What Is So Great About Subscriptions?
Subscription services are on the rise with 78% of International adults in 2021 having at least one subscription service (Wonderment), which is expected to rise year on year. Subscriptions can come in many forms, from gym memberships, subscription boxes, and dog walking... there's a range of subscription and recurring payment options for most businesses, so you might need to get creative.
Subscription and recurring payment businesses have consistently grown 5-8x faster than traditional businesses (What's New In Publishing). Why? Well, we think there are many reasons:
- Improved revenue opportunities
- Improved customer retention
- Customer convenience
- Offer customers exclusive discounts
- Improved brand loyalty
- Increased touch points for communication
- Increased customer referrals
Despite these improvements to revenue, 48% of businesses with a recurring revenue model need help to meet accounting and reporting challenges (Fusebill). Managing multiple recurring payment contracts from customers can be extremely time-consuming and stressful, following up on failed payments, communicating upcoming payments and reporting. We could see this problem across many businesses, that's why we created Billycart.
Billycart offers businesses recurring payment software that makes ongoing, recurring and subscription payments a breeze. We do this through:
Smart Payment Agreements™
A Smart Payment Agreement™️ or digital payment request is your invitation to the new, improved way of managing recurring payments. The payment request is what the business sends to the customer. This is sent directly to your customer's mobile via SMS, or email and contains a unique join link. Once the customer clicks this link and follows the prompts to activate, your Smart Payment Agreement™️ is live, and you can begin processing payments.
Rather than hitting your customers with instant late fees, Billycart gives customers an opportunity to pay their fees before they're hit with a late fee. No customer wants a late fee, so improve your customer experience by giving them another opportunity to pay their fees late fee free.
Save time calling customers and letting them know their payment failed (those calls aren't fun anyway). Our clever technology automatically communicates upcoming payments, failed payments and Grace Periods™ through SMS or email.
Billycart offers a dashboard of your incoming, upcoming, successful and failed payments as well as reports on your recurring payments from your customers. With 48% of businesses with a recurring revenue model struggling to meet accounting and reporting challenges (Fusebill), we know how important this is for small businesses.
Billycart is an official partner with industry leader Square. If you're a Square user, you can sign up for Billycart in under a minute. If you use another payment processor, you can still benefit from our Billycart technology. However, processing your integration will take 1-2 business days.
Payment discrepancies were resolved in less than 24 hours
Thanks to our Grace Periods™ and automated communication, Billycart successfully turns 99% of failed payments into successful ones within the first 72 hours. That's all without you lifting a finger.
So, is it worth you launching a subscription model business? Or adding a subscription model to your business? The statistics say so, in a recent survey from Invesp, they found:
- 54% of online shoppers said they have subscribed to a subscription box service
- 20% of men surveyed claim to be subscribed to at least 6 eCommerce services
-24% say the most important reason for continuing to subscribe is convenience
- 28% say the most important is personalised experience
- 23% say for them, the most important is value for money
- 69% of US households now subscribe to one or more video streaming services
Customers love subscriptions, and that's backed by Fusebill stating that the average subscription billing vendor is growing 30%–50% annually. Improving business offerings and revenue is paramount due to the rising cost of living and increasing inflation.
If you're interested in adding a subscription model to your business or launching a new business, try Billycart completely free for your first two months. Join now.
July 27, 2022