Climbing the million dollar mountain isn't easy. It's a journey of grit and adventure, one where the product should be the sole focus of your team. Let chargebee lighten your burden of managing your subscription billing and make the climb a bit easier.
Here's how we can help you in your journey.
Before you begin charging your customers, it's super important that you have a basic billing infrastructure in place. It will not only help you collect charges but also offer a smooth experience to your beta customers - your future brand advocates. So let's get the most basic layer right!
It's fundamental to identify which type of customer is going to help you grow, and optimize your price for them. You'll need to identify your value metric. The perfect metric is one that aligns with your customers' needs, grows with them, and is easy to understand.
It's a challenge by itself to get customers to use your product while starting out. "What is the easiest way for my customer to pay?" is all you need to be concerned with. With Chargebee, you can control the entire checkout process and provide your customers a seamless billing experience.
It's important that you support a well trusted payment gateway. This gives your customers faith that the transaction is secured and their payment details are in safe hands. Chargebee supports 30+ of such payment gateways to help you start processing payments.
By making future payments automatic, customers no longer have to log in to their accounts for each billing cycle. Chargebee can help you customize invoices, issue credits, and also send reminders to your customers. This also helps you have a more predictable cash flow.
Your product is scaling! You already have some customers using your product and there's recurring revenue flowing in. Now is the perfect time for you to revisit your pricing with your now established(ing?) market.
What your customers are willing to pay for a product may be vastly less (or more) than what you are charging. This is why it's crucial to understand what consumers value about your product and configure plans and pricing accordingly. With Chargebee, you can manage subscriptions across the whole lifecycle — trials, activation, upgrade/downgrade.
Psychologically, the term 'COUPON' creates happiness. Customers find delight and joy in receiving an exclusive offer. Get creative with your discounts, especially when many businesses are looking for new services. Build effective discount and coupon campaigns , track them, and drive more revenue. Here's a collection of customer stories on how Chargebee has helped run effective coupon campaigns
Let your customers manage their accounts, upgrade/downgrade, update payment information, download invoices, apply coupons etc without having to reach out to you every single time. This reduces friction and also a whole bunch of support emails that could come your way.
Analytics and tracking are crucial for a business and are distinctive for a subscription business. Chargebee analytics gives you a 360° business visibility on subscription analytics. The analytics module has more than 150+ ready-made reports that helps you derive actionable insights on new sales, payments collected, monthly recurring revenue (MRR), activations, churn and so on. It associates your product metrics with revenue metrics and customer behaviour thereby facilitating the growth of your business.
This is the last but crucial leg to your first Million. Rapid external growth is impossible without getting your internal structures organized beforehand. So let's...
Getting your invoices paid on time means better revenue predictability and cleaner investor reports. And for that, you need to ensure two aspects run like clockwork: Charging when your customers should be charged and exactly for what they use. With Chargebee, you can adjust your customer's bill amount to reflect any plan changes in the middle of the billing cycle, effortlessly.
At this stage, you are likely to have customers from different parts of the planet, and asking them to pay in just one currency, doesn't quite cut it. Be armed with the best competitive advantage while scaling your business. From hassle-free global currency support to tailoring an entire billing experience to their local language, Chargebee takes customer experience up a notch.
Tax regulations are evolving globally. With customers from all around the world, paying in different currencies, it's hard to keep up with newer changes made effective every passing year. So let Chargebee manage taxes for you, while you can focus on reaching your milestone, which you're just a few steps away from, at this stage.
Common reasons like credit card expiry, blocked cards, network issues, and declines due to insufficient funds often come to a customers' notice only when their card statement comes in. With Chargebee, you can set up smart retries for failed payments or automatically alert customers through professional, yet friendly emails that something's gone bump in their last transaction.
Remember: A good business mettle doesn't demand that you prevent this, simply that you handle it well.