How to Select the Best Subscription Management Software for Your Business
Subscription Management Software also known as subscription billing software is software that enables automation of collection of subscription payments. Subscription Management Software provides an excellent platform for managing the operational side of your subscriptions.
Subscription Management Software functions by storing payment data and processing charges that automatically take care of recurring revenue like subscriptions. Subscription Management Software is also related closely to the degree of email marketing analytics and functionality.
There are several subscription-based models offered by Subscription Management Software. They include; fixed recurring model, seat-based model, usage-based model, and one-time charge model. The models are offered so that customers and merchants can get a greater control and flexibility on setting prices that reflect the value of their service or product.
You may like to read: Top Subscription Management Software
What are Subscription Management Software?
Subscription Management Software eliminates the problems related to subscription-based models. Subscription Management Software also enables you to control of the billing process. The fixed recurring model is able to sell each service or product at set price that is charged at the beginning of the billing cycle.
The fixed recurring model is a popular model in Subscription Management Software because it provides a predictable and continuous revenue stream, since the expected revenue in each billing cycle is known and stays at almost the same level.
The seat-based model is popularly used to grant access to cloud-based B2B software, with the subscriber paying for each license required to use the software. In this model the price and value are clearly stated as they are based directly on the number of license or “seats” purchased. In the usage-based model, the price is based on the level of usage of things by the subscriber.
This model is a contrast to the first two models. The usage-based model is common with businesses that are transaction-based. The one-time charge is a Subscription Management Software model that is offered as a way of prospect to try the service or product before committing to a subscription.
You may like to read: Top Subscription Management Software
Subscription Management Software
What are the Features of Subscription Management Software
Subscription Management Software provides the following features; dunning management, subscription management, revenue retention, analytics and insights, recurring revenue, payment gateway, recurring billing automation, customer management, pricing plan management, discount and promotion management, invoicing, email automation, third party integration, user roles, and hosted payment page
- Dunning management: It provides an excellent platform for automatic charging of a declined user’s credit card.
- Subscription management: It enables you get a faster time to revenue, retain customers longer, and provide great service through providing flexibility that customers require for viewing their invoices online, updating of payment methods, and making payments.
- Revenue retention: It provides an excellent platform for reducing customer churn that is caused by delinquent or failed payments and enables you to optimize your strategy for maximum revenue retention.
- Analytics and insights: It enables you to quickly understand the status of your subscription business with detailed reporting and analytics through sophisticated dashboards that display the data in exportable reports.
- Recurring revenue: It provides a complete set of customized rules of revenue recognition that are unique to your enterprise and facilitates use of real time reports to track everything.
- Payment gateway: It provides you with an excellent platform for managing your entire subscription lifecycle through a single system, therefore reducing late and failed payments, decreasing payment processing time, and lowering your total cost of ownership.
- Recurring billing automation: It enables customization of invoices and statements, posting and drafting of invoices that are fully editable, and provide projected invoicing that shows future billings.
- Customer management: It enables you to manage trails, sign-ups, upgrades or downgrades, and cancellation service.
- Pricing plan management: It enables you to change your pricing plans while creating or editing add-ons.
- Discount and promotion management: It enables you to offer discounts and coupons, generate coupon sets, and keeping track of the redeemed discounts.
- Invoicing: It provides you with an excellent platform for creating automatic invoices for customers when they subscribe for the first time, renew their subscription or cancelling their subscription.
- Email automation: It enables you to configure automatic, customized, and transactional emails that are to be sent to your customers.
- Third party integration: It enables you to integrate with third party applications.
- User roles: It provides role-based access to let different members of your team to take care of the subscription processes without having to depend on your developers.
- Hosted payment page: It enables you to provide easy-to-use customized payment pages and plan specific and simple to integrate hosted pages.
- Customer billing data portability: It allows you to export your customer billing data at any time.
- Robust API: It enables users who do not opt for hosted page option to work effective and efficient.
What are the Features of Subscription Management Software
You may like to read: Top Subscription Management Software
What are the Key Performance Indicators (KPI's) of Subscription Management Software
The key performance indicators of Subscription Management Software are; billing cycle, subscription models, and ability to set prices.
