Today, many people spend half of their time in the real world and the other half in the digital world. Now that the time spent in the digital world has increased, educational institutions are reaching out to students over there.
However, eLearning subscription management software can boost the overall performance of your learning programs and services. How? Go on reading!
1. Accurate Billing
The eLearning subscription management software will help you generate accurate bills and invoices. Not only that but also you will be able to send them to your students. When invoices are accurate and delivered on time, payments are received timely.
A platform for subscription management for eLearning can do that for you. It will generate bills and invoices the way you want and send them to your students.
Key point: accurate billing is the secret of on-time payments.
Mistakes in billing are just like letting go of revenue with your own hands. Students can never pay if there are mistakes in billing. However, automated subscription management can help you avoid any mistakes in the billing process.
2. On-Time Payment Processing
After billing, there comes the stage of on-time payments. Today, online learning subscription management software is integrated with top payment gateways because students demand efficient means of transferring money for their fees. Advanced payment gateways support multiple currencies and payment methods.
When it comes to receiving payments from students, you need a system that allows payment collection in local currency. eLearning subscription management system integrated with a payment gateway is the ultimate solution to payment-related woes. With payment gateway integration, payment security in ensured. Also, payments are speedily processed. For example, if one payment gateway is down, then students can still pay their fees as the system is integrated with other software as well that will process payments.
3. Recurring Revenue Management
Other than subscription billing and payment processing eLearning subscription management software also does recurring revenue management. Customer churn is the direct cause of revenue leaks. However, recurring revenue management will help in fixing all revenue leaks caused by customer churn.
Many students fail to pay the fee for their eLearning courses because of band card decline or credit card limits. Now, these are accounting operations. However, with an integrated eLearning platform, you will be able to send notifications to your students to update their account information so that payments can be collected in time and revenue leaks can be avoided.
4. Course Subscription Management
In the subscription business market, subscribers want to have complete control over their subscriptions. And just like that, in the educational domain, when students purchase subscriptions for some courses, they want to manage their course subscriptions on their own.
So, an eLearning subscription management software offers students a self-service portal from where they can manage their subscriptions the way they want. They can change their subscription to the course or even suspend it. All changes in the billing and invoicing will be managed automatedly. This clarity for students adds value to online courses.
5. Integrated System
Today, eLearning platforms that are cloud-based are flexible enough to integrate with third-party software and applications. Hence, an integrated business solution is delivered to the eLearning course offering bodies from where they can manage not only billing and payments but all processes of their organization.
Also, the system is integrated with payment gateways that the user want or students prefer. An integrated system is preferred by educational institutes and eCourse offering bodies because from here, they can manage everything. For a successful eLearning organization, a subscription management software has become the need of the hour.
Managing eLearning courses is not easy. There are many processes that need to be handled side by side. However, the most important processes that need to be streamlined are billing and payment processing. An automated eElearning subscription management system can do everything seamlessly. If you are looking for one such software, then SubscriptionFlow is the most suitable option. It is scalable and flexible enough. You can integrate this platform with other applications and software so that everything can be done seamlessly.
