Subscription management software is a technical term for programs that help you process recurring payments.
If you’re selling a product or service on a subscription basis, or considering doing so in the near future, subscription management software can streamline your business model and reduce customer churn.
As opposed to making one-off purchases, your customers sign up for a fixed term of service with recurring billing (e.g., monthly, quarterly, or annually). In exchange, they get access to products and services that are useful to them on an ongoing basis.
The major advantage of the subscription model is that it offers the convenience of automatic recurring billings. This means less work for you and more predictable cash flow.
There are so many subscription management options out there these days that choosing one can be daunting. If you’re looking for the right solution for your ecommerce business, this guide will help you narrow down your selection and make the best choice for your company.
The best subscription management software will support recurring billing, payments and revenue streams. But which subscription management tool is the best?
We’ve compiled a list of 7 subscription management tools to help you find the right one for your ecommerce business.
Best Subscription Management Software
What Are Subscription Management Software
Subscription management software is a tool that helps you to manage your subscription fees and subscriptions. This software is helpful for B2B organizations, ecommerce companies, and other businesses.
Subscription management software can be used for:
Coupons – You can create coupons for your customers, so they can get discounts on their future purchases.
Pricing – You can use the subscription management software to set up pricing models and products in your store.
Reporting – You can use this software to track the number of subscribers you have and their data such as name, email address and phone number.
Subscription Management Software – Introduction
What is subscription management software? Subscription management software helps businesses automate and optimize their recurring revenue business model. Also known as revenue operations, this software encompasses the tools and processes needed to create, maintain, and manage subscriptions.
Subscription management software allows you to automate and optimize your recurring revenue business model. This type of software makes it easier to capture leads, convert them into paying customers and retain those customers over time.
Additionally, subscription management software offers you a more predictable revenue stream than traditional one-time sales. It also helps you grow revenues faster through upselling and cross-selling opportunities with existing customers.
Subscription management software also allows you to improve your cash flow with real-time data insights on subscriber status, churn rates and renewal dates. Examples of subscription management software Billing platforms: Stripe Billing, Zuora Billing, Recurly Billing & Revenue Management Platform, Vindicia CashBox for SaaS Subscriptions & Recurring Payments
Marketing automation platforms: HubSpot Marketing Hub (HubSpot CRM), Marketo Engagement Platform We’re excited about introducing you to the new features and improvements in the latest release of our subscription management software. Here’s a quick introduction to some of the key features.
What is the Best Subscription Management Software?
One of the most important things for a subscription business to do is to ensure that their customer’s experience is top notch. Since customers keep signing up for recurring billing cycles and keep handing over their credit card information, it’s vital that you have a way to make it easy for them to manage their subscription.
Luckily, there are many great Softwares for managing customer subscriptions. Here are some notable ones: Recurly is a popular SaaS Subscription Management software with the ability to track recurring payments and subscriptions on its own service.
The software provides a dashboard containing information regarding your subscriptions and transactions. Chargify provides a secure payment gateway allowing customers to make one-time credit card payments or set up recurring payments.
It also allows users to manage subscription lifecycles, as well as accept payments via Amazon Pay, PayPal, Braintree and Authorize.net. Zuora offers both on-premise and cloud-based subscription management software, with the ability to support multiple currencies and languages.
The software handles invoices, taxes and usage models in addition to tracking payment history and terms of agreement between companies and customers The best Subscription Management Software should allow you to collect payments from customers without charging extra fees. This can be accomplished
The Skio blog is powered by WordPress, hosted on Amazon Web Services and CDN’d through Cloudflare. I’m also looking into ways to integrate social media, particularly Instagram and Twitter, into our site. I have some ideas for that.
Skio is a platform for music creators to collaborate, enter contests and get discovered. Skio brings together the best of two worlds: competitions and collaboration.
As a music creator, you can use Skio to work with others on projects that you’re passionate about, or put your skills to the test against others in challenges and contests. Skio is a new way for artists to collaborate and share their creativity with the world.
We make it easy to work together with talented people around the world, enter challenges, and be discovered by labels, brands and fans.
