Recurly Can Help Your Business Integrate Usage-Based Billing

1. Recurly Can Help Your Business Integrate Usage-Based Billing

2. Recurly Can Help Your Business Integrate Usage-Based Billing When you start a subscription-based business, you might be tempted to simply set your monthly price and move on. However, there are all sorts of new and innovative pricing options for your subscriptions. If you want your company to continue growing, it’s important to implement new pricing strategies that meet your customers’ needs. Recurly is asubscription management platform that can help your business grow by making it easy to integrate and test new pricing models. One of these pricing options is usage-based billing. It’s a great way to offer your customers the value they want in their subscription. Here is everything you need to know about usage-based billing and how to integrate it into your business strategy. What Is Usage-Based Billing? Usage-based billing is one of the best ways for your subscribers to maximize the value they get from your product or service. Instead of paying a flat rate, they are charged for what they use. This ensures that their subscription is priced according to how often they use it. Many popular recurring billing businesses across industries use this model. Electric and water utility companies are probably the most recognizable examples. They bill customers at the end of the month for the amount of electricity or water they use. While this means their bill changes monthly, it means the payments are equal to how often they used the service.

3. SaaS companies are starting to incorporate this strategy across different sectors, such as cloud storage, client-service systems, and marketing tools billed according to usage. Customers want to be sure they are getting their money’s worth when they pay for a subscription, and usage- based billing offers a clear representation of the value your service provides in relation to their monthly investment. The Importance of Using Usage-Based Billing for Subscriptions The aspect of a subscription that your customers care most about is value. If they don’t see value in their subscription, they will cancel. “Churn” refers to the number of customers who cancel their subscriptions in a given period of time. When your churn calculation is returning growing rates of churn, you know you need to test a new pricing model. With a single-price subscription, a customer might see less value in your product or service if they stop using it as often. They might still use it, but not enough to feel comfortable with their monthly expense. That is why it is important to consider usage-based billing. That way, a customer’s subscription can feature a personalized price that meets their needs. How Recurly Helps Integrate Your New Usage System Recurly is the perfect partner to help you integrate usage-based billing into your business. They make it easy to adapt to new market trends and scale your business to meet the needs of an evolving customer base. However, you don’t want the switch to a usage-based billing system to interrupt the flow of your business. Thanks to Recurly, you don’t have to worry about that. They have been a leader in the subscription industry for over a decade and know how you can integrate new pricing strategies as seamlessly as possible. That means you can focus on making the big decisions while they handle everything behind the scenes. Plus, if you give usage-based billing a shot and it ends up not suiting your needs, Recurly can help you test out other pricing models until you find the one that is perfect for your market. Integrate usage-based billing with the help of Recurly at https://recurly.com/ Original Source: https://bit.ly/3v4oiyZ