There are many reasons behind MoneyWiz Premium. Here are some:
- It allows us to plan our business incomes better (because of the recurring revenue vs one time sale). That allows us to make better long term planning in terms of hiring and product development.
- It allows us to keep providing you the services we do. For example SYNCbits has always been free, but you should realize that it’s not free for us to keep developing, supporting and hosting it. Another example is Online Banking where we have to pay to our data aggregation partners for every customer.
- Less hacking – the one-time purchase version has more than 300,000 illegal installations, many of which use SYNCbits and email our support. That’s an overhead that we don’t get paid for but costs us money. It’s much more difficult for hackers to hack a subscription.
- The subscription allows us to focus on doing what’s right, when it’s right, and not worry about money so much. When it comes to pay-once version we have a big overhead from having to secure sales every month (marketing, advertising and affiliate efforts). We also have to think about sustainability and release major updates every 2 years so we can get paid again. With a subscription version we can focus on doing what’s best for our customers and spend less efforts in selling and chasing major upgrade deadlines that don’t always align well with what you as a customer need.