Blockchain is continuously proving its feasibility in various business, defense and educational fields with its unbreakable security and lightning-fast processing speed. Along with managing cryptocurrency, we have started utilizing blockchain’s potential for various other productive tasks. In e-commerce, we are making use of blockchain technology in multiple ways and getting much better results as compared to conventional tools. Talking about the current trends, the subscription payment business is flourishing at its full potential in both services as well as products sector. The integration of blockchain technology with recurring payments systems has evolved this business model to a new level. If you are also running an online subscription business, it is advisable to adopt blockchain as soon as possible. Below is some useful information to help you in understanding the significance of this technology.
Significance of Blockchain in Online Subscription Business
Recurring billing software
Whether you are selling products or services on a subscription basis, billing is the most important task to handle. Different customers prefer different types of online payments techniques including:-
- Credit card
- Debit card
- Digital payments wallet
- Cryptocurrency wallet
The best recurring billing software equipped with blockchain technology allows you to accept payments from all possible sources. Other recurring software systems only support physical currencies of banks only. When we integrate blockchain technology, it allows people to make payments from their cryptocurrency wallets. A well-designed software can assist you with following features:-
- A user can make payments in cryptocurrency even if he is using a debit card. In this way, you will be able to direct all the payments in a single and secure wallet.
- It helps in creating and customizing subscription plans any time.
- The best recurring payment system of blockchain maintains a transparent payment history to build trust between customer and seller. Moreover, automated invoicing also reduces your workload to an extent.
- They also provide a merchant and customer dashboard to manage things conveniently. For website owners, a real-time subscription dashboard is provided to keep track of everything. You will be able to view transactions history, upcoming payments and manage payment plans. The dashboard interface must be user-friendly enough to feel convenient even for the first time user. Customer dashboard also gets the similar features with customizable restrictions.
Uninterrupted payment supply is the key to your recurring business success. Don’t lose your valuable customers just because they forget to renew the subscription plan. The subscription management system ensures uninterrupted experience of services and products. They link your cryptocurrency wallet with the software to accept payments. Usually, people hesitate to subscribe to auto renewal plans because of the cybersecurity threats. Blockchain technology builds trust because of its robust security. People can put their account on auto renewal mode without worrying about losing money.
Benefits of adopting blockchain-based subscription services
- You will be able to engage customers throughout the world without investing substantially in a payments acceptance system. The modern blockchain subscription billing management systems allow a subscriber to make payment through maximum possible gateways. Even the payments done through debit cards will also be transferred to the crypto wallet.
- It saves a lot of time that we usually waste in the repetitive tasks of billing. The automated billing system manages every payment conveniently without requiring human efforts. Also, you can expect errorless work from their smart software systems.
- There is substantial difference between the transaction processing cost of traditional and crypto payment gateways. Payments made through crypto currency wallet involve negligible transaction cost. It will make a positive marginal difference in your annual revenue.
While integrating blockchain technology with your subscription services business, make sure that the company is providing 24X7 technical assistance.