Components of Subscription Commerce and Its Importance

In today’s competitive market scenario, subscription commerce is all about relationships with customers; and where subscriptions is the best way to unleash the power of recurring revenue. Every business that follows a subscription commerce model needs to have a platform that gives full control of strategy as well as customer relationships. However choosing this platform is a crucial task for all businesses falling under this category. It is because the choice of platform that the business makes is wholly-solely going to affect the day to day operations of the business, and also that it would be quite difficult to bring changes later on.

An efficient recurring billing software is a pre-requisite for a subscription billing system; and new providers are emerging that are quite robust and much better than the already exiting ones. However, this kind of billing system needs to have a website/shopping cart; a recurring billing management system; and a payment getaway.

The cart is used to display the entire product range; the billing management system supports and manages the complexities of a subscription billing system; and a payment getaway is the interface that takes all the customers’ details and communicates with the payment networks (Visa/MasterCard) to process billing. It is up to the entrepreneur and the genre of the subscription business that the choice for the shopping cart can be made. The recurring billing system should have the ability to send emails to customers, intimating them about their pending payments or subscription renewals. The choice for a suitable payment getaway is also not an easy a task; where it should have suitable support for subscription systems.

There are cloud services available that offer some great billing engines which when used in collaboration with the business, make billing easy, cross-check entitlements and processing payments and balance updates. In fact these billing engines handle all tasks, from current usage, subscribed plan, upgrades and downgrades, to payments and promotions etc. There are certain billing solutions that balance and update account balances in compliance to PCI requirements; along with providing efficient handling of full and partial refunds. Also there are billing products that integrate quite well with international payment getaways as well.

Then there is the subscription commerce software that empowers the entrepreneur to monetize and manage metered usage, tiered services, on-demand and pay-as-you-go kinds of business models.

To keep the customers smiling with seamless renewals, upgrades and transformations, is the step stone for a subscription business towards success.