Last time, I talked about why it’s a good idea to create subscription services. It’s a good revenue stream, and it can also make products more affordable for customers. But there’s an added aspect of subscription services that you shouldn’t do without – and that’s giving customers the choice to cancel anytime.
Usually, subscription services have automatic recurring billings.
This means the customers are billed either monthly or yearly so they can keep using the service. This is a good feature, ensuring that your customers never fail to pay their dues. This is made easier when they pay by credit card or an online payment platform like PayPal. Again, this is a big win for your business, since it gives you a steady stream of revenue.
But customers don’t necessarily like that. What if they change their minds? Would you give them that chance?
This is the reason why many subscription services today offer a “cancel anytime” feature.
Let’s say your service bills customers every month. A customer signs up, then happily uses the service for, say, three months. Then he changes his mind, figuring he doesn’t need the service for the time being. He can just easily cancel his subscription before the fourth month, so he doesn’t get charged anymore.
Cancel anytime subscriptions are very customer-centric, because no customer wants to get locked into lengthy contracts, like in the case of phone carriers. If ever you wanted to cut your contract prematurely, the companies charge you ridiculously expensive termination fees.
Everyone hates that, so modern cloud-based services don’t do that anymore. Cancel anytime services are the way to go in the modern world. So your business had better offer the same thing!
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