There’s no denying that the subscription management business model offers unique benefits to both businesses and customers. Subscription-based services are attractive for customers as they offer hassle-free and often budget-friendly payment plans. For the business, the subscription model can help them attract and retain customers, boost customer loyalty, and enjoy a recurring revenue stream.
However, switching to the subscription business model does not mean instant success. First, you must understand the secrets to effective subscription management and employ the right billing tools to implement them.
The Kill Bill Solution for Successful Subscription Management
Kill Bill is an open-source billing and payment solution. While it offers the complete package to fulfill the billing needs of most businesses, it’s the built-in subscription billing features that make it the best option for businesses using the subscription business model.
Take a look at how Kill Bill enables you to follow the best subscription management practices and helps you reach your business goals.
1. Offer Varying Subscription Types
A subscription model can sometimes feel limiting to your customers if not implemented correctly. Fortunately, you can keep this from happening by offering a variety of subscription types, such as main subscriptions, add-on subscriptions, and more.
Implementing a catalog that is flexible in supporting many types of subscription plans as well as one-off products can also help immensely. Kill Bill allows you to do all this and much more.
2. Streamline the Process with Additional Logic or Plugins
Make the process as hassle-free as possible to provide a premium experience to your customers. An excellent way to streamline subscription management is to opt for a billing tool that allows for the integration of additional logic to ensure highly tailored services. You can add logic via plugins with Kill Bill to automate subscriber communications triggered for events like late payment, sign-up, account pause, etc.
3. Solid Invoices & Billing
Invoicing is the core function of any business payment model. However, when you are following a subscription model, it becomes even more important to ensure accurately and timely invoicing to handle the ever-evolving subscription plans with recurring payments. Kill Bill provides you with solid invoice, billing, and payment services, including the following:
- Real-time invoice creation
- Automatic invoice proration from refunds, subscription cancellation, subscription upgrade/downgrade
- Ability to integrate with the payment processors of your choice
- Aggregate invoicing to bill several subscriptions in the same invoice
- Renewal of base and add-on subscriptions
- And much more!
4. Measure Key Performance Indicators
Understanding your key performance indicators (KPIs) is fundamental to making effective business decisions. This makes it important to focus on the analytics and financial reporting capabilities of your invoice and billing tools. Kill Bill provides valuable insights based on different real-time key subscription metrics. Plus, you get access to dashboard-building tools that allow you to fine-tune your subscription management.
The Bottom Line
With advanced features and plugin options, Kill Bill offers the capabilities and flexibility required to manage subscriptions of all kinds. It simplifies subscription management to ensure a successful implementation of the subscription business model.
The best part is that the software is open-source, which means you can manipulate it to match the individual needs of your business and subscription model. Visit Kill Bill to learn more about its subscription management features.