What is Subscription Management Software?
Subscription management software enables companies to track all activities related to the scale of subscription-based products. This software is most importantly used in sales, marketing, and accounting, but can be used by most departments of a subscription-based business.
Products are either offered as a software suite – a combination of multiple products – or standalone product. Subscription management software integrates with other solutions such as e-commerce platforms, accounting software, and payment gateways.
In order to be considered as a subscription management software, a product must:
- Accommodate automatic payments from a number of different payment methods
- Allow users to create custom plans, bundles, and multi-year arrangements
- Define and manage subscription plans for software as well as digital and/or physical products
- Identify new sales opportunities
- Manage pricing for subscriptions, as well as discounts and special offers
- Manage renewals, cancellations, and any other changes to subscription packages
- Store customer information such as billing, contracts, and payments
Compare Top 5 Subscription Management Software:
TechRound have compiled a list of the top 5 subscription management software for your business in 2021.
Chargebee helps subscription businesses to capture, retain, and maximise revenue opportunities. The platform utilises automated recurring billing, subscription management, and revenue analytics, blending seamlessly into your current tech stack.
Starting at $599 per month, Chargify is the only billing and revenue management platform that is specifically built with fast-growing B2B SaaS businesses in mind. Enabling subscription businesses to create, optimise, and adapt offers whilst managing change over time, Chargify will transform your revenue management.
3. Stripe Connect
Stripe Connect offers solutions for mobile and web payments, built specifically for developers. It provides a set of unified APIs and tools that instantly enable businesses to accept/manage online payments.
2Checkout helps companies sell their products/services via multiple channels, acquire customers across multiple touch points, leverage smarter payment options and subscription billing models, increase customer revenue retention, and maximise sales conversion rates. Clients of this software include: Absolute, FICO, and amongst others, HP Software.
SaaSOptics automates financial operations for growing B2B SaaS business using a cloud-based solution. The software enables clients to see accurate SaaS metrics and analytics quickly, automate GAAP-compliant revenue recognition, and scale billing and payments smoothly.
Why Does My Business Need Subscription Management Software?
Subscription management software enables your business to track all the activity related to the sale of your subscription-based products. It integrates well with a multitude of other software that your business likely uses.
How Much Does Subscription Management Software Cost?
As with all software packages, prices vary quite drastically between brands. Some subscription management software starts at no cost, and some have a monthly fee depending on the features it provides.
Can I Get a Free Trial of Subscription Management Software?
Many subscription management software packages offer free trials to customers to allow them to test out the software before committing to payment.