The need for subscription management software is growing.
And why not? It enables SaaS companies to bill their customers through various payment options and efficiently manage billing cycles and transactions.
However, managing all these processes is not that easy, especially when you have many customers.
Collecting customer details and tracking their subscription status, generating invoices and receiving payment, and so many things in between could be tiring.
At this time, relying solely on spreadsheets and other manual methods for different processes could reduce your productivity and slow down the workflow.
But don’t worry; subscription management software is all you need.
So, let’s talk about this software and how it can help you!
What is the Subscription management software?
The software that helps businesses power up their product/service billing and sales based on a recurring period is subscription management software. It aims to provide customers with better services and streamlined revenue management for SaaS and other related businesses.
It stores all the payment details along with processing charges to manage recurring revenue automatically. The software also makes sure you charge the right amount of fee to the right subscriber or customer in the right intervals.
For this, the software is added over the one-time payment function of a payment gateway. Your products here are provided as a software suite, otherwise a standalone software or tool. It also integrates with other tools, including eCommerce platforms, catalog management tools, payment gateway, etc.
However, many people get confused with other similar tools, such as payment gateways, merchant accounts, etc. In reality, subscription management software or recurring billing software works on top of a payment gateway like Stripe to let them handle subscriptions while ensuring no errors happen in charging the right amounts from customers based on their plan.
Similarly, SaaS analytics software works on top of a subscription management tool that lets you analyze your MRR, churn, number of active customers, and other important metrics.
What is the need for Subscription Management or Analytics?
If you have an e-commerce store, app, delivery service, etc., that serves many customers, a subscription management system can boost your revenue. It’s because this software helps your customers to implement subscriptions easily into their preferred payment gateway.
And when they sign up for any of your services or products, they easily become your customers or subscribers by entering their bank details right away and using the same information during renewals also.
As a result of this convenience, ease, and speedy workflow, your subscriber base increases; besides, your fulfillment and sales team can also monitor and manage subscribers’ accounts effortlessly using the subscription management software for a smooth workflow.
In addition to those aspects, the software offers some more important functionalities to you like analytics, dunning, and real-time actionable data that you can use in your marketing campaigns.
As your customers advance with their subscription periods, you can also offer interesting opportunities to them, such as renewals, upsells, and cross-sales, by healthily following up with your customers.
Your outreach and marketing teams could view subscriber information along with their chosen plans to reach out to them with product tips, collect feedback, and offer special discounts.
As a result of such personalized interactions, your churn rate decreases while customer engagement and revenue increase.
Next, let’s discuss the best subscription management software for SaaS and other businesses that may need them.
Grow your business effectively with BareMetrics, which helps you with precise metrics, engagement tools, and dunning for SaaS businesses.
The software displays useful insights such as activity trails, transactions, events, and numbers from the control center that help you make better, profitable decisions to advance your business. You can visualize data from the present and past and then plan and strategize for the future.
Using people insights, you can segment customers based on location and other metrics. The software helps you even to create and handle new customers manually via the subscription form. BareMetrics comes with a smart dashboard that helps you make complex comparisons effortlessly, such as numbers, dates, customer segments, and plans.
Normalize charts by choosing trendiness, creating business goals, adding comments, and more. Use Recover to avail of a dunning solution and save your business from loss due to insufficient funds, expired credit cards, bank issues, etc.
It comes with tools for customizing email campaigns, paywalls, in-app reminders, capture forms, deep analytics, etc. BareMetrics forecasts help you predict the future through smart MRR projections, churn percentage, growth type, customer counts, cash flow forecasting, and more.
Get email reports to stay tuned with monthly, weekly, or daily reports and track progress. Its augmentation feature allows you to merge external information with your own metrics so you can take deep insights into your business and customers.
You can integrate with Zapier, and Slack, import CSV files, and use their API to send additional data. There are many other features included in BareMetrics, such as segmentation, benchmarking, Slack tools, analytics API, cancellation insights, and more.
SaaSOptics is one of the leading software for subscription management designed for B2B SaaS business, no matter if you are a start-up or enterprise.
The software helps you automate order-to-cash, scale faster, and eliminate the usage of spreadsheets and loads of emails. With comprehensive order management, you can perform more things in less time while keeping your data clean.
