Top 5 Benefits of Subscription Models for Modern Businesses

Modern businesses require modern solutions. According to the World Bank two-thirds of adults worldwide use digital payments, so why rely on manual payment collection when most people would rather go digital?

Speed of Payments

Compared to traditional modes of payment, having an online subscription can speed up the flow of money from your customer to your bank. From our experience of working with businesses, people find it easy to pay online rather than carry cash to the bank to deposit their money. This helps your recurring payments be more secure and fast and you can keep track every step of the way.

Minimal Hassle, Zero Awkwardness

That's not all because, with a subscription model, the likelihood of human error is minimal. You won't have to worry about manually counting money and depositing it or keeping it safe. Subscription systems take care of your payment calculation and some systems like ours - Subscribie, can even auto-calculate VAT and apply it to your plans and invoices.

Safer Money Handling

Payment collection is pretty hard when done manually, following up with your customers and reminding them to pay on time is a hassle that no one wants to deal with. We’ve had businesses not want to deal with manual payment collection because of the awkwardness of asking for payments. By automating it, you receive your payments on time so you can provide your service on time, every time, to all your members.

Convenience and Accessibility

When working with businesses dealing with physical payment collection, people often carry all the money to the bank which is a hassle and a huge risk. By moving all your payment collection online, you can receive money from your subscribers and members on time and without the risk of carrying around a bag full of money to the bank. This applies to any charge you may want to make including memberships or accepting donations.

A Simple & Modern Solution for Payment Collection

The same can be said for your customers as well. Even though standing orders are beneficial to collecting payments, they need a lot of set-up both for you and your customers. Online recurring payment collection has the benefits of standing orders like collecting payments and being able to pause or cancel them, with the accessibility of online transactions like creating ad-hoc charges and adding customisable notes to orders. Our businesses use customisable notes to collect additional information needed like member names, additional order requirements and more, to provide the best service to their customers.

All of this makes the subscription model an ideal choice for anyone running a business and wants to make their money collection easier and simpler. We aim to make payment collection as simple and easy as possible for you from the moment you sign up to create a subscription or membership. So create an easy way for your customers to pay you by creating a simple and easy shop on Subscribie, it only takes a few minutes to set up and will make your life easier.