What’s Subscription Management Software?
Subscription management software helps businesses manage their product and service billing and sales based on a recurring period. It endeavors to provide customers with improved services and streamlined revenue management for SaaS and related businesses. It stores all payment information and processing fees to manage recurring revenue automatically. The software also ensures you charge the correct subscriber or customer the correct fee at the correct intervals. For this purpose, the software is added to a payment gateway’s one-time payment functionality.
Unless they are standalone software or tool, your products are provided as a software suite. Additionally, it integrates with additional tools, such as eCommerce platforms, catalog management tools, payment gateways, etc. However, many individuals need clarification on comparable tools, such as payment gateways, merchant accounts, etc. In reality, subscription management software or recurring invoicing app operates on top of a payment gateway such as Stripe to enable them to manage subscriptions while preventing errors in billing customers the correct amounts based on their plan. Similarly, SaaS analytics software operates on top of a subscription management tool that enables you to analyze your MRR, attrition, number of active customers, and other crucial metrics.
What’s The Need For Subscription Management Or Analytics?
A subscription management system can help you boost your revenue if you’ve an eCommerce store, app, delivery service, etc., that services many customers. This software helps your customers easily integrate subscriptions with their preferred payment gateway. And when they signup for any of your services or products, they can easily become your customers or subscribers by immediately submitting their bank information, which they can also use for renewals. As a result, your subscriber base grows due to the workflow’s ease, speed, and convenience; additionally, the subscription management software allows your fulfillment and sales teams to monitor and manage subscribers’ accounts easily for a streamlined workflow.
In addition to these features, the software provides essential functionalities such as analytics, dunning, and real-time actionable data for your marketing campaigns. As your customers progress through their subscription periods, you can offer them intriguing opportunities such as renewals, upsells, and cross-sales by maintaining a healthy relationship with them. Your outreach and marketing teams could view subscriber information in conjunction with their selected plans to reach out to subscribers with product recommendations, solicit feedback, and offer special discounts. Due to these personalized interactions, customer attrition rates decrease during customer engagement, and revenue rise.
How To Pick A Good Subscription Management Software?
- First, choose the software that aligns with your company’s objectives in terms of the services you require, such as subscription management or additional services such as analytics, dunning, and merchant stores, or all of them.
- The software must be scalable to meet the expanding requirements of your business.
- It must allow for customization, which helps you adapt to your challenges.
- It needs to be adaptable enough to provide a variety of plans from which to choose when upgrading or downgrading.
- Lastly, you must be able to manage your coupons, promotions, and discounts easily, with the option to reactivate or rescind them.
Next, examine the best subscription management software for SaaS and other businesses that may require it.
Top Subscription Management Software
As we curated, the best Subscription Management Software is listed below.
1. SaaSOptics
SaaSOptics is one of the foremost subscription management software designed for B2B SaaS businesses, whether you are a startup or an enterprise. The software helps you automate the order-to-cash process, scale more quickly, and eradicate the need for spreadsheets and many emails. You can perform more data in less time while keeping your things clean with comprehensive order management. With its assistance, you can generate precise invoices, accelerate revenue forecasting, and automatically synchronize orders from CRM to GL. Get accurate, on-demand, GAAP-compliant revenue recognition for your loans, investors, M&A, etc.
Ensure timely and effective billing and collection procedures. The software helps you scale your billing procedure one hundred times faster than manual methods. In addition, it reduces the time spent on AR management to improve cash flow. Using an automated collection process, SaaSOptics makes it comfortable to receive payments on time. It also eliminates negligence or friction caused by excessive emails and escalated messages. Users of the CRM could easily view their account data, including ARR, MRR, and total balance, and create invoices with transaction details. You are provided with hundreds of formulas and metrics to reduce the possibility of errors and respond to board inquiries. SaaSOptics provides accurate and GAAP-compliant financial reporting for revenue, invoicing, AR, deferred revenue, etc., for banks, investors, audits, funding, etc.