With its help, you can prepare accurate invoices, faster revenue schedules, and sync orders from CRM to GL automatically. Get your revenue recognition right with accuracy, on-demand, and GAAP compliance for your loans, investors, m&a, etc.
Ensure timely and efficient invoicing plus collections. The software helps you scale your invoicing process 100 times faster than manual methods. In addition to that, it saves your time spent on AR management to improve the cash flow.
SaaSOptics makes it easy for you to receive payments on time with an automated collection procedure. It also removes negligence or friction with too many emails and escalations. CRM users could easily see their account data with ARR, MRR, and total balance and create invoices giving transaction details.
You get 100s of formulas and metrics to reduce the likelihood of errors and can react to board inquiries. SaaSOptics provides financial reporting for revenue, invoicing, AR, deferred revenue, etc., that are accurate and GAAP compliant for banks, investors, audits, funding, etc.
Track your recurring revenue every month using MRR.io, no matter what payment processing service you use. They provide you with accurate metrics automatically, so your SaaS business can thrive. The features included in MRR help you calculate:
Net revenue, net revenue churn, customer churn, and gross revenue churn
New, churned, contraction, and expansion MRR.
Upgrades and downgrades
Annual Run Rate and refunds
Average Revenue Per Customer
New paying customers
In addition to these metrics, MRR.io also provides additional features such as cohort analysis, metric forecasts, multiple data sources, and advanced email reports. It supports integration with Paddle and Stripe, and there is the availability of manual data entry and APIs.
The pricing structure of MRR.io consists of two plans:
Basic Plan with all the metrics explained above and allowed a maximum of 3 users and 100 paying customers. It is completely free.
Pro Plan with all the above metrics, additional 4 features explained, and unlimited users and paying customers. Its pricing is $19/month.
The goal of ProfitWell is to manage your subscriptions smoothly without any confusion around. Whether you need subscription reporting, free analytics, or to become a pricing strategy expert, they provide accurate services to you.
As a result, it optimizes your revenue and monetization and reduces churn. Using that analytics and reporting, you can identify areas where you are already working great in addition to those where you are not strong.
It helps you see the way you are positioned against your competitors with similar stages for comparison. Use their mobile app to stay notified in real-time on your Android or iOS smartphone. ProfitWell allows you to benchmark your pricing strategy and monetization health so you can improve.
You can perform a retention audit to find the areas where there are a revenue leakage and the ones where you can increase your retention. They enrich data with Clearbit and Full Contact to discover customer segments driven or distracted out of subscription growth.
Analyze based on location, gender, and 107+ other segments for free. Share your metrics wherever you want, and integrate with multiple platforms such as Stripe, Google Sheets, ReCharge, Chargebee, Braintree, Recurly, Zuora, Chargify. ProfitWell is secure and compliant with GDPR, so you don’t get into any legal trouble.
ChartMogul is probably one of the best subscription data platforms, which is thriving since 2014. The software makes it effortless to clean and consolidate billing data and then analyze it using efficient subscription analytics.
It helps you comprehend your business dynamics and visualize where you must channel your efforts to. You can explore subscription data, including MRR, MRR movements, MRR breakdown, net cash flow, and more.
Turnkey integrations and APIs help you import your revenue and subscription data into one single source in no time via an import tool or CSV upload tool, so you see everything clearly and organized.
ChartMogul supports integration with Stripe, Braintree, Recurly, App Store Connect, PayPal, Chargebee, Chargify, Gocardless, Shopify, Zuora, and Google Play. Using Data Enrichment, you can add more data in ChartMogul, segment customers, and analyze the information.
Bring more data using tools like Intercom, MailChimp, HubSpot, Pipedrive, Wootric, Close.io through Zapier, or create one on your own. Perform data exports to display insights and metrics when your team requires them by connecting ChartMogul with Zendesk, CSV Export, Geckoboard, Slack, Visible, etc.
If you are looking for subscription management software that can be scaled up with your growing business, Chargebee should be your choice. It lets you explore new opportunities for revenue as well as retain more subscribers through self-service and proactive engagement.
