17th February, 2023
TABLE OF CONTENTS
Subscription management software helps to keep track of everything that goes on with the sale of subscription-based products. It aids in managing your customers' subscriptions and ensures they have a positive experience with the product or service you provide.
The term "subscription management" refers to various customer lifecycle processes, including the management of trials, the assignment of credits, the issuance of refunds, and the modification of subscriptions in the middle of a cycle.
The subscription management process begins when customers sign up to "subscribe" to your product or service. And the process ends when the customer cancels their subscription. Managing subscriptions takes work, especially if you have a large clientele. The list is almost never-ending, from collecting customer information to making invoices to collecting payments and much more.
Managing subscriptions well is essential for businesses that rely on recurring revenue and use a subscription business model. This helps ensure that customers are happy with the service and continue to subscribe.
This article lists the 9 best subscription management software in 2023. But before that, let's see the features of an efficient subscription management tool.
Every business with a subscription-based pricing model needs to handle payments and cancellations, record what customers have bought, send invoices at the right time, notify customers when payments fail and do much more.
And that's not less work. So what should you do? Look for efficient subscription management software. But how? Here're some of the features that subscription management software must have:
Integration: It must connect to a business's existing payment gateway (s), e-commerce platform solution, financial systems, and any other e-commerce tools that may be used.
Reliable Data Storage: It should store all sensitive customer data, including payment information, in a safe place.
Accept a Variety of Payment methods: The best way to make sure people buy is to give them multiple ways to pay.
Smooth Automation: In addition to prioritizing the needs of your clientele, you should select a subscription management software solution that automates as many of your company's procedures as possible.
A subscription management tool is a must-have for businesses that sell subscriptions. Many times, several customers come back to renew their subscriptions or make a change in their plan. Without such software, it will be difficult to keep track of all such customers.
Is that the only advantage? Well, no! Below we have listed some other benefits that subscription management software offers:
Explaining subscriber plans: Most SaaS companies offer different types of subscriptions to their users. Using tools for managing subscriptions, product managers can define, change, and update the exact features of each level of service.
Billing automation: Most tools for managing subscriptions have an automatic billing feature that handles renewal payments automatically based on dates set by the system.
Account management: Even though most SaaS subscriptions can be handled entirely by self-service, managers still need to be able to update account records by hand. This is where features for managing accounts come in. Most tools let users change the default actions, cancel plans, and upgrade them from the backend. Most of the time, these changes would be made to customer-facing resources like customer support and success.
There are many things that go into running a successful subscription business, like having a great product, finding the right product-market fit, and coming up with new ideas all the time to stay ahead of the competition. What's easier to forget but very important for subscription businesses is to have tools for managing subscriptions.
But you don't want just any tools—you want the right tools to keep your business running smoothly and make tracking all of your products and services easier. So here, we've put together a list of software for managing subscriptions that can simplify your tasks and help you get more customers.
Let's look at them.
Zluri is a SaaS management platform that helps IT admins find, optimize, and secure SaaS apps with capabilities like renewal monitoring, application cost optimization, and subscription usage. With Zluri, you can keep track of your software vendors, licenses, subscriptions, and contract renewals. Moreover, it lets you reduce your SaaS spend and generate more ROI.
Zluri's license module overviews all the licenses, contracts, subscriptions, and perpetual used throughout the organization. In addition, the module shows every detail about each user license. This way, users can easily keep track of all their SaaS apps and licenses.
The license module also tells you how many licenses each user has, when their next renewal is, what kind of license they have, how much it costs, and how they pay for it. In addition, it lets you compare the license costs and usage so you can make better decisions while buying SaaS licenses in the future. In short, Zluri gives IT teams more control and visibility over their SaaS apps and licenses.
Having a centralized dashboard makes monitoring unwanted apps used within the organization easier.
Provide users with a smart calendar to manage renewals. Thus, one doesn't have to worry about surprise deductions.
