What a subscription management platform ought to be capable of
When searching for a subscription management Platform that automates core processes for you, you should focus on this three prerequisites to be sure to make the right choice for your business model and your day-to-day work.
- Simplicity of the application is a must
- It’s the whole customer lifecycle that really counts
They should not go into action in individual areas, but work encompassingly. That means, they should cover and automate the following tasks of the whole customer lifecycle: subscription management, recurring billing, recurring payment with various payment service provider and payment methods, debtor management, customer lifecycle and monitoring. Do not become satisfied with less than that.
- Consider the European regimentation
You are a subscription business from Europe or planning to enter the European market? In Germany and Europe, different – and especially stricter – regiments than for example in the USA apply. This affects in particular: financial accounting, data security, payment methods and –providers. Subscription management platforms should necessarily meet these requirements. What they are and which approaches are possible should be explained during an expert discussion with the provider.
Talking about the European subscription market …
In comparison to the US market, the European subscription economy has developed much slower. But the business is definitely growing: 85 percent of European citizens use a a subscription model daily. And 40 percent of the European customers are willing to save their payment data to make their subscription payments easier. Like to get to know more? I recommend this study about European subscription market which can be downloaded as a free whitepaper, too.