The goal of Skio is to make it easier for musicians and producers to connect with each other. With Skio, you can upload your song or sample and let others remix it.
You can also submit your own remixes of other people’s songs!
Skio is the easiest way to license music for your videos, podcasts, games and more. We help you quickly find music that works for you.
Create an account today and start licensing music in minutes. Skio’s easy-to-use search engine helps you find tracks by mood, genre and length – so you don’t have to waste time listening through hundreds of songs that don’t work for your project.
Subscriptions, customers and payments all in one place. Lets you sell on your store, Facebook, Pinterest and we’ll even let you know when a customer cancels so you can save them.
Seamless payment processing for subscriptions with the option to use Stripe or PayPal. They use industry leading security to protect sensitive information like credit card numbers.
They also stay PCI compliant so you don’t have to stress about it.
Recharge is the leading subscriptions payments platform designed for merchants to set up and manage dynamic recurring billing across web and mobile.
Chargebee is designed to be a simple, powerful and friendly recurring billing platform. It provides a comprehensive subscription billing solution that helps you to manage your customers in a better way.
Chargebee only deals with subscriptions. It’s not meant for one-time purchases.
This is why Chargebee is so good at what it does. We do not have to add friction to the checkout process and collect unnecessary information, as we do not want to scare away your customers during checkout or make them go through a lengthy process.
Chargebee is an on-demand recurring billing & subscription management platform that automates the subscription billing process for SaaS, E-commerce and other online businesses. ChargeBee is a recurring billing and subscription management platform for subscription businesses.
It enables you to easily manage your customer’s subscriptions. Chargebee is a subscription management and recurring billing platform for SaaS businesses.
Chargebee lets you set up your billing, manage your subscribers and collect recurring payments with ease.
- Recurring billing for subscription models 1-click upgrades, downgrades and crossgrades
- Tiered pricing, quantity-based pricing and add-ons
- Free trials, coupons and promotional offers
- Credit card vaulting with PCI compliant tokenization.
- Multiple currencies & global taxation support
- Invoices, receipts & statements customization
- Automated dunning management with configurable thresholds
- Automated email reminders for failed payments & upcoming renewals
Chargebee’s capabilities and features are very robust compared to other similar platforms. It is a one-stop shop for subscription management, invoicing, and payment gateway integration.
Flexible pricing plans
Chargebee’s pricing is very flexible. It allows you to use it as a free plan with basic features, an essential plan with all the required features at a reasonable cost, or a premium plan that offers more advanced features at an expensive cost.
Easy to use
It is easy to get started with Chargebee. The onboarding process is simple, and it is straightforward to configure the product and start using it.
Automated recurring billing
Chargebee can automatically charge your customers on a recurring basis based on the cycle specified in the contract and generate receipts for the same.
Chargebee is the leading subscription billing software powering end-to-end recurring billing, subscription management & auto invoicing .
Zuora is the fastest growing subscription billing solution in the world, with over 200 customers and over $1B of invoices processed to date. Zuora’s Software-as-a-Service (SaaS) application enables companies to manage subscription billing, order management and revenue recognition processes without having to invest in building or maintaining their own billing infrastructure.
The application supports all business models including subscriptions, metered usage, per-seat and term based sales. Zuora platform is extendable and can integrate with other systems such as CRM and ERP systems.
Zuora was founded by Tien Tzuo who previously worked at Salesforce.com.
The company has received funding from Benchmark Capital, Index Ventures, Shasta Ventures, Kleiner Perkins Caufield & Byers, Redpoint Ventures and Marc Benioff of Salesforce.com. Zuora is the global leader in subscription commerce and billing, helping companies build subscription businesses.
Enterprise companies like Box, Comcast, DocuSign, Rogers, Schneider Electric and Zendesk as well as emerging companies like AppDirect, Coupa, GoPro and Twilio use Zuora’s multi-tenant cloud platform to launch, scale and monetize their subscription products.
