It’s over. Finished. The ship has sailed. There was a time when to book a flight or reserve a table you called and spoke with a person. One of the most clear indications that the self-service economy is here to stay is the recent purchase of OpenTable by Priceline.com.
Technology that allows consumers to facilitate once-complicated purchases of goods and services are not only becoming more common, they are becoming expected by the consumer. This expectation isn’t unique to the travel or restaurant industries either. Imagine attempting to compete in the banking industry without having a customer portal where clients can transfer funds, or apply for loans.
Many companies like Herbal Magic and Complete Nutrition choose Member Solutions to handle the recurring billing element of their subscription business. In fact, by utilizing our API, they are able to offer their clients 24/7 access to their account profile right on their own websites. Their clients can make payments, change their billing information and update a credit card.
Without this ability, many clients may find themselves 60-90 days delinquent before they realize there’s a problem. The longer a client is delinquent, the more statistically likely they are to cancel their service with you. Predictable cash flow is one of the main reasons to offer a subscription option to your clients. For this reason, having a customer portal is a key strategic advantage that allows the shortest possible disruption of cash flow when something goes wrong with credit cards.
According to Inc. Magazine’s Rachel Kaufman, subscription clients are some of the most loyal brand advocates a company can have, but keeping them onboard isn’t always easy. With credit card fraud on the rise, more and more customers are replacing their credit and debit cards throughout the year. Giving them a way to do so quickly, even at 2 am, is a great way to make sure that your clients are “staying and paying.”