Why WordPress Companies are moving towards the Auto – Renewal?
There are several benefits to your business when using an auto-renewal payment scheme. For example:
• It takes time for your customer to receive, check and pay a manually issued invoice. Auto-Renewals allows them not to be disrupted in their daily lives.
• They can continuously get security & feature updates and support, and you get to have a stable recurring revenue stream, with a minimal churn rate.
• It reduces the amount of administration you and your team have to do as WordPress Plugin license renewed automatically.
• There is a higher retention of customers for your business.
• You know exactly when payments are going to be made by your customers.
• Reports can be auto-generated to inform you when payments have failed or been canceled.
Auto-renewal is one of the most popular methods for subscription businesses to sign up customers. While they have significant benefits for the business, customers are sometimes unaware of the advantages they can gain from signing up to an auto-renewal system. By selling the benefits such as never missing out, the ease of payment and cancellation should they want to leave your business you can increase the uptake of auto-renewals?
This allows you to save costs in manually sending and processing invoices. This can lead you to invest the funds elsewhere in the business or offer your customers a more competitive price.