The need for subscription management software is increasing.
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 clients.
Collecting customer data and tracking their subscription status, generating invoices and receiving payments, and much else in between can be exhausting.
Right now, relying solely on spreadsheets and other manual methods for different processes could reduce your productivity and slow down your workflow.
But do not worry; Subscription management software is all you need.
So, let’s talk about this software and how it can help you!
What is subscription management software?
The software that helps companies boost billing and sales of their products/services based on a recurring period is subscription management software. Its goal is to provide customers with better services and streamlined revenue management for SaaS and other related businesses.
Store all payment details along with processing fees to manage recurring revenue automatically. The software also makes sure that you charge the correct rate to the correct subscriber or customer at the correct intervals.
For this, the software is added to the single payment function of a payment gateway. Its products here are provided as a software package, otherwise a stand-alone 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 like payment gateways, merchant accounts, etc. In reality, subscription management software or recurring billing software works on top of a payment gateway like Stripe to allow them to handle subscriptions and ensure that no errors occur in charging customers the correct amounts according to their plan.
Similarly, a SaaS analytics software works on top of a subscription management tool that allows you to 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 eCommerce store, app, delivery service, etc., serving many customers, a subscription management system can increase your revenue. It is because this software helps its customers to easily implement subscriptions to 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 also use the same information during renewals.
As a result of this convenience, ease and speed of workflow, your subscriber base grows; Additionally, your sales and fulfillment team can also effortlessly monitor and manage subscriber accounts using subscription management software for a seamless workflow.
Apart from those aspects, the software gives you some more important functionalities like real-time analytics, claims, and actionable data that you can use in your marketing campaigns.
As your customers progress through their subscription periods, you can also offer them exciting opportunities, such as renewals, up-sells, and cross-sells, by following your customers in a healthy way.
Your promotion and marketing teams could view subscriber information along with chosen plans to reach out to them with product suggestions, gather feedback, and offer special discounts.
As a result of these personalized interactions, your churn rate decreases while customer engagement and revenue increase.
How to choose a good subscription management software?
Next, let’s discuss the best subscription management software for SaaS and other businesses that may need it.
Effectively grow your business with BareMetrics that helps you with accurate metrics, engagement tools, and claims for SaaS companies.
The software displays useful information, such as activity logs, transactions, events, and control center numbers, that help you make better, more profitable decisions to move your business forward. You can visualize data from the present and the past and then plan and strategize for the future.
With people insights, you can segment customers based on location and other metrics. The software even helps you to create and manage new customers manually through the subscription form. BareMetrics comes with a smart dashboard that helps you effortlessly make complex comparisons like numbers, dates, customer segments, and plans.
Normalize charts by choosing trends, create trading goals, add comments, and more. Use Recover to take advantage of a claim solution and prevent your business from being lost due to insufficient funds, expired credit cards, banking problems, etc.
It comes with tools to customize email campaigns, paywalls, in-app reminders, capture forms, deep analytics, etc. BareMetrics forecasts help you predict the future through smart projections of MRR, churn rate, growth type, customer counts, cash flow forecast and more.
Receive email reports to stay on top of monthly, weekly or daily reports and track progress. Its augmentation feature allows you to merge external information with your own metrics so you can get detailed insights about your business and your customers.
You can integrate with Zapier, 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 information, and more.
SaaSOptica is one of the leading subscription management software designed for B2B SaaS businesses, no matter you are a start-up or a start-up.
The software helps you automate order-to-cash conversion, scale faster, and eliminate spreadsheets and reams of email. With comprehensive order management, you can get more done 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, mergers and acquisitions, etc.
Ensure timely and efficient billing and collection. The software helps you scale your billing process 100 times faster than manual methods. On top of that, it saves you the time spent managing AR to improve cash flow.
SaaSOptics makes it easy for you to receive payments on time with an automated collection procedure. It also eliminates neglect or friction with too many emails and escalations. CRM users can easily view their account details with ARR, MRR, total balance and create invoices with transaction details.
You get hundreds of formulas and metrics to reduce the probability of errors and you can react to board queries. SaaSOptics provides financial reports for revenue, billing, AR, deferred income, etc., that are accurate and GAAP compliant for banks, investors, audits, financing, etc.
Track your recurring revenue every month using MRR.io regardless of the payment processing service you use. They provide you with accurate metrics automatically, so your SaaS business can thrive. The functions included in MRR help you calculate:
In addition to these metrics, MRR.io also provides additional features like cohort analysis, metric forecasts, multiple data sources, and advanced email reporting. It supports integration with Paddle and Stripe, and there is the availability for manual data entry and APIs.
The MRR.io pricing structure consists of two plans:
The goal of BenefitGood is to manage your subscriptions smoothly and without confusion. Whether you need underwriting reports, free analytics, or expert pricing strategies, they provide you with accurate services.
As a result, you optimize your revenue and monetization and reduce churn. With those analyzes and reports, you can identify areas where you’re already doing very well, as well as those where you’re not strong.
It helps you see how you rank against your competitors with similar stages to compare. Use your mobile app to receive real-time notifications on your Android or iOS smartphone. ProfitWell allows you to compare your pricing strategy and monetization status so you can improve.
You can conduct a retention audit to find the areas where there is a loss of income and those where you can increase your retention. They enrich data with Clearbit and Full Contact to uncover customer segments motivated or distracted by subscription growth.
Analyze based on location, gender and over 107 other segments for free. Share your metrics anywhere and integrate with multiple platforms like Stripe, Google Sheets, ReCharge, Chargebee, Braintree, Recurly, Zuora, Chargify. ProfitWell is secure and GDPR compliant so you don’t get into any legal trouble.
GraphMogul is probably one of the best subscription data platforms, which is thriving since 2014. The software makes it easy to clean and consolidate billing data and then analyze it through efficient subscription analytics.
It helps you understand the dynamics of your business and visualize where you should channel your efforts. You can explore underwriting 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 a 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. With data enrichment, you can add more data to ChartMogul, segment customers, and analyze the information.
Bring in more data using tools like Intercom, MailChimp, HubSpot, Pipedrive, Wootric, Close.io via Zapier, or create your own. Export data to display insights and metrics when your team needs them by connecting ChartMogul with Zendesk, CSV Export, Geckoboard, Slack, Visible, etc.
Subscription management software has become a huge necessity for SaaS companies, and now you know why. Therefore, choose any of the services mentioned above to optimize your billing, subscription analysis and other important things and increase your income.