Magazine Subscription Billing Software: Addressing Challenges and Refining Operations
The magazine industry is rapidly becoming subscription-centric. While offering magazines on subscription is a great way to keep up with trends and establish consistent cash flow, it is not as easy as it might look like.
Managing subscription payments is more challenging as compared to one-time sales. It is like juggling multiple balls at the same time. Publications have to handle customers’ billing cycles, addresses, subscription plans, preferences, and a lot more simultaneously. This can get chaotic real fast without a reliable system in place.
That is where subscription billing software comes in. It is purpose-built to power subscriptions and automate difficult billing, so that publications can focus on delivering wholesome customer experiences instead.
Challenges Involved in Magazine Subscription Billing
Just like is the case with any other subscription, magazine subscriptions do not come without their share of challenges. Let us discuss those one by one.
- Managing Multiple Subscription Cycles
Each subscriber has a unique subscription schedule, and companies must adhere to it for smooth service delivery. Failure to meet customers’ schedules can lead to delayed payments and customer dissatisfaction.
It is chaotic to even keep track of each subscriber’s invoicing dates manually. On top of that, tracking which subscriber has which subscription cycle i.e. weekly, monthly, quarterly, etc. just adds further hassles. Therefore, companies giving out magazine subscriptions must install a system that proactively manages invoicing cycles.
- Digital and Print Magazine Bundles
It is common for publications to offer both print and digital magazines. Though their methods of delivery differ, both services require efficient management. While print magazines need to be delivered to the readers’ addresses timely, digital magazines require secure online access.
Online access has to be provided as soon as subscribers make the payment. The speed and efficiency that goes behind it can only be provided by automated systems. In addition, there are companies that sell digital and physical magazines together, in various bundles.
Such bundle subscriptions can be even more challenging to deal with as they require hybrid delivery—i.e. both online and offline. The company has to monitor physical delivery schedules while ensuring fast digital access.
- Subscription Renewals & Failed Payments
Companies need to stay on their toes for tracking each customer’s renewal dates. If they fail to approach a customer for renewal on time, they might miss that payment. Missed payments cause revenue leakage.
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Even if customers are sent invoices timely, there’s always a risk of failed payments. Payment failures occur when customers’ cards expire or have insufficient funds. These issues need to be addressed as soon as they occur to avoid involuntary customer churn.
Dealing with payment failures manually is unwise as it involves a lot of back and forth messaging. Companies literally have to chase after customers to pay, and pay individual attention to each flagged invoice.
- Subscription Modifications & Cancellations
Readers can make changes to their subscriptions whenever they feel like it. They are not locked inside rigid plans, and can flexibly modify them. They can either switch to a more expensive plan, or shift to a cheaper one.
Plan upgrades and downgrades require proration of charges to adjust customer payment according to their new plan. Manual calculation of charges is imprecise and error-prone. Companies need a system that can calculate proration on a micro level to ensure billing accuracy and precision.
The same process is required when customers cancel subscriptions, and become eligible for refunds.
- Offering Promotional Pricing
Giving out loyalty discounts and seasonal promotions sounds fun. It is indeed an effective tactic to attract more subscribers your way. However, it is easier said than done. Discounted pricing requires special calculation.
It becomes even more complicated when different sets of customers are entitled to different types of discounts. Companies have to ensure error-free discount billing to prevent over-charging or under-charging.
Some customers are eligible for more than one promotions. They might benefit from a seasonal discount, and might also be entitled to free digital magazine access for the first month. Such cases make billing even more complex.
- Bulk Subscriptions for Institutions
Institutions like schools and libraries are likely to purchase bulk subscriptions. This means that a significant number of physical (may as well digital) magazine copies need to be delivered to them on a regular basis.
There might even be need for discounts or tiered pricing for bulk orders. Moreover, publications might have to create consolidated invoices for these orders. A consolidated invoice would contain the total payable amount of all the magazine copies.
These copies might have to be delivered to multiple locations that are part of the same institution. Tracking such deliveries in real-time is crucial to address any issues that might arise.
In case of digital magazine subscription, institutions might also require role-based access for multiple user accounts. They might want to define roles such as librarian, professor and student. They might also want sub-roles based on the students’ grade-levels. Such roles ensure that the right level of access is given to the right recipient.
