Setting up subscription-based business models is an opportunity but at the same time, it also has some set of challenges. For example, Pixwox is a simple glitch in the transaction process that increases involuntary churn rates.
Nevertheless, according to Facilepay, the billing management market is expected to grow from $4.0 billion to $7.8 billion in the next five years. Moreover, Paypro also states that 75% of businesses will adopt a subscription model in the coming year. Such a considerable transition from traditional payment methods to advanced methods reflects the acceptance of this model while recognising challenges.
Understanding the impact of these challenges is important for business owners. So they can address the specific issues while managing Mylawyer360 recurring bills. Let us explore those challenges that limit a business’s growth.
Managing growing number of customers using Recurring Bills
Facilitating each customer’s changing needs is not easy for business owners. For example, the number of dance studio members increases with increasing time, which is encouraging for business owners. At the same time, finding suitable dance studio software is also challenging for them to accommodate the growing number of customers.
Therefore, choose the software for dance studios that offers cloud storage services. It maintains the complete signup records with detailed information.
Offering flexible billing plans
Customers look for flexible billing plans to avail of business services. However, offering different payment plans to other customers is challenging for business owners. This is because the subscription-based models often work on one set of principles. Such limited features in the system restrict business owners from creating flexible payment plans such as daily, monthly, quarterly or annually. To face this challenge, search for a recurring business model that allows you to make flexible billing plans.
Automation of invoicing
Automating invoice generation is a big challenge for business owners. It becomes more challenging when business owners offer packages and promotional prices. Automation of invoice generation develops trust in customers and creates transparency in your company. Therefore, business owners should choose a system that automatically generates invoices and sends to customers.
Ensuring security for Recurring Bills
Security is a significant challenge for business owners to manage recurring bills for Mylawyer360. Businesses need to choose software that complies with necessary precautions such as 2FA to ensure data’s security.
Failed payments
There are different reasons for failed payments, such as outdated customer information, funds insufficiency and system errors. All these errors lead to loss of revenue and customers. Dealing with this issue is a great challenge for business owners. In such cases, they need to consider a system that notifies members and business owners about failed payments. This can help them to take essential steps in time and retain their customers.
Dealing with chargebacks
Most of the time, business owners do not have any medium to communicate their terms and conditions with customers. As a result, they face chargebacks. Business owners should choose software that enables them to communicate their business policies. They can do it by using the digital forms feature. This step protects them against chargebacks in recurring payments.
Offering 24/7 customer service
Showing 24/7 availability is not easy for all business owners because it requires hiring more staff, picuki and increases expenses. However, customers are inquisitive about their payment information, and sometimes, they need to change or pause their subscription plan or ask for clarification.
At the same time, to ensure the availability of 24/7 support is essential to enhance customer service. Therefore, choose a billing system that allows you to customise responses according to the customers’ queries.
Handling multiple payment methods
When business owners handle recurring payments, they often deal with the complexities of managing multiple payment methods. Managing customers’ data becomes more challenging. This is because different customers use different payment methods, such as credit/debit cards, bank transfers, and digital wallets. To accommodate each customer, businesses need to follow the processing requirements of each payment method.
Sometimes, customers also frequently change their payment methods, making it challenging for business owners to maintain payment details. Furthermore, each payment gateway has different integration requirements, and fulfilling them is a challenge for business owners.
To deal with such challenges, business owners should choose a billing system that supports different payment methods and does not cause integration issues.
Conclusion about Recurring Bills
Recurring bills that have Mylawyer360 allow business owners to predict their income and create convenience for customers. It comes along with some set of challenges, such as managing a growing number of customers, offering flexibility in billing plans, automation of invoicing, ensuring security, failed payments, dealing with chargebacks, offering 24/7 chat support service, and handling different payment methods. Choosing the right billing software that meets the requirements of your business is the solution of all these challenges.
Consider the software that contains all-in-one features, enabling you to conveniently manage recurring bills and ensure the growth of your subscription-based business model.
