Choosing the right payment provider to automate your subscription payment processing could be the key to long-term business success. But with so many options in the market, it can be overwhelming trying to find out which subscription billing software is best suited for your business, especially when you’re unsure of what to look for.
Whilst many payment providers share the ability to collect recurring or subscription payments, it’s the unique features of each provider that will give your business the biggest chance of success.
From the ability to collect payments in multiple countries, to smart failed payment handling options, subscription billing software offers an array of features and benefits that will be advantageous for different businesses. So, to help you find the best option for your business, here are 10 questions you can ask yourself.
Localisation is a huge deal when it comes to ensuring that your business can effectively reach and transact with customers in your target markets. If the provider doesn't support the countries or currencies where your business operates, it could lead to complications, currency conversion issues, and ultimately hinder your ability to expand and serve your customer base efficiently.
Having greater flexibility in payment plans allows your business to not only use them to meet your clients’ various needs and preferences, but also cater to your product or sevice type. Check whether the provider offers adjustable billing cycles or customised pricing structures — this will ensure that the solution will be a good fit for your current (or even future) business offerings.
Let’s face it — with the vast array of payment methods available to customers, your business should be looking to offer as many of them as reasonably feasible to increase convenience for your customers. Different customers prefer different payment methods, so having options such as credit/debit cards, bank transfers, PayPal, etc., ensures that you can accommodate their preferences and provide a seamless payment experience.
Some payment providers will require a dedicated business or merchant bank account in order to meet legal and financial compliance. Knowing whether you need one (and whether you’re prepared to set one up) can help you make an informed decision and avoid a case where your business faces additional fees or delays.
Being able to import existing data into the subscription billing software streamlines the transition process and reduces disruptions to your business operations. It ensures continuity and accuracy in your billing and customer records, saving time and effort that would otherwise be spent manually inputting data.
Understanding the provider's transaction fees and payment structure should be one of the most critical parts of your evaluation, as it will ultimately affect costs. High transaction fees can eat into your revenue, so it's important to evaluate whether the fees are reasonable (and transparent). Additionally, understanding how and when these fees are paid (e.g., per transaction, monthly, annually) will help your business budget accurately.
A user-friendly interface enhances productivity and reduces training time for your team. It allows them to navigate the software efficiently, perform tasks quickly, and troubleshoot issues effectively. Conversely, a complex or unintuitive interface can lead to frustration and even costly errors when managing subscriptions and payments.
Offering online self-signup capabilities empowers customers to sign up for your services at their convenience, without requiring more resources from your business. This streamlines the customer onboarding process, reduces administrative overhead, and can lead to faster revenue generation.
Failed payments are the number one issue for many subscriptions-based businesses — they have the potential to result in revenue loss and overall customer dissatisfaction. Look for providers that have tools or approaches to mitigate failed payments, such as automated retry mechanisms, customisable dunning processes, and integration with payment gateways for card updates.
Reports can provide valuable insights into your business performance, customer behaviour, and subscription metrics and help your business take the necessary actions to address gaps. These reports also hold the provider accountable for the quality of service that they provide.
When reviewing potential subscription billing software, it’s important to ask yourself each of these questions to understand if they will meet the needs of your business. If you still need help choosing the right provider, we have a full checklist that expands on each of these questions and 9 other points to consider when comparing providers.
You can also get in touch with our team at Ezypay to learn more about how our tailored subscription billing solution can help your business avoid debt collection.