Your SaaS company survives thanks to the management of revenue and subscriptions. The top tools and software for managing subscriptions are listed below.
SaaS companies must understand how to give their consumers customizable subscription plans while maintaining total control over their client information. After all, without sales, your company would slowly deteriorate.
Sales of apps and B2B/B2C software will soar in 2022. SaaS companies are more common than ever, whether they are designed for usage by large or small enterprises or by the general public. Statista estimates that the market for SaaS sales will be valued at approximately $176 billion in 2022. In 2021, SaaS sales were estimated to be worth $152 billion.
In fact, the market has increased by an astounding 300 % during the past seven years. Given the sector’s impressive growth and popularity, it’s not surprising that a wide range of subscription management software is now available to assist in coordinating and tracking the numerous payments these SaaS companies require. Let’s clarify our words a bit before we look at our list of the top 10 subscription management products.
What is subscription management software?
A product called subscription management software assists subscription businesses in setting up, automating, managing, and maintaining a database of customers’ recurring subscription payments. Usually, this software has the ability to accept payments from a variety of sources (credit and debit card companies, PayPal, Stripe, etc.). Additionally, it supports several subscription tiers and has built-in marketing features that help lower churn and missed payments.
Top features required in subscription management software.
The top tools and software for managing subscriptions provide a variety of payment options and connectors. It would be possible to send out invoices automatically and provide discount codes or vouchers. Both you and your subscribers can monitor the status of your payment plans and upgrade, renew, or cancel them as needed using the client and customer-side interfaces that are often included.
The following features are essential for any top-notch subscription management software system:
- Flexibility to create multiple tiers
- As many payment options as possible
- Dunning and churn reduction measures
- Analytics, reports, and dashboards to track revenue
- Integrations with your CRM, mail system and other tools
- Invoicing and payment recovery systems
- Great customer experience: easy-to-use interfaces for both clients and subscribers
Let’s now examine what is offered, what it offers, and how it compares to other options.
Top 10 best subscription management software and tools
We have selected the following products as the best subscription management software for 2022:
- Verifone (2Checkout)
Let’s explore each of them in more detail now.
The primary competitor to PayPal and one of the well-known companies in online payment services is our first choice. Known as a “payments infrastructure for the internet,” Stripe is a payment gateway that accepts both one-time e-commerce purchases and recurring subscription payments (for recurring billing).
Deliveroo, Booking.com, Xero, and Asos are just a few of the countless well-known e-commerce companies that use Stripe, which has millions of users overall. Both the ability to issue invoices and fraud detection procedures are available. With Stripe, you can even create your own branded “shop cards.”
“In-App Subscriptions Made Easy” by RevenueCat is a more specialized tool than Stripe. By providing iOS, Android, and web-based payment interfaces, they hope to make your subscription service genuinely cross-platform. The availability of automated alerts via webhooks is a terrific feature for SMBs and start-ups because you’ll always be aware when a new subscriber comes on stream or a sub is due for renewal.
With configurable dashboards to show subscription indicators including recurring revenue, new clients, and active users, RevenueCat’s analytics is a strong point in their product. They provide a wide range of no-code connectors, such as those for Mixpanel, Apple Search Ads, Facebook Ads, Intercom, Slack, and Stripe.
Big media organizations including ViacomCBS, Time Magazine, and Kahoot! are among Recurly’s clients. They put a lot of emphasis on growth, and a device called an Intelligent Revenue Optimization Engine works in the background to increase subscriber counts and lower churn.
You may increase revenue by integrating with well-known tax, fraud detection, and accounting software. Recurly states that it can recover up to 73% of debt from hazardous accounts and can identify risk early. Additionally, they provide a collection of premade building blocks for creating subscription services, so you could launch a new service very rapidly.
With their clients’ products depicted in floating bubbles and the tagline “sell subscriptions without ripping your hair out,” Skio is a lot more entertaining in their marketing than most other subscription service providers.
They specialize in the expanding area of fast-moving consumer goods (FMCGs) subscription services, which include everything from razors to chocolate to wine. For small firms looking to develop sustainability and reliable revenue, this can be a very profitable business model.
Chargify is a solid contender for SaaS subscription management tools that are more straightforward. They perform quite well overall thanks to in-app accountancy capabilities that accomplish IFRS15 and ASC606 compliance, allowing you to remain on top of required revenue reporting.
You receive day-accurate automatic revenue reports that enable partial payments for mid-month subscriptions. Deferred revenue reports are also available to forecast future cash flow. Mailgun, Mailjet, and Earth Class Postal are just a few of the prepaid mail services that Chargify can count as clientele.
With dashboards that provide information on MRR, ARR, Churn, LTV, and other indicators, ChartMogul places more emphasis on analytics than on pure revenue. To ensure that your subscription data remains as helpful as possible, they offer data cleansing tools, which are unique.
With ChartMogul, integrations are powerful, including native connectivity to Zendesk, Zapier, and more than forty more apps in addition to webhooks for automated notifications. For your subscriptions, you’ll still need a different payment system, however, there are interfaces with Stripe, Chargify, Recurly, and Paypal.
Zuora is a collection of subscription-based business products rather than a single platform, and it is known as Zuora’s “Subscription Economy.” It has solutions for payment processing, revenue analytics, and subscription billing software, among other things. Zoom is their biggest success story customer, who with Zuora’s assistance has experienced triple-digit revenue growth over the past few years. Siemens, Bloomberg, and ZenDesk are some further clients.
Chargebee, in contrast to other platforms on this list, has a worldwide focus, supports 25 languages, and offers access to European and US-based payment providers. They seek to offer future scalability as well as revenue optimization. They seek to make it simpler to experiment with and optimize novel pricing methods, such as freemium offers and metered charges, and they have over 67 price models.
Chargebee, as its name implies, is all about coming up with innovative ways to match your product to the price and subscription fee structure that customers wish to pay. There are a variety of conversion tactics available, such as free trials, gift memberships, and other deals.
9. Verifone (previously 2Checkout)
As its previous moniker implies, 2Checkout bills itself as “the all-in-one monetization platform” and serves as an alternative to Stripe or settle for online checkout. Verifone provides a range of capabilities for both offline and online retail.
With more than 15 major suppliers accepting digital payments from across the world and a suite of revenue recovery technologies that Verifone claims might help you avoid losing up to 20% of your subscription costs, it has a wide range of subscription options. These include advanced retry software, automated credit card updating, dunning management, and recovering failed payments.
The key selling point of Billsby is that they encourage experimentation with limitless membership plans. Their motto is “If you can dream it, we can construct it.” Billsby is one of the most integrable products on our list because they offer over 2000 integrations and use Zapier to allow them.
Billsby offers subscription alternatives as well as “Products, Plans and Cycles,” a hierarchy of editable components that makes it easier to modify current subscription models without having to start from scratch. They even provide “secret plans,” which are customized offers that your sales team may make to specific clients without disclosing them to the general market.
Subscriptions are the Future of Product and Service Billing
Any subscription business must have payment processing as a crucial component. It’s crucial to integrate your SaaS product with a billing platform that offers you crucial information about the subscription lifecycle of your clients and facilitates the signing up of flexible plans for them.
The time is now to invest in a subscription management platform, given the growth of this industry and the influx of subscription-based mobile and desktop apps that will further fuel the already booming B2B market. We hope our list of some of the top recurring billing software and subscription management tools has been helpful.