Do you use subscriptionmanagement aoftware? For many organizations, the concept of recurring revenue is a pipe dream. Indeed, this business model has increased by more than 300 percent in the previous seven years.
However, most firms abandon this concept once they discover how difficult it might be to put up.
A short Google search reveals that there are hundreds of vendors of subscription management software on the market. However, only a select handful keep their promises completely. With this in mind, selecting the correct subscription management system is critical to the success of your subscription company — both during setup and on a day-to-day basis.
You must choose a solution that can assist you in managing subscriptions and increasing client retention rates.With that in mind, I conducted research and compiled this article based on my results.
By the conclusion of this essay, you’ll know all you need to know – from which subscription capabilities are necessary when utilizing business planning software products to which subscription management systems integrate well with the tools you already use.
If you’re wondering about which subscription management software features are necessary and ultimately which product is the best match for your requirements, continue reading.
What is the Best Subscription Management Software?
Let’s find out.
1. Zuora
Zuora is an excellent subscription management system, including all aspects of customer and subscriber administration, from invoicing to analytics.
As one of the few organizations that has been providing subscription-based software for more than a decade, they understand how to combine the greatest features and integrations with other major software service providers.
With real-time visibility into subscription, billing, finance, and customer data, marketers can make more informed choices about product offerings and marketing campaigns in order to boost engagement and revenue.
Key Features:
- Automate every intricate revenue procedure and have your books ready to go at a moment’s notice.
- Zuora has the largest dataset and demonstrated experience in the business to maximize subscription income, increase first-time payment success, and minimize churn rate.
- Leverage the world’s top subscription platform’s speed, accuracy, and intelligence to scale into any type of business application with an SDK and APIs that may be used in any sector.
Pricing:
Zuora’s website makes no mention of pricing. Rather than that, customers are invited to join up for a demo to see how Zuora can assist business teams, financial teams, and IT teams with subscription management.
2. Stripe
Stripe is a powerful payment processing platform that serves as a one-stop shop for all invoicing, payment, and subscription management needs. Stripe’s API is compatible with the majority of shopping carts and merchant accounts and can be integrated into any mobile (iOS or Android) or web platform.
This allows enterprises to take credit cards and automate the management of subscription billing.
Stripe is capable of handling any payment or billing need, since it is utilized by millions of companies. Their API includes a broad set of capabilities for processing anything from simple credit card payments to recurring billing and invoicing.
Key Features:
- Payments and finance are being transformed by a technology-first mindset, enabling firms to take payments and manage subscriptions effortlessly.
- Stripe enables companies to manage their complete operations from start to end without relying on a human or gatekeeper.
- Stripe’s robust API enables you to connect to tools that handle everything from collecting client information and making invoices to collecting payments and handling refunds for your items.
- A fully integrated payment system is provided, allowing companies to take credit card payments and recurring billings quickly and without the aid of a third party.
Pricing:
- With two distinct options available, you’ll always know exactly what you’re paying for.
- Their integrated solution provides access to a comprehensive payment infrastructure that allows for pay-as-you-go transactions. You pay 2.9 percent plus a 30c transaction charge on each transaction.
- However, they also provide a bespoke bundle. If you’re interested in discussing this further, you can contact them directly.
3. Skio
Skio solves a significant issue: selling subscriptions may be a tedious procedure, much more so when you want to give your clients a variety of plans and pricing.
As such, Skio is a subscription management software designed for individuals that want the ability to simply build up complex pricing schemes. Additionally, they make it simple for their customers to manage their subscriptions from any device – mobile, tablet, or desktop.
Skio is a subscription-based eCommerce platform designed from the bottom up for Shopify companies. You no longer have to spend hours manually handling customer issues or adjusting subscriptions.
Put an end to your subscription waste and get back to operating your company.
Key Feature:
- When moving from another payment provider, there are no payment issues or card modifications necessary, allowing you to keep your customers pleased.
- Offer loyalty programs and accompany post-paid bills with coupons.
- Invite customers to check in at any moment to access their account details.
- Save money by using a ready-to-use headless customer interface that enables you to service nearly any number of customers.
Pricing:
Skio’s pricing begins at $299 per month. You will then be charged transaction fees depending on the number of transactions (1% + 20c each transaction). Additionally, there is a separate rate dependent on group income.
All new accounts are eligible for a 60-day free trial, with the exception of those who do not qualify owing to a few limitations listed on their website.
4. 2Checkout
2Checkout is a comprehensive monetization platform that enables companies to expand their worldwide sales.
2Checkout offers a comprehensive suite of tools that includes payment processing, fraud protection, reporting and analytics, as well as marketing automation.
They handle everything from checkout to bookkeeping, allowing you to concentrate on what really matters: developing your company.
If you’re looking to invest in the future of commerce with a firm whose only purpose is to help you expand your business, 2Checkout may be the appropriate fit.
Key Feature:
- Utilize affiliates and reseller partners to increase your business’s global reach, enabling you to reach more customers and do so more quickly than ever before.
- Utilize 2Checkout’s integration features to collect client information and manage recurring billing with a single charge for all goods and services. This implies that your company is constantly open to new subscribers.
- It’s straightforward to transition to subscriptions or to start a subscription company with them (from scratch), which means you can do more with less resources.
- With 2Checkout’s subscription billing solution, you can quickly increase your recurring income from mid-market and corporate businesses, allowing you to diversify your revenue streams and fully use the potential of digital channels.
Pricing:
- 2Sell: 3.5% + 35c per successful sale
- 2Subscribe: 4.5% + 45c per successful sale
- 2Monetize: 6.0% + 60c per successful sale
All packages (apart from the basic one) have all of the previous packages’ features, as well as additional features designed to save you time and increase your business’s efficiency.
5. Chargebee
Chargebee is a robust subscription billing and revenue management platform that empowers you to take complete control of your company. Chargebee not only enables you to manage every part of your client subscriptions, but it also delivers insights to assist you in growing.
Chargebee’s robust features enable you to effortlessly enhance conversions by upselling new items, generate churn-driven revenue growth through cross-selling your products to current customers, and develop bespoke subscription plans for each client.
Key Feature:
- Make it easy to upsell, cross-sell, and bundle things at checkout, while also producing proposals with product options suited to each client, so they know what to expect before placing an order.
- Maintain your obligations by monitoring subscriptions and regular revenue agreements, as well as the capacity to quickly resolve difficulties that emerge.
- Assure safe subscription experiences for your consumers with a secure, dependable billing system.
- Reduce the risk of non-payment and enhance your cash flow by identifying consumer payments with actual customers, which enables you to collect payment in advance and minimize disputes.
Pricing:
- Launch (3 users): $0 per month for the first 100K in revenue
- Rise (10 users): $249 per month
- Scale (25 users): $549 per month
- Enterprise: Get a custom quote based on your requirements
What is Subscription Management Software?
Subscription management software is a kind of billing system that enables you to manage your subscription services properly. Configuring a recurring income company model may be challenging, and the majority of entrepreneurs lack the requisite understanding to optimize their revenues.
That is why subscription software is critical; it enables you to cut expenditures while increasing earnings, by contacting more consumers globally and providing them with high-quality services.
Additionally, what entrepreneur would not want access to automated customer data storage that enables them to see how their client base is evolving over time in order to provide better services in the future?
Additionally, billing management software enables you to keep track of all of your subscriptions in a centralized location. Additionally, it supports several payment methods, payment automation, access to user data (such as purchase history), and the monitoring of your subscription model’s health.