Zoho Subscription is a one-stop solution for managing recurring billing and subscriptions. With Zoho Subscriptions, you can handle complicated billing cycles, keep track of customer subscriptions, and automate invoicing and payment collection. It helps you handle failed payment retries and see how your business grows. It lets you take care of your customers' subscription billing from start to finish. Automate recurring billing, handle subscriptions, send professional invoices that comply with GST, and always get paid on time. It also helps you give customers more control by giving them a self-service portal and strengthens your relationship with them by letting them know ahead of time when payments fail or cards expire. You can Sign up for a free test account with Zoho Subscriptions today to try out all of its features.
It sends multiple reminders to clients before the billing renewal; thus, you won't have surprise deductions from your account.
It syncs automatically with Zoho CRM, so you don't need to build an API.
It has multiple integration capabilities. Hence, you can consolidate multiple products into one single infrastructure.
The new way invoices, refunds, credit notes, and subscriptions which are shown is difficult to comprehend and becomes problematic for a customer to view its full history.
Customer support takes longer than usual to respond to a query.
Sage Intacct is a subscription management tool that makes monitoring and tracking subscriptions easy. Sage Intacct helps nonprofits improve their stewardship, increase their influence, get more money, and complete their missions.
The platform makes bills for subscriptions, contracts, and recurring services easier. Sage Intacct subscription billing software adapts to your needs to make payment management easier and smarter. Moreover, the Sage Intacct subscription billing software can automate subscription-payment processing and billing, revenue recognition, and Salesforce-financial data flow.
The financial records are very well-organized. Thus, you no longer have to toggle between multiple sheets to track the records.
It can be efficiently used in collaboration with other software. So you can integrate it with your existing software program.
It's easy to navigate through the screens since it can be personalized to specific financial transactions and handles different currencies.
There is no mobile app available for more convenient use. Therefore, the user must always use the desktop to access the software.
It takes a long time to make a custom report. Thus, making it tedious to generate reports from data sources.
ProfitWell is a platform for managing subscriptions. It offers products that are focused on results and can help you optimize pricing and manage subscriptions easily. For example, with Pricing Audit, you can compare how your pricing strategy has changed over time, and Retention Audit will help you figure out where your revenue is leaking away. ProfitWell's subscription reporting and analytics can also give you a lot of clear information. The software for managing subscriptions is easy to use and has a simple learning curve. It is also easy to set up. In addition, ProfitWell's customer service team is quick to respond, so if you're having problems, you can immediately get help.
ProfitWell offers accurate subscription reporting and analytics in real-time. You can connect Stripe, Zuora, Zapier, or any other billing data source to see your metrics in 5 minutes. This is all free, forever.
It provides the ultimate SaaS dashboard for any growing SaaS company that helps you understand key business metrics.
With its analytical computing capabilities, you can easily compare the current month's signups and churns to previous months.
Some metrics are difficult to understand, e.g. you may need help understanding how refunds are calculated.
It is cumbersome to integrate with Salesforce and other software. Hence, it may only be suitable for some organizations.
Omeda is an efficient subscription management software with everything you need to grow, engage, and profit from your audience. With its Customer Data Platform (CDP), Email and Marketing Automation, Subscription Management, and many Integrations, Omeda makes it easy to build sophisticated audience growth campaigns at scale without needing any other tools. The most competitive and forward-thinking subscription fulfilment services are the ones that offer a wide range of subscription options and the best data management and integrity tools. Omeda has met and exceeded all needs for audited, controlled, and paid title subscriptions for over 30 years.
It has powerful search and sorting functions to help drill down into your database.
It allows you to centralize your CDP, email deployment, form builder, marketing automation, and circulation management. Hence, with Omeda, you will have all these under one roof.
Cratejoy is a subscription platform with everything you need to start or grow your subscription box business. You don't need any plugins to use it. It is a platform that simplifies the process of managing your subscribers and their subscriptions. When built-in subscription payment alternatives are utilized, keeping track of payments and billings is much simpler. It Includes a custom website, payment options for already built-in subscriptions, an analytics dashboard, a subscription CRM, and more.
Cratejoy gives e-commerce sellers and business owners the tools they need to get into the fast-growing subscription box market.
