The world is going through a global pandemic at the moment. While the global economy is in shambles, there is a way for SaaS businesses to come out of this grim situation victorious. The worldwide quarantined might have affected your usual business operations, but as a business, SubscriptionFlow has also learned how to grapple with this situation, and so can you. The key to running successful service from home and minimize losses when it comes to losing customers is through subscription billing software. As a leader in this industry, we believe that offering subscriptions and online billing will help you secure your revenue flow, and the good news is that it is straightforward to use.
We understand that engaging with your customers is extremely important during this looming recession, and that is why you need a robust and cloud-based subscription billing platform. This will allow you and your team to function remotely without stressing over losing sales or experiencing cancellation of subscriptions. We have the ideal software that will automate workflow, offer subscriptions against services, online billing, recurring and non-recurring renewals, easy integrations, customer support, and user dashboard to track metrics. All in all, by making subscription billing software an integral part of your business, you will be able to provide the same quality of services that your customers are accustomed to.
Your Guide to Minimizing Losses
Understandably, you are concerned about how you are going to deal with the plunging stock markets and losing customers due to weak economic conditions. That is why subscription billing software offers tools for keeping track of your subscriptions, retention, and provides smart dunning for reducing churn. On the other hand, dunning will also help you ensure that failed payments are dealt with promptly. Your cash flow is predictable with intelligent business metrics, which keeps you abreast of your business health. Another essential tool that can help ensure growth is an intuitive dashboard that allows access to SaaS metrics and key performance indicators. Otherwise, you would not have been able to have insight, which is essential, especially in these trying times. From monthly recurring revenue to customer churn, your subscription software will keep you in the loop of any revenue leakages so you can remedy this situation.
Keep up with Customer Expectations
Keeping up with customer expectations can be difficult while you are trying to survive can be tough. However, online businesses who are using subscription billing platform for their business operations and delivering optimal services are safe from loss. You have to understand that customers are also experiencing a recession. In this case, it is essential that you are also looking out for them while maintaining retention. This is possible by offering discounts and coupons for your subscription plans. You can even tweak your pricing plans to usage-based so customers can only pay for what services or products they have used. When it comes to pricing, proration handling is also essential because it takes into account any upgrades or cancellations, so invoices against them are transparent and fair. It might seem grim, having to suffer from cancellation or downgrades, but remember that the goal is to minimize losses while caring for your customers.
Smart Dunning for Dealing with Failed Payments
In any case, especially in pandemic like this, customer churn is inevitable. But fret not because subscription software has a way to deal with failed payments and cancellations. The key is to reach out to the customers through smart dunning which after retries to pay through customers’ credit card information sends email reminders. Our goal is to provide companies with tools to not overwhelm but reducing revenue leakage smartly. Any way your customers might also be disappointed when their subscription expires and for businesses who either run online groceries or offer medical supplies, cancellations can be debilitating. That is why you need to set email reminders to inform customers after multiple retries have failed. Minimizing losses is essential for us and your business and that is why optimal solution in the form subscription billing platform is our best bet in sailing through these bleak times.