7 in 10 subscription businesses seek flexible billing to cut cancellations

Players said current billing systems are "too rigid."

Seven in ten subscription businesses in Singapore plan to introduce a unified payment system to reduce customer cancellations, Stripe revealed. 

According to Stripe's Billing report, the billing systems currently used by subscription businesses worldwide are "too rigid," lacking the flexibility needed to align with their growth strategies.

Additionally, Stripe reported that over half of businesses in Singapore (58%) are frustrated with the inefficiency of their revenue and subscription processes.

"Reducing customer churn should be on every business leader’s agenda: it’s cheaper than acquiring new customers and an effective way to maximize revenue and increase customer lifetime value,” said Sarita Singh, regional head and MD for SEA, India, and Greater China at Stripe.

In Singapore, 67% of businesses plan to invest in global expansion within the next 12 months. 

As part of their growth strategies, 80% of businesses intend to offer more usage-based billing plans in the coming year, higher than the global average of 73%. 

Meanwhile, 73% of businesses are planning to launch a new pricing model, surpassing the global average of 69%.