Term Subscriptions keep services running for a set time. To avoid interruptions, you need to decide how you want them to renew. There are two main ways to do this:
- Auto-renewal
- Scheduled renewal
Auto-Renewal
Auto-renewal is a simple way to renew your term subscriptions. The system automatically renews your subscription at the end of each term, so you don't have to do anything. It's perfect for renewals that require minimal intervention, with little to no changes to the Subscription.
Scheduled Renewal
Scheduled renewal gives you more control over your Subscription renewals in terms of pricing, features, and customer interactions. You can change products, pricing, and more. However, you can only set up one scheduled renewal at a time for each Term Subscription.
Differences between Scheduled Renewal and Auto-Renewal
To effectively manage your recurring billing processes, it's important to understand the distinctions between these options. This following table offers a clear comparison of their key features, enabling you to choose the most suitable renewal option for your specific requirements.
| Feature | Description | Scheduled Renewal | Auto Renewal |
| Same Subscription | Renewals extend the duration of a subscription. A renewal can be considered a new term for the same subscription, even if the configuration changes. The key takeaway is that the subscription ID remains constant, ensuring the continuity of API integrations with Maxio. | ||
| Set New Term Length | The renewal term length is determined during the renewal configuration process. For scheduled renewals, the term length is set by specifying the end date of the new term. For auto-renewals, a fixed term length is selected, allowing for perpetual renewal. Auto-renewal term lengths are limited to 3 months, 6 months, 1 year, 2 years, or 3 years. | ||
| Set Lock-in Date/Notice Period | The lock-in date marks the point at which the renewal is finalized. It also coincides with the creation of financial records. | ||
| Change Products | Product changes are permitted for scheduled renewals. However, for auto-renewals, the product and its components remain unchanged; only the price can be modified. | ||
| Add/Remove Components | Components can be added or removed during scheduled renewals. In contrast, auto-renewals maintain the original product and components, with only the price being adjustable. | ||
| Change Quantity | The quantity of Quantity Based Components can be adjusted during scheduled renewals. | ||
| Renews Perpetually | The Subscription automatically renews at the end of each term and continues indefinitely until the Customer actively cancels it. | ||
| Automatic Uplift | The Subscription price can be automatically increased by a fixed percentage during each renewal period. For instance, a 5% uplift would increase the current price points by 5% with every renewal cycle. |