Best Subscription Management Software [2023]
Reading Time: 5 minutes Choosing the appropriate subscription management software is critical to the success of your business model, both during setup and on a day-to-day basis. You need a tool that will enable you to manage subscriptions and increase customer retention rates.
Here is a list of the most popular subscription management software.
What Is Subscription Management Software?
Subscription management software, sometimes known as subscription billing software, allows subscription payments to be collected automatically. Subscription billing software also allows you to handle the operational aspects of your subscriptions. With the right subscription management software, your firm can efficiently minimize the challenges associated with subscription-based business models and reap extra benefits you may not have previously considered.
What Are the Main Features of Subscription Management Software?
There are several types of subscription management software, some with fewer capabilities and others with more. However, all of them achieve the same goal, which is allowing a SaaS firm to handle subscription payments by automating operations such as:
- Billing customers
- Collecting payments
- Invoicing for subscriptions
- Communication capabilities
- Accounting for subscription revenue
- Reporting and analytics
Why Do SaaS Businesses Need Subscription Management Software?
The critical obstacles for SaaS firms are providing a product or service constantly and being able to collect online payments for these products regularly.
With the help of subscription management software, the SaaS business can automate billing, invoicing, communications, and customer management.
The complexity of handling subscriptions may appear overwhelming to a new company, but the appropriate solution may dramatically alleviate business burdens and provide the customer experience they demand.
Top Subscription Management Software
1.
Stripe is a cloud-based payment platform, coming with pre-installed UI components and prioritized APIs for personalization, that enables users to administer and accept online transactions. Stripe’s payment solution allows users to manage, settle, process, and accept payments all in one place. Its core is a sophisticated payment engine that successfully streamlines company transactions while also connecting to other apps that organize revenue, stimulate business growth, and prevent fraud. Stripe”s payment solution allows users to manage, settle, process, and accept payments all in one place.
Pricing: Paid
Pricing page: https://stripe.com/en-in/pricing
2.
Chargebee is a PCI Level 1 certified cloud accounting software for SaaS and subscription-based enterprises. It provides various functionalities such as subscription, invoice, and payment management solutions, as well as offers custom report generation. Chargebee enables users to track dropped checkouts, translate and localize a webpage’s content, as well as configure checkout in several languages based on visitors’ location. Businesses can use the revenue recognition model to handle cancellations, fees, refunds, and write-offs.
Pricing: Free/ Paid
Pricing page: https://www.chargebee.com/pricing
Maxio, previously known as Chargify & SaaSOptics, is a cloud-based subscription management software that helps businesses streamline subscription payment and billing, but also, order management and renewals processes. It includes key capabilities such as revenue recognition and reporting, subscription metrics and analysis, and SaaS performance statistics. Maxio empowers users to fully automatize their order management processes thanks to auto-renewals, upgrade/downgrade visibility, and subscription lifestyle. It provides key statistics such as ARR and MRR momentum, churn, cohort analysis, and more
4.
Verifone is a cutting-edge flexible and adaptive security and payment platform, including mPOS, that allows businesses to increase their productivity, decrease checkout times, and enhance consumer satisfaction. Verifone’s merchant marketplace also provides consumers with a variety of functionality including high-level transactions, encrypted sensitive data, a backend portal, and more. The solution is also generating data analytics and comprehensive reports to back up clients with key data to help them make better decisions.
Pricing: Paid
Pricing page: https://www.2checkout.com/pricing/
5.
ProfitWell is a subscription management software that provides outcome-driven products to streamline pricing and subscription management. The platform offers users to get detailed and configurable analytics at the company and plan layers, including MRR, LTV, and ARPU. ProfitWell provides all of the key SaaS analytics and reports, such as daily growth updates, revenue trends, cash flow analysis, client billing activities, cohort-level churn analysis and retention reports, and more. The solution also assists SaaS businesses in preventing revenue loss by recovering defaulting customers automatically.
Pricing: Free/ Paid
Pricing page: https://www.profitwell.com/pricing
6.
Recurly is a cloud-based billing and invoicing solution designed to help businesses optimize their billing processes. The software has an invoicing module that allows users to create invoices and select payment collection alternatives. It empowers users to track all payments related to specific accounts using the account management dashboard. The platform also includes a dunning management tool that enables firms to configure dunning guidelines for accounts that are past due, standardizing follow-up operations for all accounts. Recurly includes a subscriptions dashboard that helps firms administer accounts with recurring payments by allowing them to sort subscriptions by whether they are renewing, expired, or paying.
Pricing: Paid
Pricing page: https://recurly.com/plans/
Zoho Subscriptions is a subscription management tool that helps users keep track of invoices and subscription billing throughout the customer experience. The software includes key functionalities that enable users to personalize and automate invoicing, set up and administer subscriptions, and monitor and receive payments. Zoho Subscriptions allows customers to create customized reports for subscription metrics monitoring and tax summary reports. By using the software, managers can automatize the billing process and notifications related to subscription, payment, and invoice alerts.
Pricing: Free/Paid
Pricing page: https://www.zoho.com/subscriptions/pricing/
Wrap Up
As a business, subscription management software can help you stay relevant in the market and grow. An ideal platform solution should allow you to leverage capabilities in terms of your business needs, as well as one through which you can improve the customer’s experience and raise their LTV.
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