- Easily launch any subscription product without coding (or be highly customized with code)
- Build and launch products in hours instead of months
- Grow your business with new products and channels
- Scale globally with multi-currency, multi-language support
- Improve operational efficiency with automation and integration to back-office systems
Stripe builds economic infrastructure for the internet. Businesses of every size from new startups to public companies use our software to accept payments and manage their businesses online.
Developers and businesses use Stripe’s APIs to easily set up payments and recurring billing. Stripe is a technology company.
Stripe is a suite of payment APIs that powers commerce for businesses of all sizes. Use Stripe’s payment platform to accept and process payments online for easy-to-use commerce solutions.
Stripe allows you to accept payments from customers all over the world. Stripe supports a wide variety of payment methods, including: Credit cards: Visa, MasterCard, American Express, JCB, Discover, and Diners Club Debit cards: Visa Debit, Maestro Debit MasterCard Debit, Electron Digital wallets: Apple Pay (US), Google Pay (US), Microsoft Pay (US), WeChat Pay (CN), AliPay (CN)
With Stripe, you can accept Visa, MasterCard, American Express, Discover, JCB, and Diners Club cards directly on your store. Stripe is the recommended payment gateway for merchants in the United States and Canada.
It’s more expensive than PayPal Standard (2.9% + $0.30 per transaction), but it’s one of the most popular gateways among Shopify merchants because it has no monthly fees and no minimums. Stripe offers many advantages over other payment gateways:
Simple setup. Start accepting credit card payments instantly with only a few clicks.
No monthly fees or minimums. You pay 2.9% + $0.30 per transaction, with no extra fees or minimums ever. No PCI compliance costs or stress.
Stripe handles all security concerns directly with your customer so that you don’t have to worry about maintaining PCI compliance and protecting customers’ data
Stripe is a cloud-based solution that offers a varied set of unified APIs and tools that enable businesses to manage and accept payments online. Stripe handles key payment functions, such as subscriptions, storing cards and direct payouts to user bank accounts.
The 2Checkout Single Payment API also allows the processing of both credit card and alternative payment methods within the same workflow. This eliminates the need to develop multiple integrations to process various types of payments.
The 2Checkout Single Payment API’s intuitive design enables developers to integrate quickly and easily with 2Checkout’s comprehensive global payment processing platform. With support for more than 50 currencies, 86 countries and over 130 alternative payment methods, 2Checkout’s global reach ensures that merchants can sell to consumers in virtually any country around the world.
Our solution helps you to sell globally with ease, and we offer a multitude of features for our merchants.
2Checkout provides merchants with the ability to accept payments from consumers around the globe.
We also support multiple payment options, including credit cards, debit cards, PayPal, Bitcoin and bank transfers.
2Checkout has a multi-layered fraud protection suite that continuously monitors your transactions to guard against fraudulent activity.
Our advanced risk management technology is backed by our dedicated fraud review team who are on hand to assist 24/7.
Our customer service team is available to help your customers get the information they need before making a purchase. We also have a technical support team that can answer any questions you may have about your account.
Our marketing tools provide an easy way to boost conversions by enhancing your checkout process and showcasing your products in new ways. We have both free and premium features available for our merchants which include direct links, widgets and mobile SDKs.
Friendly: 2Checkout’s support team is available 24/7 to assist you. They are available through email, live chat and phone. You can also find them on Twitter and Facebook.
Global: 2Checkout reaches over 200 million consumers in more than 200 countries. Easy setup and integration: It takes only minutes to signup and integrate their services into your website and checkout process.
Low fees: 2Checkout offers a low flat rate for each transaction so there are no surprises at the end of the month. Hosted checkout page: Allows you to accept payments from customers without having your own merchant account or SSL certificate.
No monthly fee: This solution has no monthly cost associated with using their service.
2Checkout is the leading all-in-one monetization platform that allows businesses to quickly expand internationally.
- Chargify works with your favorite tools to support your business and delight your customers.
