With Inkitt’s new Yearly Subscription option, authors can now offer annual subscription plans for their readers. Yearly subscriptions allow readers to support authors with a single annual payment, helping authors reduce payment processing fees and providing readers with an easy way to commit for the entire year.
Yearly Subscription Eligibility
To activate Yearly Subscriptions, authors must meet Inkitt’s membership requirements:
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Yearly subscriptions are available for any author who has earned at least $200 monthly earnings for 3 consecutive months.
If you meet these criteria, you’ll see an option to Enable Yearly Subscriptions in your Payments tab on the Subscription Page. If these criteria aren’t met, this option won’t be available.
How Do Yearly Subscriptions Work?
Once a reader signs up for a yearly subscription, they’ll pay for an entire year upfront, which includes any applicable VAT, Sales Tax, or GST. Authors receive the payment minus Inkitt’s applicable fees.
Readers’ renewal dates depend on their original join date:
- Example: If a reader subscribes annually on August 1, they’ll pay for the whole year upfront, and their subscription will renew automatically on August 1 of the following year (unless canceled).
Setting Up Yearly Subscriptions
If you qualify, you can start offering yearly subscriptions immediately by following these steps:
- Navigate to your author dashboard and select the Manage Subscription tab.
- Click on Enable Yearly Subscriptions.
- Set a discount (optional): You can offer readers a discount of up to 16% when they subscribe annually. Readers who join at a discounted rate will keep that discount for the year, but you can change the discount rate for future subscribers as you wish.
Pause Payments
If you pause payments for subscriptions, the renewal date of any annual subscriptions will be delayed by one month, even if you unpause within that time. This will not impact the current billing cycle.
Changing Subscription Tiers
Subscribers can upgrade tiers, or upgrade from monthly to yearly within their subscription but cannot downgrade from yearly to monthly. If a reader upgrades, they’ll be charged the new yearly rate, with the renewal date adjusted accordingly.
Removing Yearly Subscriptions
If you decide to remove the option for a yearly subscription, any active yearly subscribers will keep their benefits until the end of the subscription period. Once their existing subscription comes to an end, they will not be billed again and will lose their benefits.
With yearly subscriptions, authors can deepen reader engagement, streamline their income, and offer readers a rewarding way to support their favorite authors on Inkitt. For more help, feel free to reach out to Inkitt Support.