Subscription Management Software

Best Subscription Billing Software

What is Subscription Billing Software?

Subscription billing software manages recurring billing for companies offering subscription-based products and services. This type of software generates invoices for various subscription plans and billing frequencies. Subscription billing also contains standard and special offers, packages, or discounts to ensure the billing process is accurate. Besides accountants who use subscription billing to manage revenue, sales departments can also use this type of software to identify a company’s best-selling products and services and adjust their offerings to adapt to their markets.

To qualify for inclusion in the Subscription Billing category, a product must:

• Generate recurring invoices at predefined or custom frequencies
• Ensure that customers are billed accurately and on time
• Accept payments and match them with invoices and subscription plans
• Monitor the performance of various types of packages and special offers
• Provide features to address late and incomplete payments
• Include standard tax rules and allow users to create custom rules
• Adjust billing based on changes to plans such as upgrades or downgrades
• Identify the least- and most-performant packages and products

Top 10 Subscription Billing Software’s

• Billsby – Billsby is PCI DSS compliant subscription billing software designed for SaaS and subscription-based businesses. Get deeper insight into your customers with Billsby Value Score. Automated payment processing, invoices, and dunning management reduce churn and chargebacks. Integrates with all of your favorite business tools.

Rating – 4.8/5

• PayPro Global – PayPro Global (founded 2006) is a provider of premium e-commerce solutions designed for software, Saas, and digital goods companies. We deliver complete automation of the online sales management & optimization process through highly efficient in-house tools. A truly global solution with 110 currencies and over 70 payment methods to expand your business worldwide.

Rating – 4.8/5

• ChargeOver – ChargeOver is subscription billing software for recurring billing businesses. It automates invoices, billing, payment acceptance, and dunning — all while allowing you to customize each step of the process to your exact standards. You’re not forced to use one particular payment processor with ChargeOver; choose the one that’s the best for your business and quickly switch as that scenario changes.

Rating – 4.8/5

• Chargebee – The Chargebee platform enables subscription businesses to capture, retain and maximize revenue opportunities through automated recurring billing, subscription management, and revenue analytics. By integrating seamlessly with your tech stack, Chargebee becomes the heart of your revenue operations. Optimize efficiencies across your sales, success, and finance functions to accelerate the growth of your subscription revenue.

Rating – 4.6/5

• Paddle – The Paddle Revenue Delivery Platform for B2B SaaS companies powers growth across acquisition, renewals, and expansion. With Paddle, companies can finally transform their revenue delivery infrastructure into a strategic growth lever to respond faster and more precisely to every opportunity. Visit paddle.com to find out more.

Rating – 4.6/5

• Stripe Billing – Stripe is the best software platform for running an internet business. We handle billions of dollars every year for forward-thinking companies around the world.

Rating – 4.5/5

• SaaSoptics – SaaSOptics is a subscription management platform that automates financial operations for growing B2B SaaS businesses. A cloud-based solution, the SaaSOptics platform allows companies to pull accurate SaaS metrics and analytics quickly, scale billing and payments smoothly and automate GAAP-compliant revenue recognition. Businesses built on SaaSOptics eliminate their risky dependency on spreadsheets and streamline financial operations.

Rating – 4.5/5

• Vendasta – Vendasta provides an end-to-end eCommerce platform to 40,000+ partners who sell digital products and services to more than four million small and medium businesses (SMBs) worldwide. These partners include marketing agencies, independent software vendors (ISVs), and media companies. The Vendasta Platform allows these groups to quickly adopt new solutions from a marketplace of cloud-based technologies to sell under their brand to their SMB customers.

Rating – 4.4/5 

• Sage Intacct – Gain real-time financial and operational visibility throughout your business. Leverage comprehensive financial controls to ensure security and compliance. Streamline your business processes using extensive automation to reduces labor, and save costs.

Rating – 4.3/5

• 2Checkout – 2Checkout is the digital commerce & payments provider that helps companies sell their products and services via multiple channels, acquire customers across multiple touchpoints, increase customer and revenue retention, leverage more brilliant payment options subscription billing models, and maximize sales conversion rates.

Rating – 4.0/5

What is Subscription Billing Software?

The subscription billing software allows users to set up the collection of recurring payments from customers. Many businesses are beginning to realize the benefits of a subscription-based model and how it’s equally important to have a platform that seamlessly allows users to collect recurring payments. The subscription billing software will enable users to make these changes while still maintaining the active billing and accounting systems that manage recurring revenue. This helps them manage cash flow more effectively while also maintaining high customer satisfaction.

What are the benefits of Subscription Billing Software?

Critical Benefits of Subscription Billing Software

• Help businesses upkeep effective communication with customers regarding their payments
• Allow enterprises to bill with fixed or variable recurring payments
• Provide users with analytics tools to evaluate billing metrics

Who Uses Subscription Billing Software?

Subscription services are becoming the new norm in the business world. With this trend in mind, subscription billing software accommodates a wide range of businesses switching to service offerings.

Subscription services — Magazines, streaming services, SaaS software, subscription retail services, and subscription grocery services are only a few examples of subscription services as almost all businesses are shifting towards this model. Like subscription services, they also require reliable payment systems that fit their subscription needs. For any business-to-business SaaS service, setting up a recurring billing system will automate the billing cycle and free up time for other business tasks.

Membership services — Gyms, coworking spaces, and social clubs highlight the different membership services that utilize subscription billing software. Similar to subscription services, membership services generally require fixed recurring payments on a monthly or annual schedule.

Municipal services — Both government and municipal services such as taxes and utility bills charge at a recurring period. Because of this, these services are ideal candidates for subscription billing software. The critical difference between municipal services and subscription services is that municipal service charges are more likely to be variable charges than fixed recurring payments.

One-to-one services — One-to-one services such as child care services, cleaning services, and legal services are also likely to bill customers regularly. By using subscription billing software, businesses in these fields make it easy for customers to complete payments.

Features of Subscription Billing Software 

Subscription billing software offers a host of features that allow users to manage their subscription billing offerings. From managing customer data to calculating annual recurring revenue and subscriber churn, subscription billing software covers all subscription billing needs irrespective of the use case.

Custom recurring billing — An ideal subscription billing platform allows business users to customize how often they bill their customers. One of the necessary customizations includes bill customers on a yearly, monthly, or daily period.

Subscription data management— Another critical feature in a subscription management platform is providing users with a central location to manage data. With a data management platform, users can leverage a unified overview of all customer data in one place. This includes contact information, billing information, and other relevant customer information that businesses use to identify trends, inefficiencies, and actionable business insight.

Subscription lifecycle management — Having visibility into a customer’s subscription lifecycle is key to establishing a good service. Subscription lifecycle management features allow users to automate processes related to collecting payment information, managing billing adjustments, and subscription renewals.

Multi-currency support — For businesses that operate globally, it’s important to have features that allow for a wide variety of currencies. Choosing a subscription billing software that supports a range of payments on various currencies increases the chances for a business to collect more global revenue.

Analytics — A robust subscription billing platform allows users to calculate a host of performance metrics. This includes calculating annual recurring revenue, subscriber churn, and subscriber acquisition. If a business decides to change its prices for recurring billing, it can analyze the customer churn that the price change caused. This allows companies to optimize their offerings.