Since the early part of the decade, we have witnessed a drastic shift in the way businesses function. Products and services that were once sold for a one-time flat fee are now being sold on a subscription basis with a recurring fee. Increasingly, businesses in all sorts of industries are transforming themselves to fit the subscription model.
While the subscription model certainly proves to be an efficient model for businesses because of its lower customer acquisition costs and predictable revenue streams, running multiple subscriptions, managing payment failures, handling changes in billing can still be a challenge. Businesses now need to look at a new set of metrics – monthly recurring revenue (MRR), average revenue per user (ARPU), activation rate, cancellation rate, and churn rate – to measure growth and to plan the future.
While subscription management software provides those metrics, businesses still have to depend on the accounting software to get visibility on the cash flow, profitability, and tax liability. As a result, these businesses have incomplete, delayed views of their performance because the strategic and tactical data is spread across multiple systems.
Zoho's Integrated Approach
Being in the subscription business ourselves, we understand the pain and frustrations of running one. That is why we decided to build Zoho Subscriptions, our recurring billing software that helps manage customer subscriptions and subscription-related finances. It comes pre-integrated at the data level with Zoho's accounting software, Zoho Books. This means all transactions related to new subscriptions, renewals, customer credits, and refunds gets captured instantly in Zoho Books. There is no re-entering of data in different services and no additional integration effort involved. The data synchronizes itself “automagically” across services!
In addition, Zoho Subscriptions comes fully armed with features that subscription businesses simply cannot do without. Here are a few of the many highlights:
Simplified subscription management
Multiple customer subscriptions can be managed and tracked easily. Zoho Subscriptions automatically bills each customer based on the customer's subscription frequency. The software is versatile enough to handle multi-currency invoicing, consolidated billing, changes in subscription, and proration.
Automated payment failure handling
Customer churn can be reduced with the help of dunning management in Zoho Subscriptions. It automatically informs customers of any payment failures and retries charging their cards based on a configured schedule.
Flexible pricing and packaging
Zoho Subscriptions offers complete flexibility to optimize pricing and packaging of your products and services. Prices can be set on a per unit, volume, tier, or bundle basis, and discounts can be offered through coupons.
Zoho Subscriptions and Zoho Books come together for a single price of $49 per month, per organization. This includes 50 card transactions and unlimited access to Zoho Books. Additional card transactions are available as an add-on. For every 50 card transactions, we charge $5. Users who sign up during our launch offer are not charged for the card transactions. They get unlimited card transactions in Zoho Subscriptions for $49 for six months.
Be it a small business or a startup, Zoho Subscriptions is a one-stop solution for all the needs of a subscription-based business.
Start with your free test account today. Give it a try and let us know what you think!