Industries that can benefit from Subscription-Based Billing

Why is the recurring billing and subscription plan management system widely popular as a business model in this era? It is because both sellers and customers can get gain unexpected profits with it. Subscription businesses benefit organizations because it generates probable income, provides various options for attracting customers, facilitates scalability, and gives flexibility in the product offerings.
For a seller, the flexibility of subscription management & recurring revenue model provides them an advantage over their competitors. Opting subscription-based business signifies that the seller is ensuring customer loyalty, and there no need to tussle with their competitors. Do you want to know which all industries can benefit from subscription-based billing? Well, the saying “Sky is the limit” is the best-suited answer to this question. If you give a thought about any area of your life you will find that there is most likely a subscription-based service or product available around you.


1. Medical Industry
In the year 2016, $3.2 trillion was spent by Americans the healthcare in which a huge sum was spent on expensive medical equipment. With spiraling prices, difficulties can arise in obtaining necessary life-sustaining equipment. That can prove true for both individuals as well as medical facilities.
However, by providing payment plans and the recurring billing approach, the rates become more convenient. For example, critically ill patients and seniors can keep track of their health independently with health care devices. Moreover, warranties on such devices can be managed by the recurring billing software like ChargeMonk.
2. Food Industry

Grocery deliveries, dinner prep boxes, or food conveyances - before shoppers can choose what to eat, they have to conclude how they're going to source it. With food subscription box services getting popularity, it's apparent that customers need to be associated with the meal making process using fresh and healthy ingredients.

3. Fitness & Wellbeing Industry
As per the reports it is estimated that every year millions of men and women participate in fitness activities like gym, yoga, Pilates, weight-lifting, and aerobics. Gym memberships have shot up the processing of recurring payment and accounting system in the fitness industry, and now it has converted into something more exciting and much bigger.

4. Retail Industry
For the retailers having varied product offerings, subscription billings offer the chance to upsell or cross-sell products. But various businesses selling products like books, pet food, gardening supplies, and toys have deployed the subscription model successfully.
ChargeMonk, the recurring payments solution for subscription businesses helps all sizes businesses to accept recurring payments efficiently and securely, be it installment plans, membership programs, fixed bills or fees.
With ChargeMonk, you can create and manage customers details easily, send email notifications, SMS for process refunds, failed payments, schedule payments, and also set up an automated retry for the failed payments.

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