Users get a unified view of all the customer and subscription data for contextual engagement. It also recommends add-ons and bundles for upselling opportunities. Companies can manage their pricing using any subscription pricing model.
They can also use Chargebee to create recurring billing workflow and automate invoicing rules. The software removes developer dependencies and lets you have control over complex recurring billing scenarios.
It supports 100+ currencies and payment methods for global subscriptions. The software also offers comprehensive subscription analytics to provide you with 360° business visibility into all the key metrics.
Regardless of your strategy, Maxio comes with the right infrastructure to manage subscription activities and make your customers happy with the service. It has a flexible billing engine that can support your evolving strategy for B2B needs.
The solution lets you align your pricing model with your product value. It also lets you choose the billing frequency and create custom pricing for every individual customer. The software is also ideal for automating your entire process, from orders to renewals to revenue.
Customizable invoice templates are available on Maxio that the software can send automatically at the scheduled time. It also supports invoice consolidation so that you can simplify customer payments.
The software makes customer onboarding easier as it lets them choose their favorite payment method from a number of options. Upgrades or downgrades, centralized subscription data, and integration with popular CRMs are its other top features.
When it comes to dealing with recurring billing and invoice management, Verifone is here to help you. This subscription billing solution helps you improve your revenue by managing the entire subscription lifecycle.
It lets you sell subscriptions across multiple channels and offers an enhanced experience to the customers through optimized carts. Features like Order, invoicing, and recurring billing automation are also useful for getting the customers onboard quickly.
Verifone also lets you easily handle any subscription upgrade and downgrade. The solution also comes with tools that prevent churn (involuntary and voluntary). It also offers global payment support for recurring billing.
The Authorization and Revenue Recovery Dashboard can be used to monitor the strategy and get insights into important subscription data. It also offers reports to monitor renewal forecasts and other crucial metrics.
Zoho Subscriptions makes the end-to-end subscription billing lifecycle easy for growing businesses. Get rid of the hassle of manually sending invoices to each subscriber and use this software to automate the billing and invoice-sending processes.
Here, you get the freedom to choose the billing frequencies and cycles for each of your customers. It can be used to send bills anywhere in the world and still stay tax-compliant. It also stores personal customer information like credit cards securely.
When you use Zoho Subscriptions, your customers can pay you in multiple currencies using online and offline modes. For any involuntary failed payments, it lets the customers retry. It also offers a self-service portal to customers and lets them manage multiple subscriptions.
The platform also offers you a collection of invoice templates and 30+ types of analytics reports for sales revenue, subscription, and churn rate. You can also view the KPIs from the dashboard and generate tax reports to learn about your tax liabilities.
Recurly is a subscriber management solution that helps you manage all stages of a subscription lifecycle. It offers robust and flexible tools to maximize subscription values and grow confidently as a company.
Its intuitive toolsets simplify the subscription process by maintaining all subscriber data in one location. Its subscription dashboard is all you need to manage subscriptions with full visibility, whether they are active, paused, or canceled.
Using Recurly, companies can increase customer satisfaction and business goodwill by letting subscribers effortlessly add, change, pause, and cancel their subscriptions anytime. For B2B contracts, it supports setting up a future date for subscription.
The software also offers you reports on subscription status for proactive actions from your side. It also has a postponement option to change the current billing cycle of a customer.
How to Choose a Good Subscription Management Software?
Choose the software that can align with your company’s goals in terms of what services you actually need, like just subscription management or additional services like analytics, dunning, merchant stores, or all of them.
The software must be scalable to satisfy the needs of your growing business.
It must support customization, which helps you to adjust based on your challenges.
It must be flexible enough to provide different plans you can choose to move up/down.
You must be able to manage your coupons, promotions, and discounts easily with a re-activation or cancellation option.
Subscription management software has become a huge necessity for SaaS companies, and now you know the reason behind it. So, choose any of the above-mentioned services to streamline your billing, subscription analytics, and other important things and boost your revenue.
Durga Prasad Acharya is a Freelance Technical Writer who loves writing on emerging technologies, such as AI & ML, Cybersecurity, Web Hosting, SaaS, Cloud Computing, and more. Besides writing, he’s a web designer and is passionate about… read more
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