2. BareMetrics
BareMetrics helps you grow your business by providing precise metrics, engagement tools, and dunning for SaaS businesses. The software displays useful data from the control center, such as activity traces, transactions, events, and numbers, to help you make more profitable business decisions. You can visualize present and historical data to plan and strategize for the future. Well, you can segment customers based on location and other metrics using people insights. The software even helps you manually create and manage new customers through the subscription form. A wise dashboard included with BareMetrics helps you easily compare numbers, dates, customer segments, and plans.
Normalize charts by selecting trendiness, creating business objectives, and adding additional information. Use Recover to acquire a dunning solution and protect your business from losses caused by insufficient funds, expired credit cards, bank issues, etc. It includes tools for personalizing email campaigns, paywalls, in-app reminders, capturing forms, and in-depth analytics, among other things. BareMetrics forecasts assist you in predicting the future via intelligent MRR projections, attrition percentage, growth type, customer counts, and cash flow forecasting, among others. Receive progress reports via email monthly, weekly, or daily to stay informed. Its augmentation feature lets you combine external information with your metrics to gain profound insights into your business and customers. You can integrate with Zapier and Slack, import CSV files, and send additional data via their API. In addition to segmentation, benchmarking, Slack tools, an analytics API, and cancellation insights, BareMetrics includes many other features.
3. MRR.io
No matter what payment processing service you use, MRR.io will help you keep track of your monthly recurring revenue. They automatically provide accurate metrics so your SaaS business can flourish. MRR.io also provides cohort analysis, metric forecasts, multiple data sources, and sophisticated email reports in addition to these metrics. It supports integration with Paddle and Stripe, and manual data entry and APIs are available.
4. ChartMogul
Since 2014, ChartMogul has likely been one of the best subscription data platforms. The software makes it simple to cleanse and consolidate billing data, then analyze it using effective subscription analytics. It helps you comprehend the dynamics of your business and visualize where you must direct your efforts. You can investigate subscription data such as MRR, MRR movements, MRR breakdown, and net cash flow. With the help of turnkey integrations and APIs, you can instantly incorporate your revenue and subscription data into a single source via an import tool or CSV upload tool, allowing you to view everything in an organized manner.
Stripe, Braintree, Recurly, App Store Connect, PayPal, Chargebee, Chargify, GoCardless, Shopify, Zuora, and Google Play can be integrated with ChartMogul. Using Data Enrichment, you can enrich ChartMogul with additional data, segment customers, and analyze the information. Add additional data using tools like Intercom, MailChimp, HubSpot, Pipedrive, Wootric, and Close.io via Zapier, or create your own. By integrating ChartMogul with Zendesk, CSV Export, Geckoboard, Slack, Visible, etc., your team can perform data exports to display insights and metrics when needed.
5. ProfitWell
ProfitWell’s purpose is to help you manage your subscriptions without confusion. They provide accurate services whether you require subscription reporting, complimentary analytics, or to become a pricing strategy expert. As a result, your revenue and monetization are optimized, and customer churn is reduced. Using these analytics and reports, you can identify areas in which you’re performing well and those in which you are weak. In addition, it helps you see how you stand compared to your competitors on comparable stages. Use their mobile app to receive real-time notifications on your Android or iOS device.
ProfitWell enables you to evaluate your pricing strategy and monetization health to make improvements. You can perform a retention audit to determine where revenue is leaking and where you can increase retention. They enrich data with Clearbit and Full Contact to identify consumer segments hindering or preventing subscription development. Free analysis by location, gender, and 107+ other segments. Share your metrics wherever you’d like and integrate with multiple platforms, including Stripe, Google Sheets, ReCharge, Chargebee, Braintree, Recurly, Zuora, and Chargify. ProfitWell is GDPR-compliant and secure, protecting you from legal issues.
The Bottom Line:
Now you understand why subscription management software has become necessary for SaaS companies. Choose any of the abovementioned services to simplify your billing, subscription analytics, and other crucial things and boost your revenue.