Plan Upgrade & Downgrade
Managing subscription plans effectively is crucial for any business operating on a recurring billing model. Customers often have evolving needs and preferences, requiring the flexibility to upgrade or downgrade their subscription plans as necessary. Considering the importance & the role of such features, EarnBill’s platform offers a flexible subscription plan management capability that enable businesses to effortlessly handle various options like plan upgrades, downgrades and prorate billing.
Why do we need to upgrade and downgrade?
Meeting Evolving Customer Needs
Customer requirements change over time. Some may need more features and flexibility, while others may desire a more cost-effective plan. For example, suppose the utilization of any services / features given under any plan is much lower than what is offered then customers may wish to switch / downgrade to a lower plan with fewer services in order to meet the requirement plus most importantly the customer will have to pay less amount. Similarly, if a customer wants more features or suppose the utilization of free quota (usages based service) is higher for which customer is paying more because of the extra usages then probably customer may want to opt for some higher plan which gives more free quota of usages based service. Therefore by offering plan upgrade and downgrade options, businesses can cater to their customers changing needs, enhancing customer satisfaction and retention.
Maximizing Revenue Potential
Plan upgrades enable businesses to capture additional revenue from customers who require more extensive services or enhanced features. Conversely, plan downgrades can help retain your customers who may be considering canceling their subscriptions due to cost concerns. This revenue optimization contributes to the overall growth and sustainability of the business.
Insights on some key features
EarnBill provides plan transition through UI interface and APIs as well. The platform handles all necessary adjustments automatically and ensures customers get immediate benefit & access to the new plan, streamlining the overall user experience.
When customers subscribe to a new plan for the first time, or upgrade or downgrade their existing plans in the middle of a billing cycle, EarnBill's prorated billing feature automatically calculates applicable charges in a prorated manner & ensures accurate invoicing. With this, businesses can bill their customers for the changes they make in their subscription any time during their billing cycle.
EarnBill enables businesses to communicate plan changes effectively. Automated email notifications / alerts keep customers informed about plan modifications, upcoming billing adjustments, and any relevant details regarding the new plan. Transparent communication helps building trust and reduces customer confusion.
EarnBill seamlessly updates customer data and subscription details, ensuring accuracy and consistency throughout the plan transition process. This eliminates potential errors caused by manual data handling, minimizing billing discrepancies and increasing customer confidence.
Benefits Of EarnBill's Plan Upgrade & Downgrade
Fair Billing Adjustments
Fair Billing Adjustments
EarnBill ensures that your customers are billed accurately as desired based on their plan changes and the remaining time in their billing cycle. It also eliminates the risk of overcharging or undercharging customers when they switch plans mid-cycle. Further, EarnBill maintains billing integrity. This fairness simply fosters trust and transparency in your customer relationships.
Positive Customer Experience
Positive Customer Experience
EarnBill helps reduce the customer churn rate and attract more customers by providing clarity in invoicing. Customers appreciate the accurate reflection of their plan changes in the invoices, which contributes to a positive overall experience.
With the EarnBill platform, the business can enhance customer satisfaction, maximize revenue potential, and build strong, long-lasting customer relationships while driving growth and success in your subscription-based business.