Subscription management is a framework that uses technology driven automation with shared data to optimize how you deliver subscriptions where customers pay on a regular recurring basis for access to your product or service.
This can be done by delivering the product automatically, such as with an “e-commerce” subscription, or by sending reminders for payment until the consumer chooses to cancel their subscription. This is often part of a businesses billing and revenue management (BRM) plan, system or software.
Subscription management services are particularly useful for companies that offer recurring billing and subscriptions. They can be used to manage all kinds of subscriptions, from magazine subscriptions to monthly gym memberships.
Some of the features of subscription management are:
- Setting up and managing different types of subscriptions, including free trials, monthly, yearly etc.
- Managing customer data such as addresses and payment details
- Sending out invoices to customers and managing their payments
The basic process of subscription management includes the following steps:
- Subscription signup (the customer subscribes to the service)
- Billing and invoicing (the customer pays for their subscription)
- Customer service and support (customer queries are answered)
- Cancellation (the customer cancels their subscription)
- Contract & agreement termination (the contract between the company and customer expires).
How Commerx Can Help Your Business
Our subscription management services can manage the subscriptions your company offers.