Introduction

In some subscription models, businesses offer customers the option to purchase the product they’ve been renting, either during or at the end of the subscription period. circuly simplifies the buyout process, making it easy for both businesses and customers. Through circuly Hub and the Customer Self-Service Portal, you can manage and execute buyouts seamlessly.

Feature Overview

In circuly, there are two ways a customer can initiate a buyout:

1. Customer Self-Service Portal: Customers can start the buyout process themselves by logging into the portal and following the steps to purchase the product they’ve been subscribing to.
   
2. Manual Buyout Initiation: As a business user, you can also initiate the buyout process on behalf of the customer through circuly Hub, allowing you to provide a more personalised experience.
   
   

circuly takes care of several important operations during the buyout process, including:

• Calculating the Buyout Price: circuly automatically calculates the remaining buyout amount by considering the original product price and any payments the customer has already made.
• Charging the Remaining Buyout Amount: The system processes the remaining balance via a one-time transaction, ensuring smooth payment handling.
• Generating and Sending an Invoice: Once the buyout amount is calculated, circuly generates an invoice and sends it to the customer for the outstanding balance.
• Updating Subscription Status: After the buyout is completed, circuly automatically updates the subscription status, marking the product as "Bought Out" and transitioning the customer from rental to ownership.

For a step-by-step guide, follow our Knowledge loop article: Process buyouts in circuly.

Learn when offering product buyouts in a subscription model makes sense, what operations are involved, and how to handle them without creating backend chaos in this guide How & When to Let Customers Purchase Their Subscription Products.

Additionally, businesses can define how much of the payments already made during the subscription period should count towards the buyout price. This allows for flexibility in pricing and ensures that the buyout amount is fair based on the customer’s previous payments.

Conclusion

The buyout process in circuly is streamlined and automated, allowing businesses to easily manage buyouts without manual calculations or tracking. Whether initiated by the customer or your team, circuly handles all the critical steps, from calculating the buyout price to processing payments and updating the subscription status. With circuly, you can offer customers a seamless path to ownership while simplifying your internal operations.