Recurring billing sounds a nerve-racking payment model for the customers. It allows the companies to deduct subscriptions and membership dues under a pre-specified installment plan. Who wants to give his credit card details to risk the money?
On the other hand, it is one of the powerful strategies in the digital market. It gives high revenue to business, especially for SaaS providers. Well, not all customers are willing to go with the recurring billing option.
The horrible stories of people who lost their large amount of money through this recurring billing program introduce a fear to avoid it. So selling through recurring billing could be really challenging.
Yet it is possible to put a recurring billing strategy that won’t scare customers away. I am going to share some tips and tricks that would be helpful if you are going to set up a recurring billing.
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Understand Customer’s Experience
The first and important task before starting a recurring billing service is to understand customer’s journey. Shape their experience and expectations to assess that how the customer is going to proceed if you ask them to follow the recurring billing program.
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Aware your Customer
The most important way to end the fear of your customers is to inform them what the recurring billing program is and how it is going to benefit them. Tell them that it is convenient and save time. It minimizes the risk of identity theft. It is safe, easy and eliminates hassle. If you will broaden the customer knowledge they would most likely be using recurring billing program for their purchases.
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Include Testimonials
Testimonials are directly related to the success of the recurring billing strategy, they are critical measures of improving conversions. The testimonial guarantees the customers of safe transactions and customer gains the confidence.
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Clear Identity of Company
Provide a clear and doubtless identity of your company to the customers. Before signup provide the correct and complete history and statistics of the company along with contact information. Feature your company name and details in automatic payment notice.
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Fixed Billing
What? Are they going to increase the service charges every month? This something irritating for the customers. If the billing card of your services displays variable billing prices and incremental charges, the customer will start imagining of losing his money on regular basis. Consistent and fixed charges are important in recurring billing.
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Easy Signup
The signup form for the billing procedure should be easy and quick. A complicated and lengthy signup process will be a burden for the customers to follow this billing process. To have a customer’s favor in this regard use rich and fascinating visuals and animations to make signup process interesting, easy and friction-free.
The strategy of recurring billing is deeper and long-lasting in building a trustworthy relationship with your customers. If the customer is ready to pay the services subscriptions that repeat on a timely basis that is a leading point for the customer retention.