It has great reporting tools that make it easy to keep track of your customers' subscriptions and see which ones are popular and which aren't.
The tool Supports integration with other apps. Hence, you can work in collaboration with several other apps.
The platform has limited room for customization. Hence, it may only be suitable for some businesses' needs.
sticky.io is a subscription and recurring billing platform for direct-to-consumer and subscription commerce that can grow quickly. sticky.io can be added to any storefront or front-end app to improve billing and order management. sticky.io's API-driven platform and custom integrations allow organizations to run their business exactly how they want.
With sticky.io's advanced analytics and reporting, brands get a 360-degree view of the customer and can determine what actions will have the biggest impact on maximizing opportunities and revenue. Sticky.io helps you keep track of all of your subscriptions. Moreover, using different pricing models, you can track billing and personalize features that best fit your business.
The platform supports successful integration with other software and payment processors. Hence, you don't need to put extra effort into configuration.
It's hard to look at a customer's billing history and determine the charges for a particular product they bought. Hence, it may cause difficulty while generating invoices.
The subscription management feature of SaaSOptics makes it easy for B2B SaaS companies with term subscriptions to manage their customers' subscriptions. You no longer need to have long conversations with your sales reps. SaaSOptics makes managing and changing subscription information easy so that nothing gets lost. It is a cloud-based solution that helps with financial operations.
If you run a B2B SaaS business, you can use this software to manage subscriptions and keep track of billings. SaaSOptics's universal subscription and billing solutions can handle even the most intricate SaaS business models and increase recurring revenue. In just a few easy steps, you can use SaaSOptics to generate flexible subscription plans and ensure proper billing for any number of subscribers, even if you have thousands of them.
It provides a flexible invoicing system. Thus, it gives you the flexibility to deliver customer-specific invoices.
The platform provides a centralized location to see all the client's contract details in one place.
Lacks analytical data in Finance reports. Thus, you must manually input data, which can be a bottleneck for large organizations.
Billsby is a subscription management tool that was developed specifically for subscription and Software-as-a-Service (SaaS) enterprises. Using Billsby Value Score, you may learn more about your clientele. In addition, Churn and chargebacks can be mitigated through the use of automated payment processing, billing, and dunning management. The platform is compatible with every popular business application out there.
Billsby's drop-in checkout and account management capabilities make launching a subscription billing business simple, and the platform also supports more extensive API integrations. It's a service hosted in the cloud specializing in handling money matters. If you own a B2B SaaS company, this program will help you keep track of your subscriptions and payments.
It provides a supportive chatbot, and whenever you have a question, it gets answered immediately by them.
The $50,000 free trial and 0.8% transaction charge make the pricing the best in the market.
Its subscription service uses a lot of third-party apps and services, which may lead to cybersecurity issues.
There is no option to set up a discount code for products.
Zluri APIs can be called from internal and external applications to create a bridge that helps assign licenses, manage contracts, and a lot more!
In this post, we've discussed 7 symptoms of an unoptimized SaaS stack and solutions to optimize the same.
In this post, you'll learn about shadow IT due to SaaS apps. You'll also learn the most common types of shadow apps categories, shadow IT risks, and shadow IT benefits.
An obese SaaS stack leads to SaaS wastage. It's a disease! It not only causes financial issues but also gives you security and compliance problems. That's why you must keep tight control on your SaaS stack. And it begins with managing your SaaS vendors.
When an organization has a large number of SaaS applications in its SaaS stack, it gives rise to SaaS Sprawl.
At the heart of vendor management is tracking key performance indicators (KPIs) to measure vendor performance. By monitoring KPIs such as compliance rates, response times, and quality of service, you can evaluate your vendors objectively and make data-driven decisions about your vendor relationships.
Imagine a scenario where a vendor's software system experiences a sudden crash, causing significant disruption to your organization's operations.
Third-party risks are a big part of vendor offboarding procedures. An organization that doesn't have a centralized database of vendors and a well-defined offboarding process leads to significant risks like third-party data breaches and compliance issues.