- Payment Gateway Integrations
- Plugins for shopping carts and billing frameworks
- Reports & Analytics Custom
- User Portals & Customer Management Tools
Chargify is a recurring billing and subscription management platform designed for subscription-based businesses which aims to end the billing bottleneck by providing tools such as offer management, recurring billing, revenue retention, analytics, third party integrations, and more.
What is Subscription Management Software?
It’s easy to see why subscription payments are so popular. With a monthly or annual contract, businesses can get recurring revenue and customers can get steady access to products they need.
Subscription management software is the platform that makes it all possible, providing the technology businesses need to manage their recurring payments. By managing subscriptions, a business can set up and fulfill payment plans, create accounts for customers, and track customer preferences.
The best subscription management software also helps businesses sell more by giving them the tools they need to retain existing customers and attract new ones. For example, a landscaping company might use subscription management software to set up yearly contracts with its clients.
When each payment is due, the system will process it automatically and send an invoice to the client. These invoices will provide details about the service performed and include an option for customers to upgrade or change their subscription plan.
This can help businesses provide excellent service through regular maintenance and resolve any payment issues before they escalate into large problems for both parties.
Setting Up Recurring Billing Software
Subscription-based businesses have been on the rise in recent years, and it’s easy to see why. Recurring billing allows you to lock in future income, so you can actually better predict your cash flow and expenses.
Customers love subscriptions, too. They provide an easy way to pay for the products or services you use month-after-month without having to remember to re-order again and again.
But managing a subscription business is more complicated than just sending out invoices each month. To succeed, you need to track expirations and cancellations, resubscribe dropped customers and manage your payment gateway.
That’s why more and more merchants are turning to recurring billing software for help.
Here’s what you need to know about setting up recurring billing software: Recurring billing software is a recurring revenue generation tool that automatically charges customers for the products or services they’ve agreed to purchase on a regular basis.
While this payment method is gaining popularity, it’s still unfamiliar to many consumers. To help you get started with your recurring billing software, here are some best practices and tips to gain customer trust and increase repeat sales.
Top features required in a Subscription Management Software
In today’s digital world, there are many software applications that businesses use to manage their subscription services. Most of these applications are cloud-based and offer SaaS (software as a service) over the internet.
Businesses use subscription management software to handle subscriptions and recurring billing. They also use the software to help manage their customer relationship.
A lot of them even provide e-commerce capabilities to support online payments and invoicing.
For businesses looking for subscription billing solutions, it makes sense to evaluate the top features required in a subscription management software before making a decision. Below is a list of some of the most important features you should look for when choosing your application:
Flexibility and Scalability: Your business needs flexibility in handling your customers’ needs so that you can reduce churn rates. You also need scalability so that you can adapt to changes within the industry and serve your customers better.
Real Time Customer Dashboard: The software should offer real-time dashboards that let your customers view and track their recurring bills through text messages, emails or other notifications you choose to send them.
Automation: Your application should automate processes such as invoicing and alerting
1. Subscription Management Software Features Easy payment management
There are certain features that make subscription management software great. Recurrify is a wonderful example of this.
It has many great features, but one of the best is the easy payment management feature.
If you’re like most people, then you’re probably quite busy. That is why it is important for you to get software that allows you to manage your subscription with ease.
Good subscription management software will make it easy for you to pay your bills. As a result, there will be less stress in your life. It can be extremely frustrating when you have to pay your bills manually.
This process can take up a lot of time and it can be really stressful as well. When you are dealing with recurring payments, however, things don’t have to be that way.
The right billing management software will help make this process much easier for you.
Recurrify offers subscriptions in several different currencies, and it allows customers to use credit cards or PayPal accounts to pay their bills. The platform supports multiple languages as well as multiple currencies, so everyone should be able to find a method of payment that works for them.
2. Subscription Management Software Features Flexible billing cycles
Subscription management software features flexible billing cycles. Subscription billing is a great way to get recurring revenue from your customers. You can charge customers on a weekly, monthly, quarterly or annual basis.
It is the best way to make money online with a recurring revenue model. Customers sign up once and you bill them automatically every month until they cancel.
With subscription billing, you can start charging customers right away. Just add your customer’s email address and their credit card number and you’re done!
