How Reveknew Can Benefit Organizations: Service Fees and Membership Dues

Hey everyone. It's been much longer than anticipated since our previous article introducing Reveknew. Bear with us, we were getting behind-the-scenes things ready for beta rollout.

In this article, we share how businesses, associations, and social groups can benefit from easier signup, automated recurring billing, and online payment collection of service fees and membership dues using Reveknew.

Before we start, let's do this together. How many recurring service fees and membership dues do you have? Some will be obvious (gym), some not so obvious (air-conditioning servicing), and others hidden in plain sight (health supplement refills). Share with us in the comments.

📱🔗Simplified and Flexible Sign-up

To illustrate how Reveknew makes signups simple and flexible, let's use EHB, whose mushroom distribution includes both retail (families) and wholesale (restaurants/supermarkets).

EHB can use Reveknew to invite customers via SMS. Individuals can be invited at retail points, or a supermarket purchasing officer can also be invited. Groups can be imported in bulk and invited (e.g., after a sales drive at a church or community center).

Reveknew also allows EHB to share links for sign-up over WhatsApp, social media, email, a website or a QR code on a poster. The link can be for all products (retail/wholesale), a specific product (retail plans only), or a single plan (1kg @ GHS 55 weekly).

📤📨Automated Reminder + Recurring Billing Notifications

To illustrate how automation on Reveknew makes recurring billing more efficient and reduces staff stress, let's use the Beauty Business Chamber (BBC) as an example. It is a private network of individuals, corporate bodies, and partners who develop careers and grow businesses in the beauty industry in Ghana and Africa.  

Annual membership dues are a key revenue source for the network. Yearlong enrolment means due collection also happens throughout the year. Manual reminders and payment collection can be a hassle, with many missed payments and staff stress. 

Reveknew allows BBC to schedule billing reminders and payments to trigger when due. The team can see missed payments in their dashboard and also receive notifications. Reveknew ensures timely reminders and payment notifications, allowing staff to focus on membership engagement and growth.

💳🧾Convenient Payment Collection

Beyond notifications, Reveknew makes the actual process of collecting payments from customers and members more convenient. To achieve this, we support multiple payment partners and payment methods. 

Let's use a 10-person office that decides to up for a Weekly Lunch Plan from Kook, a lunch catering company. Kook can set up a subscription tied to one team member, scheduled for Wednesdays, so there is a 2-day grace period before Friday, Kook's deadline for weekly orders.

Here comes the convenient payment bit. Every Wednesday, an SMS with a payment link is sent to the subscriber to pay with mobile money or a company prepaid card designated for lunch.

🚀💰 Faster and easier testing of pricing strategies

Easy product and plan creation and management in Reveknew helps organizations experiment faster to test pricing strategies for recurring billing products and services.

Let's take an association like GHABA. Assume national executives have decided to test whether instalment payments of dues can help reduce non-payment of dues and improve cash flow. They have designed 3 plans: A. Discounted one-time payment B. 2 quarterly payments C. 6 monthly payments.

With the status quo, they would need to:  

• Ask over WhatsApp or at physical meetings who wants to be on what plan

• Record this breakdown manually in physical books or Excel

• Track these events monthly - Who is due to pay anything this month, and have they paid?; Send manual reminders; Manual reconciliation of payments.  

This is very likely to remain an idea, as it will be daunting across thousands of members. In Reveknew, the same test can be launched in hours, making the possibility of executing the initiative more likely.

With Reveknew, the process now becomes:

• Set up the plans and share a link in WhatsApp for people to choose their plan and sign up

• Automated reminders and payment notifications go out based on every member's schedule

• Executives log into the account to see who has paid and who has missed payments, do easy payment reconciliation, and show members in good standing with contribution reports.

There you have it. Several real-world use cases in which Reveknew can simplify and improve recurring bill scheduling and payment collection for service fees and membership dues.

In our next article, we will look at similar benefits for credit repayments and savings deposits. Do you have any questions? Ask in the comments or get in touch. You can also request to join our beta program.