The Solution: Magazine Subscription Billing Software
Magazine subscription billing software can effectively tackle all the aforementioned challenges. It automates billing cycles, handles bulk orders, and manages revenue adeptly. These are the key solutions this software provides so that publication companies can offer seamless subscriptions:
- Automated Billing
The software is responsible for generating invoices, and transferring each invoice to the right subscriber on time. It facilitates automated recurring payments collection to eliminate the risk of late payments. Publications can also choose to let their customers pay manually, by simply sending them their invoices on time.
Companies should go for software adept enough to manage their specific billing needs. Make sure that the platform lets you bill according to your preferred payment models.
- Variety of Payment Methods
Advanced billing software supports a number of payment methods to cater to a wide reader-base. Everyone has their own payment preferences. Make sure you don’t lose potential subscribers due to the lack of popular payment options.
Your billing software can allow payments made via credit/debit cards, ACH, direct debit, digital wallets, and other alternative payment methods.
- Payment Processing & Proration
Failure in processing payments smoothly leads to involuntary subscriber churn. Subscription payments are to be collected on a recurring basis, meaning your customers have to go through this process repeatedly. That is why it is important to refine your payment processes to prevent customer frustration.
Subscription billing software supports efficient payment processing. It links you to reliable payment gateways to minimize payment failures. Advanced services also offer payment recovery, refund and chargeback management tools.
Platforms like SubscriptionFlow equip you with various pricing models to appeal to a variety of subscribers. They provide proration to correct any mid-subscription cycle changes as well.
- Renewals & Discount Management
Billing software automates subscription renewals as soon as customer payments are received. It makes sure your revenue stream stays healthy by preventing involuntary churn.
Through this software, companies can extend attractive offers, exciting product bundles, loyalty rewards, discounts, and more to their readers to keep them engaged, and committed. It takes care of all the complicated billing that comes with it.
SubscriptionFlow: The Only Magazine Subscription Billing Software You’ll Ever Need
SubscriptionFlow’s robust billing engine ensures that your readers have the smoothest payment experiences. We let you personalize subscription invoicing for increased customer engagement.
Continuously deliver value to your readers, while relying on SubscriptionFlow for managing your mechanical billing procedures.
Here’s a sneak peek into some of our stellar features:
- Flexible Subscription Plans
We let you create unique subscription plans that fit your reader-base. Offer gift, trial and group subscriptions to expand your outreach.
We also let you adopt the billing model of your choice. You can go with pricing models like hybrid billing, usage-based billing, volume or tiered pricing, and more.
SubscriptionFlow flexibly adjusts plan upgrades and downgrades, and carries out accurate proration.
- Automatic Payment Reminders & One-Click Renewals
With SubscriptionFlow, you don’t have to track each reader’s billing dates manually. Whenever the renewal period arrives, the billing platform sends out payment reminders on its own via the communication channels of your choice.
These notifications can include customer invoices with payment links. Customers can easily renew their plans by simply clicking on the link. They do not have to provide their payment details again. The billing system requires just a single click to auto-fetch payment.
- Consolidated Invoicing & Role-Based Access
Dealing with bulk magazine orders for large institutions has never been easier. SubscriptionFlow offers account hierarchy management, where you can create parent and child accounts for different departments or institution branches.
The software generates a consolidated invoice for all the accounts, and sends them to the parent account. You can choose to send the child accounts their invoice copies as well. You can also flexibly create and assign roles for different access levels in case of digital magazine subscriptions.
- Smart Dunning
We equip you with intelligent dunning and payment recovery tools to keep your revenue flow strong. SubscriptionFlow auto-renews subscriptions, and flags unpaid invoices.
Customers can be sent personalized payment reminders and renewal notifications to boost payment success rates.
- Custom Checkouts & Self-Service Portals
You can implement different kinds of checkouts and personalize them. Create checkout pages that resonate with your magazine brand, and deliver a seamless payment experience.
We also empower your customers with self-service portals, so they can manage their subscriptions independently.
Want a thriving magazine subscriber-base? Try out SubscriptionFlow today. Unlock seamless subscription billing, and boost your customer lifetime value.