Subscription billing can save you time because you don’t have to send out invoices manually every month. The subscription billing software sends out an invoice automatically and collects the money for you.
You can charge customers on a weekly, monthly, quarterly or annual basis. Subscription billing is the best way to make money online with a recurring revenue model.
Customers sign up once and you bill them automatically every month until they cancel.
3. Subscription Management Software Features Customizable subscription templates
Customizable subscription templates: With customizable templates, you can easily design new subscription products for your ecommerce store. Subscription management software allows you to set up simple or complex subscriptions, which can be bundled with other products.
Many of these solutions also feature a product configurator so you can make each subscription option unique.
Subscription billing models: Depending on your business, you may want to offer subscriptions that bill customers every week, month, year or even longer.
Some subscription management platforms let you create monthly subscriptions as well as annual ones, while others focus on specific payment terms based on the length of a product’s lifecycle.
Recurring billing: Once you set up a subscription plan, the recurring billing feature will automatically charge customers in accordance with the agreement they created when they signed up for the service.
If a customer chooses to cancel the subscription, recurring billing will stop after the current billing period ends.
Automatic renewals: Automatic renewals are great for companies that don’t want to worry about lost revenue from canceled subscriptions; however, it can also be annoying for some customers if they forget to cancel their subscription before the next payment is due.
4. Subscription Management Software Features Mobile friendly
Manage all of your subscriptions in one place. View, edit, and pause your subscriptions at any time on our easy-to-use mobile friendly interface.
Manage your account details, update payment information, and cancel your subscription by following a few simple steps.
Add unique items to your subscription box every month. Browse through thousands of different items and select the ones that best fit you needs.
Add them to your subscription box for only $5 per item plus shipping and handling.
5. Subscription Management Software Features Powerful analytics
When it comes to subscriptions, customer behavior is a major indicator of price sensitivity and renewal probability. Having access to customer behavioral data helps you understand how customers are using your product, what they like and dislike about it, and what they are willing to pay for it.
Customers who typically pay on time and use multiple features from your product value your service more than customers who don’t. Subscription management software can help you segment and analyze customer usage data based on the following metrics:
Type of account (customer vs. reseller) Number of users Number of features used Product tier (e.g., Gold, Silver, Bronze) Billing frequency (annual vs. monthly) Upon analyzing usage data, you may discover that a large percentage of customers are paying for more features than they actually use.
In this case, you may consider creating a more affordable, limited feature tier that would appeal to these customers. You may also want to change the billing frequency or offer a subscription discount in order to increase customer retention.
6. Subscription Management Software Features Customer support
Customer support is one of the most important subscription management software features to consider. After all, problems with billing or account access can be very frustrating for your customers.
If you don’t have a way to handle these issues quickly and efficiently, customers might choose to cancel their subscriptions or move to another service provider. Here are some of the types of customer support that can be handled through subscription management software:
- Billing concerns. Billing errors can be one of the leading reasons why customers cancel their services. It’s critical to address these issues right away, whether it’s resolving a credit card error or helping someone who was double-billed for a service.
- Account access issues. Customers need easy access to their accounts so they can update information about their subscriptions, change their payment methods and add new services.
If a customer has trouble logging into his or her account, it can lead to long wait times and poor customer satisfaction.
7. Subscription Management Software Features Customizable invoicing
Let’s take a closer look at some of the many advantages of using a customizable invoicing feature:
1. Increase your brand awareness.
You can customize the look and feel of your invoice to make it more consistent with the branding on your website, brochure and other marketing materials.
2. Provide a better customer experience.
If you offer multiple products or services, customize your invoices to clearly state what each charge is for. This makes it easier for customers to understand their bill and eliminates confusion or even disputes.
3. Offer multiple ways to pay by including as many as 34 payment methods on one invoice.
With Zuora’s customizable invoicing features, you can make sure your customers have the best possible billing experience — and that they pay their bills on time.
4. Competitive advantage for resellers and distributors.
Your partners may want to include their logo on invoices sent out to their customers. Incorporating this into your system lets them do so easily and efficiently.
