How to Overcome the 3 Common Challenges in Managing Recurring Payments
From handing failed payments to invoicing and tax, be prepared for the challenges in recurring payments.
Recurring payments are enticing because they make collecting payments easy for you and your customers. However, managing recurring payments can also pose some challenges.
Challenges in Managing Recurring Payments
Fortunately, subscription management software can support you in overcoming these challenges and simplifying your recurring payment process. One of them is Subscribie which allows you to collect recurring payments online and sell subscription plans easily.
Subscribie takes care of creating invoices as well as collecting payments from your customer on a recurring basis. You can set up unlimited subscription plans with different billing cycles, prices, and features. You can also charge upfront costs, offer free trials, and set end dates for your subscriptions. Subscribie handles all the payment processing, so you don’t have to worry about manually collecting payments.
Handling Failed Payments
While working with businesses, we understand that failed payments can be a sensitive topic to handle especially in certain situations. We always like to take into consideration you and your customers' needs. That's why if a customer’s subscription payment fails, we retry to collect their payment and send you an email notifying you of the failed payment. To avoid additional failed transaction charges against the customer's bank we limit transactions to 4 attempts when collecting payments. We feel like this is a balance between collecting a customer’s payment on time and also considering the financial strain of the additional charges levied on the customer for failed transactions. To learn more about how we handle failed payments, check out our blog post about our process of collection and the steps taken to handle failed payments.
Invoicing and Tax
Subscribie automatically calculates and charges VAT, all you need to do is enable it in your shop’s dashboard. Once enabled, VAT will be added to your plans so customers can see prices inclusive of VAT. This is also reflected in your invoices, which are automatically generated so you don't need to worry about paperwork.
Seamless Customer Experience
Subscribie provides a user-friendly and mobile-friendly interface for your customers. We make it easy for your subscribers to sign up and pay their subscription payments without any problems. You can also customize the look and feel of your shop to match your brand and style with colours, a slogan and a logo in your shop. You can also improve your customer experience by adding a live chat so that customers can always reach you for any support whenever they need it.
Learn more about how we can help you overcome the challenges in managing recurring payments when you sign up to Subscribie, you can also check out our demo site and make the most of our 60-day money-back guarantee and test out our features for free with test mode. You can get started in minutes and integrate Subscribie into your existing website or use it as a standalone page. Subscribie is here to make your recurring payment process easy and efficient.