This type of software helps businesses plan and manage subscriptions and collect recurring payments from customers. These products are often used to bill customers automatically, to send and manage invoices and to store customer information and payment data for future use. More advanced software helps add new subscription plans, issue refunds and credits, manage upgrades, downgrades and cancellations, track transaction failures, notify customers about failed transactions and billing errors, generate coupon codes and offer discounts, support multiple payment methods and seamlessly integrates with other applications. Some important factors to consider when choosing SaaS & subscription management software include scalability, accessibility, and the vendor’s customer support system.
SaaS & subscription management software helps companies successfully execute a subscription-based business model, from receiving recurring payments to sending invoices, managing signups and free trials, and handling billing errors.
Often, subscription management software features the ability to store payment data and automate recurring billing and collections. More advanced products allow you to manage renewals, cancellations and refunds, create custom pricing plans, send automatic payment reminders, generate coupon codes, monitor redeemed discounts and may even help in dunning management.
Most products come with a self-service portal that allows your customers to manage subscriptions on their own. Customers usually have the flexibility to choose from a wide variety of payment methods and whether they want to pay their bills weekly, monthly or annually.
Cloud-based subscription billing systems are easy to set up, cost-effective, and provide you with real-time access to key performance metrics, such as, month over month revenues (MMR), subscription retention, churn rates and conversion from free trials.
You may either choose a point solution or an integrated solution. Point solutions are essentially payment gateways that help receive recurring payments from your customers. Integrated solutions, on the other hand, focus on multiple areas of subscription management, such as, invoicing and accounting, managing free trials and usage-based subscriptions, customer analytics, generating reports on revenue sources, and accepting alternative payment methods. Some products even allow you to deal with declined card payments. For instance, the software automatically sends reminders to customers for any failed transactions.
If you know exactly how you want to use a product, choosing the features becomes easy. For instance, depending on your target audience and industry, you may need a subscription management solution that lets you customize the design of your checkout page. Another important factor to consider is the size, frequency and number of transactions to handle on a regular basis. If you are expecting international payments, you need a solution that supports multiple currencies. For B2C companies, any product with the ability to accept credit card and PayPal payments may suffice. However, B2B firms may look for additional or alternative payment methods such as bank deposits and check payments.
Other important considerations include whether the software easily integrates with other applications, whether it has the capability to accommodate your growing needs, its security features and analytics.
|2-Factor Authentication||Adds an additional layer of security by requiring an extra step in the login process. Usually external devices are required for this or a text message with a verification code is sent to the user when trying to login.|
|A/B Testing||Run split tests for websites, emails, ads and more by serving different versions of the content to different users.|
|API||Application Programming Interfaces (APIs) are programmatic intersections with external products or platforms that allow for custom integrations with your own solutions or other solutions you are using.|
|Batch Permissions & Access||Control user or group access and permission settings for software or other systems.|
|Budgeting||Planning and tracking capabilities for financial budgets and plans often used to manage funds across different departments or for investor / shareholder oversight.|
|Calendar Management||Manage and update calendars for scheduling or consolidation of events across teams, departments or business functions.|
|Conversion Tracking||Track signups, purchases or user actions to measure the effectiveness of marketing or advertising campaigns. This is often used to optimize inbound or outbound marketing efforts and improve sales conversions through a range of online channels.|
|Customer Management||Manage customer databases and/or track outstanding shipments, payments and more.|
|Dashboard||Dashboards are digital interfaces commonly used to visualise data or give quick access to important features and functions of online platforms. They often serve as an overview gateway in software applications.|
|Data Export||Exporting functionality can be used to streamline the migration of data sets and information across systems, platforms or applications.|
|Data Import||Importing functionality allows you to use data sets from other systems or platforms to cut down on data entry requirements or to more easily migrate records from similar applications you have used in the past.|
|Data Visualization||Data visualization features render a visual interpretation of data sets through the use of charts, infographics and other visual cues generally in form of a reporting dashboard.|
|External Integrations||Integrations with other software products or platforms to improve efficiency and compatibility across systems.|
|Forecasting||Forecast upcoming expenses, sales, revenue, user levels, etc. through the use of predictive methods and past data.|
|Lead Management||Manage business leads to improve sales outreach processes or stay on top of prospect inquiries.|
|Lead Scoring||Manually or automatically assign quality scores to business leads to target / segment sales outreach efforts.|
|Marketing Automation||Automate marketing processes, such as outreach emails, customer engagement, chat replies through the use of chatbots and others.|
|Multi-Currency||Support of different currencies for payments, accounting purposes, taxes, reports and more.|
|Multi-User||Supports more than just one user account and generally allows for collaboration with colleagues.|
|Notifications||Includes notification support and sends you alerts with information on important events and other time sensitive instances. For example through push notifications on mobile phones or email notifications.|
|Password & Access Management||Manage passwords or access to systems for yourself or your organisation.|
|Scheduling||Schedule tasks, resources, appointments, payments, communications, etc.|
|Third-Party Plugins/Add-Ons||Offers additional features or integrations built by third-party developers in form of plugins or add-ons.|