Subscription Management Software – Frequently Asked Questions
How can subscription management software help my business?
If you sell subscription products, then subscription management software can help your business in a number of ways.
First and foremost, it makes it easier for you to manage your recurring revenue stream. You’ll be able to process payments, track your customers’ billing information and handle any other tasks that are related to the billing cycle – all from one convenient platform.
In addition to managing the recurring revenue stream itself, the right subscription management solution can also be useful in identifying growth opportunities. For example, if many of your customers are currently paying for month-to-month subscriptions, but you offer annual subscriptions at a discount, you might be able to increase your revenue by encouraging more customers to sign up for these long-term plans.
What Is Subscription Management Software?
Subscription management software is a type of billing and customer relationship management (CRM) software. This kind of software is designed to help companies manage all aspects of their subscription-based business models. Typically, this includes recurring billing, payment processing and tracking, customer data, analytics and reporting, sales and marketing.
How does Subscription Management Software help with free and paid trials?
If you have an ecommerce store and plan to offer free or paid trials, you need a way to handle the influx of requests. If a customer signs up for a free trial, they are more likely to convert into a paying customer providing they are happy with the service.
If you have an ecommerce store and plan to offer free or paid trials, you need a way to handle the influx of requests. If a customer signs up for a free trial, they are more likely to convert into a paying customer providing they are happy with the service.
First, let’s look at what exactly is meant by ‘subscription management software.’ Subscription management software refers to the technology that enables your business to handle all aspects of recurring billing such as trial offers, payments, cancellations and refunds.
What does subscription management software do? Subscription management software lets you create and manage different subscriptions for your customers. It also automates recurring billing so that your business can operate on autopilot. Subscription management software can help you with:
Building membership site functionality into your website Collecting recurring payments from customers Handling upgrades and downgrades Offering free and paid trials Managing account cancelations
What happens when failed payments happen?
Let’s take a look at the most common scenarios for failed payments.
A credit card expires: This is a common scenario, and the solution is simple: update your card information! If you don’t update your information, then you’ll continue to see failed payments until the issue is resolved.
You have insufficient funds: If you have insufficient funds in your bank account, your payment will be declined. The solution here is to make sure that you have enough money in your bank account to cover all of your subscriptions.
You can check out our article on managing subscriptions for more info. Your card was lost/stolen If your card was lost or stolen, then you’ll need to contact your bank to resolve the issue. Once that’s done, be sure to update your billing information with us!
The payment was blocked by your bank’s security system Sometimes banks block payments if they think they’re suspicious or fraudulent. In this case, you’ll need to contact your bank to find out why they blocked the payment and resolve the issue with them directly.
Once that’s done, try making a one-time payment again and it should work this time.
What are my options for deploying subscription management software?
Subscription management software is a type of business software that facilitates the subscription process for your business. This may involve collecting monthly payments, maintaining customer data, and providing customers with services and products.
You have several options for deploying your subscription management software, including the cloud (software-as-a-service), on-premise or hybrid solutions (cloud and on-premise combined). Cloud solutions are delivered via the internet and can be accessed from any device with an internet connection.
The cloud provides businesses with many benefits, such as flexible scalability, reduced maintenance costs and easy backup solutions. On-premise solutions are hosted on a business’s own property and server space. Some businesses prefer this option because they can maintain more control over their data.
However, businesses must also take care of system updates, backups and maintenance on their own. Hybrid solutions combine elements of both cloud and on-premise solutions to allow businesses to store some sensitive data locally while still having access to the cloud’s flexibility.
What are payment gateways?
Payment gateways are what allow your customers to pay you over the internet. The traditional payment gateway is where you enter your credit card details on a website and then press the ‘submit’ button.
The information is then sent over to the payment gateway which processes it, checking that the card details are correct and that there are sufficient funds in the account (amongst other checks) before either declining or accepting the transaction.
Payment gateways have evolved since these early days and now come in many different flavors. Some take payments directly from a customer’s bank account, others take different types of credit cards, such as those issued by American Express.
