Running a subscription commerce or recurring billing business model can be challenging without the right tools and efficient business systems. Subscription management software is designed to help eCommerce businesses track and manage subscription business process flows-even with seasonality in business. It's as helpful as flat rate shipping is for ordering inventory, and it's a big part of direct to consumer trends.
Many businesses in the online marketplace are adopting the subscription billing model because it is convenient. Customers also love the flexible pricing structure a subscription business offers.
Key Takeaway - The subscription billing model opens a business up to monthly recurring revenue generation. There are also increased chances of customer retention, gaining more sales, and eventually a high ROI with this business model.
This article will discuss why you need a subscription management platform and review some of the best subscription management platforms you can integrate into your business. Then, let's go on to discuss subscription tracking software.
What is Subscription Management Software?
Subscription management software is a subscription billing solution that helps businesses to control and manage the activities of their subscription billing products. Therefore, choosing the right subscription management software is crucial to the success of a subscription business.
It is possible to automate and manage your subscription process and lifetime with subscription management software. A subscription management solution is designed to assist companies in managing recurring income and increasing sales.
Furthermore, a subscription management platform integrates with the best payment gateways and offers the features of a recurring billing platform. The best subscription management software will work without issues with other B2B eCommerce solutions.
To manage recurring payments, such as subscriptions that customers have signed up for, you can store payment information on a subscription management platform and automatically process billing charges.
Additionally, the right tool will simplify managing your invoice processing activities. There are loads of other benefits that businesses can enjoy when they use subscription management platforms.
Let's discuss some of these benefits.
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Why Use a Subscription Management Platform?
- Easy online payment processing - A subscription management system is a cost-effective solution for eCommerce accounting, processing recurring transactions, and automated billing. It makes it easy to collect payment information from customers, send automatic notifications of transactions, and process invoices and receipts.
- Reduces involuntary churn - One of the challenges of running a recurring subscription business is having failed payments. A subscription management platform integrates the features of a dunning management system. Making it easier to retry failed or declined transactions.
- Streamlines subscription analytics and reporting - Another reason to use a subscription management system is that it can help track the consumer billing cycle. A subscription software dashboard is equipped to manage and report revenue generation.
Review of the 5 Best Subscription Management Platforms
Now that you understand the benefits of using a subscription management platform, it is time to review the top 5 subscription management software you can integrate into your business. These platforms are similar to the best eCommerce platform for SEO.
BlueCart Subscriptions
Businesses in the restaurant industry can access an all-in-one eCommerce platform explicitly made for selling subscription products through BlueCart. BlueCart Subscription is made to provide you with everything you need to start selling things on a subscription basis.
With BlueCart Subscription, different kinds of businesses may increase their profits by selling food products on a subscription basis. These products include groceries, pantry items, non-perishables, and even pre-cooked meals.
The BlueCart subscription management software gives online retailers and restaurants access to the best subscription software features. With its state-of-the-art eCommerce platform, BlueCart offers subscription-based businesses an all-in-one way to handle recurring transactions.
Key Features
- Industry-lowest payment processing fees and nominal monthly fees.
- Centralized platform for managing one-time and recurring payments.
- Built to scale as your business expands from 100 orders to 100,000 orders.
- Highly configurable.
- Ultimate invoicing software for small business.
- Optimized billing and invoice processing.
- Bank-level security and zero-risk transactions
Core Features
- Gives your customers the option to build personalized subscriptions.
- Allows your customers to handle their subscriptions.
- Accept credit cards and additional payment methods.
- Automatic tax calculation software at the checkout.
- Built-in integration for shipping.
Chargebee Subscription
Chargebee is an effective subscription billing and revenue management tool that allows you complete control over your subscription business. This subscription management platform gives you full control over your customers' subscriptions and offers information that will aid business growth.
Furthermore, you can automate your regular billing process without losing sight of your primary goal of expanding your business. Chargebee allows you to accept recurring payments and provides support for multiple currencies.
Key Features
- Manages subscription plans with flexibility.
- Automates coupon system.
- Reduces involuntary churn with smart dunning settings.
Zoho Subscription
You can manage all the critical workflow of your subscription business with the help of Zoho Subscriptions. With this management software, you can rapidly handle your subscription business, from billing and charging the consumers to notifying them of declined transactions.
Zoho eliminates the need for manual billing and invoice processing. In addition, the software automates invoicing and sends GST-compliant invoices.
Key Features
- Supports multiple payment gateways.
- Automatic subscription billing.
- Online and offline payment collection.
- Dunning management system.
- Manages multiple subscriptions seamlessly.
- Streamlines subscription invoicing processes.
Salesforce Subscription
You can completely control the subscription billing procedure with the help of Salesforce subscription billing software. You can manage your subscriptions simultaneously and in real-time with straightforward controls and an intuitive dashboard.
The subscription management software from Salesforce can handle all types of transactions. This includes free trials, freemium offers, setup fees, one-time purchases, discounts, refunds, and renewals, in one platform.
You can easily upgrade, downgrade, and prorate subscriptions using Salesforce's subscription billing platform.
Key Features
- Automatic subscription billing
- Optimized billing processing.
- Supports multiple payment gateways.
Stripe Billing Subscriptions
Businesses can quickly bill customers with subscriptions or invoices using Stripe Billing. In addition, stripe subscription management enables you to take recurring payments internationally.
Furthermore, the Stripe Billing platform integrates with your CRM, ERP, accounting, and other systems to fit in the middle of your order-to-revenue workflow. With the Stripe subscription management platform, you can control your business growth and minimize involuntary churn.
Additionally, it is simple to synchronize billing and payment information with the rest of your workflows. Order management systems, recurring billing processing, subscription management, invoicing, payments, and revenue recovery can all be optimized and automated with Stripe.
Key Features
- Recurring billing management.
- Monitors and tracks business analytics.
- Optimizes customer lifecycle management.
- Reduces involuntary churn.
- Provides customizable invoicing solutions.
Frequently Asked Questions About Best Subscription Management Platforms
What Software is Best for Billing?
There are several billing software you can integrate into your subscription-based business. However, the billing software you use must suit your business needs.
Most billing software can integrate seamlessly with other eCommerce tools and provide advanced payment processing features. However, it is best to select a subscription management platform that offers billing lifecycle management to cut costs.
Here are some of the best billing software for eCommerce businesses:
- BlueCart
- Zoho Books
- Chargebee
- Stripe
- Salesforce
What is Subscription Billing?
Subscription billing is an automated and time-based billing process that occurs when a customer signs up for a subscription-based product or service. Like recurring billing, subscription billing starts when customers give consent or access to their billing information.
Furthermore, subscription billing increases monthly recurring revenue. This payment model can also predict your monthly cash flow and income.
What is a Recurring Fee?
A recurring fee is a preset and automatic payment that customers pay continuously at predetermined intervals. These intervals could be weekly, monthly, or annually.
Additionally, a recurring fee is a subscription payment that a customer signs up for on your website. Customers need to give consent before they are charged on a recurring basis.
Let's Bring the Point Home
The best subscription management platform can solve your subscription billing challenges. Subscription-based businesses can enjoy an all-in-one eCommerce solution that caters to their accounting, recurring billing, payment processing, and subscription management needs.
While you may consider building your subscription management software, using a readily available platform is best. Research the platforms listed above and select the one that suits your needs.