects of your business. From your monthly recurring revenue to your customer’s lifetime value, it can be costly to lose customers. Plus, it can be even more expensive to bring new customers on board. Spending time digging into your churn numbers can help you understand their impact on your business, especially when it comes to involuntary churn. Once you begin to understand the reason for your churn, you can begin to improve your business strategies and decrease your churn numbers. What You Can Do to Improve Your Churn Numbers Eliminating all your company’s churn is impossible. However, you can take steps to improve the churn your business faces. To start, a billing platform with smart tools that can update credit card information and track payment expiration dates can reduce the amount of involuntary churn your company experiences. With the right tools, you can even identify cards that are likely to fail in processing a successful transaction. If the failed transaction was out of the customer’s control, the solution could be as simple as trying to process the payment after the initial failure. If the customer’s payment failed due to insufficient funds, you can partner with a subscription and billing platform that uses machine learning to determine different days or different times of day to retry the card. With all these options, your company can recover a higher percentage of the subscriptions you might have lost as a result of involuntary churn. No matter what strategies you use, be sure to partner with a reliable recurring billing platform to help you test and iterate these potential solutions to find the best option for your business. About Recurly If you are ready to take the next step in evolving your subscription-based business, Recurly can help. In all kinds of markets, from pet food to software, businesses are introducing subscription-based models to build recurring revenue streams. Recurly has been a key part of the recurring payment industry for over a decade and has helped manage over 40 million subscriptions. Their expertise features a range of smart tools to help your company adapt quickly, scale globally, and increase customer lifetime value. They understand the difficulties you face and remain a partner throughout your subscription journey. Whether you are iterating new pricing models or want to optimize your churn rate formula, make Recurly your top choice to help your business thrive in the modern business landscape. Find out how you can improve your churn numbers with help from Recurly at https://recurly.com/ Original Source: https://bit.ly/33xc4Uj
How to Choose the Right Subscription Billing Platform for Your Saas Business?
There’s no denying that the subscription economy is on the rise. And serve as inspiration for (new) entrepreneurs to re-imagine how they sell their products and services to the new generation of customers. In addition to choosing the right pricing model, businesses need to select the correct subscription billing platform that supports it. Often, this can be a daunting and challenging task for first-time and experienced entrepreneurs alike. That’s why we want to help you understand what you need to look for in a subscription billing platform. And pick the one that works best for your business.
Easebuzz is a free integrated e-commerce payment gateway which allows you to create products, add it to your webstore and share webstore link with customers to accept payments Easebuzz is subscription billing software
Collect online payments instantly with Automated Payment Link Reminders
Payment delays have been a huge problem for Indian MSMEs since a long time. According to an Economic Times Report, 31% of the MSMEs say that their payments are usually delayed by 90 days or more. While trading on credit is done to gain trust and assist in long term collaboration, we cannot ignore the delay in payments by the clients that incur a huge loss for a lot of freelancers and organizations because they lose revenues, time, energy and peace of mind. If your business is partnered with other businesses or freelancers, they also need to be paid.
Overdue B2B invoices are a very subtle problem in the country, especially in the small and medium businesses (MSME’s) and we need to analyze and find out a solution to it and save the day. Facts state that on an average an Indian MSME spends 3 hours per week chasing late payments.
Healthy cash flow in the business is very important when it comes to maintaining or getting new resources, whether it is machinery, technology or human resources. When you have worked and put so much effort into getting the work done on time, then you definitely deserve a timely payment.
Why do businesses even work on credit or accept late payments?
Offering credit or allowing late payments to customers becomes necessary to remain competitive in the marketplace. If competitors are offering credits to gain a customer base, you as a business owner eventually end up taking the same risk. Sometimes, Indian businesses also work on credit to increase sales by making a product or service available on credit while the competitor is refusing to do so. Credit offerings are also made to customers to indicate that you respect and trust them to pay their bills on time and before their due dates. This helps in building customer relationships and loyalty. However, MSMEs in India are worst hit by this evil of offering credit and accepting late payments to customers.
What can be done?
Late payments can be avoided by clarifying your expectations since the time you start doing business with them and make sure there is nothing pending from your end. But even with these preventive measures, late payments are sometimes inevitable.
To reduce the delay in payments, businesses often send reminders to their customers. Deciding the timing and frequency of reminders is essential so that the customers do not get flustered. Obviously, no one would like a text or an e-mail to disturb them in the middle of a Sunday evening with family, or in an important meeting, or in every 6 hours. When reminders are sent manually, there is a risk of human error like forgetfulness, grammatical error and wrong timing of sending the reminders, etc. Considering such drawbacks and challenges with manual payment reminders, there is a need for automated payment reminders.
What is the usual process of manual payment reminders?
After a long month of hard-work and meeting client deadlines, your favourite part of the month comes — The payday by the client!
You’ve hit that “send button” on the e-mail containing the Invoice and you wait for 1–2 days.
There is no response from the client.
Then you send them a gentle reminder on the third day, wondering why they haven’t acknowledged the mail yet. There’s still no response.
You wait for another 1–2 days and re-send them the mail with the Invoice thinking that they haven’t received the mail.
Unfortunately, there’s still no response yet.
After a week, you finally call them up and ask for an update and they reply that they forgot to make a payment.
Then there are certain issues in terms of the payment mode etc. After all the running after the client and checking the mail for a reply every minute, you get the reward you had been waiting for after a long patient wait.
Does it sound relatable? Sadly, this is a sad saga for a lot of MSME businesses in India.
Easebuzz Easycollect Automated Payment Reminders
Automated Payment Reminders like Easebuzz Easycollect reduce manual follow-ups and reconciliation and allow you to customize e-mail and SMS content for follow-ups at the click of a button. You also get real-time payment updates and you can manage all the payment-related activities from a single dashboard. Automated payment reminders make digital payment easy and the 7-step process converts into only a 3-step process: Login, Set payment automation and recieve payment.
In addition to automated subscription billing, Easebuzz Easycollect automated payment reminder also markets your products and services with invoice details auto-generated to your customers. Easycollect is an API driven software that can integrate and read values from your own software and sends payment links with reminders on its own. There is no manual effort to generate links for your product. With the usual payment link generators available in the market you have to manually create and disburse links to your customers to collect payments. With Easycollect it is auto-generated and response to payments is also sent back from our server to your server without any manual efforts. That’s why it is preferred over any normal payment link solution in the market.
All kinds of payment modes like debit cards, credit cards, Netbanking, Ola postpaid, wallets, EMI and Debit + ATM work with Easycollect. The software is absolutely free with no set-up charges. You will be charged only for the payment gateway charges. So, sign-up and register with Easycollect for hassle-free payments.