The new wave of payment gateways also allow for payments by mobile phone and even bitcoin payments. Payment gateways are online services that process payments for online vendors.
They act as a bridge between your merchant account and payment processor, connecting your online shopping cart to the system that communicates with your customer’s bank to authorize a purchase.
Payment gateways come with varying levels of sophistication. Some offer basic features, such as authorizing a transaction and pushing it to your processor. Others provide more advanced features, like anti-fraud protection and payment management tools.
Why are recurring billing rates important?
Recurring billing rates are important because they show you how many of your customers are continuing to pay you after the first billing cycle. The higher the rate, the better it is for your business.
The recurring billing rate shows you how well your product or service is doing. If people aren’t interested in your product, they won’t renew. If your product is doing well, most people will continue to pay.
The number is also important because it lets you know how much revenue to expect next month and how much revenue you’ll be able to generate in the future. For example, let’s say that you’re selling a monthly subscription for $10/month.
If you have 100 customers, then your monthly revenue would be $1,000 (100 x $10). Now let’s look at what happens if the recurring billing rate is 50%. This means that 50 of those original 100 customers will cancel their subscription and no longer pay you each month.
The other 50 customers will remain and continue to pay you each month. So now instead of generating $1,000/month ($10 x 100), you’re generating $500/month ($10 x 50).
What is the best type of Subscription Management Software for my business?
Businesses in the subscription economy are more successful when they have the right software. This software has many benefits, from automation to better customer service.
A subscription management software helps businesses keep track of customers and their subscriptions.
Here are some of the things that make subscription management software valuable for businesses:
Automating billing: Subscription management software can automate billing and other financial tasks, including revenue recognition and collections. This saves time for employees who would otherwise have to manually manage these tasks.
Better customer service: Subscription management software makes it easier to understand customers’ needs and preferences. This gives employees more time to interact with customers. For example, employees could spend less time managing accounts and more time talking to customers on the phone or through chatbots.
Managing subscriptions: Subscription management software helps businesses keep track of their subscriptions, including how many customers are on each plan and how long they’ve been subscribed. It also shows how much revenue is coming in from each subscription plan and whether it’s profitable or not.
Can subscription management software accept multiple currencies?
You can check out this article that explains more about recurring payments and transactions, but in short the answer is yes. The best subscription management platforms allow you to accept multiple currencies.
When you start accepting payments in other countries, it’s important to make sure your platform can handle those payments. In addition to being able to accept multiple currencies, you also want your platform to be able to automatically convert prices for buyers based on their location.
So if a buyer in the United States is visiting your site, they will see prices in USD, while a buyer from Canada sees prices in CAD. In order for currency conversions to work properly, the payment gateway must support them.
The best gateways do this by recognizing the IP address of the buyer and charging their card in their native currency. The platform then receives the funds and converts them into your native currency at the current exchange rate and deposits them into your bank account or payment processor account.
Best Subscription Management Software – Summary
Subscriptions have been around for a while, but they’re only now becoming mainstream. From gyms to razor blades and everything in between, the subscription economy has redefined consumer expectations.
As a result, it has become critical to find the best subscription management software to help your business grow!
Here are the top 5 reasons why you need to implement a great subscription management solution:
- Subscription Strategy: Subscription models help increase customer lifetime value. But this can also be a double-edged sword because it locks you into a long-term relationship with your customers.
- You have to work harder to keep them happy and ensure their satisfaction. This is where subscription management software comes in handy. It helps you build an effective strategy to ensure long-term customer loyalty.
- Optimize Pricing: One of the key benefits of using subscription management software is that it allows you to optimize pricing for maximum revenue and customer retention.
- With a good system in place, you can do this with minimal effort (for example, by automatically adjusting price based on usage or changing packages based on time). 3. Invoicing & Billing: With subscriptions, invoicing and billing becomes a recurring process. A great subscription management software should help
Best roundup I’ve seen of subscription management software.
Your style is really unique in comparison to other people I have read stuff from. This is a great guide to subscription management software. Thanks for posting.