- Billing cycle: It should be an easy cycle so that customer retention increases.
- Subscription models: The models provided by Subscription Management Software address all the analytics and metrics of the billing cycle.
- Ability to set prices: The merchant should have the ability to set prices that reflect the value of products or services offered.
What are the Benefits of Subscription Management Software
Subscription Management Software provides the following benefits; flexible system, robust reporting, automation of sales process, implementation of sales process, flexible billing, time saving, lower cost, information access, coupons and discounts, customer retention, manage contracts, revenue recognition, and payment collection.
- Flexible system: It helps you to design a sophisticated system that is flexible throughout the billing process.
- Robust reporting: It provides you with vital information such as the members who are daily registered, generated revenues every day, and unregistered accounts.
- Sales process automation: It provides an excellent platform for streamlining your sales process by using automated features of Subscription Management Software that enables automatic sending of notifications for failed payments and sending notifications and receipts.
- Implementation of promotional offers: It helps you to efficiently and effectively improve on discount offers, trial offers, upgrading or downgrading of plans.
- Flexible billing: It helps you to have full control on the billing process cycles and enabling you to facilitate flexible billing choices to your customers that helps you optimize your scalability.
- Time saving: It helps you to save time spent for selling out your services and products and increasing your revenue, therefore enabling you to create sustainable business model and boost your products
- Lower cost: It provides cost-effective billing processes that save your beginning costs and facilitate reaching out to markets in a cheap way.
- Information access: It provides a dashboard that provides you with demographic information and personal contact on your subscribers that help supplement your marketing planning efforts.
- Coupons and discounts: It helps you to offer discounts and effectively manage special promotions that lure new subscribers in buying or retaining existing buyers.
- Payment collection: It software enables you to send out automatic emails alerts to customers that help you in reducing the magnitude of outstanding bills or payments in your organization, therefore reducing the effort experienced by you when collecting payments.
- Customer retention: It helps you to create a business model that will enable you to grow their customer lifetime value.
- Manage contracts: It helps you to deliver and create executable contracts at ease and managing contracts against the customer record, therefore making it easy to find reports.
- Revenue recognition: It helps you to recognize revenue and report on deal structure, therefore enabling you to create customizable dashboards and reports that easily identify top-spending customers, most successful pricing models, and most profitable customers.
You may like to read: Top Subscription Management Software
What are the Latest trends in Subscription Management Software
The latest trends in Subscription Management Software are; ability to store credit card directly off of a merchant’s system, mobile app, integration with other gateways, and stripe’s application programming interface.
- Stripe’s application programming interface: The application provides simple and easy to use solutions for billing processes.
- Integration with other gateways: It will be able to integrate with other gateways such as PayPal.
- Mobile app: It will provide a sophisticated design and easy to understand user interface.
- Ability to store credit card directly off a merchant’s system: It will allow customer’s cards to be refunded or recharged without going through the hassle of re-entering customer’s information.
How to choose the right Subscription Management Software
Subscription Management Software has several unique features. Choosing the right Subscription Management Software can be a tedious process. The following are what to consider when picking and purchasing Subscription Management Software;
- Software should keep up with your business growth needs of today: The Subscription Management Software should provide solutions that are in line with your company’s objectives.
- Should have a proper release plan for future updates: The Subscription Management Software you choose should not only provide today’s solutions but also solutions for the needs of tomorrow.
- The operations management software should be flexible: The solutions provided by Subscription Management Software should be flexible to accommodate your business requirements.
- Software should be tailored to fit business process management: The Subscription Management Software should allow to be customized to fit your own needs and demands.
- Security, without the padlocks: It should provide normal authentication techniques such as user names and passwords to be used.
- Availability of references: You should look for Subscription Management Software that has a proven track record; this enables to have confidence that you are using the perfect software.
- Flexible licensing options: The Subscription Management Software should provide you with the flexibility to move up or down on plans, depending on your needs.
You may like to read: Top Subscription Management Software
How to choose the right Subscription Management Software
Here are the trending and the top rated Subscription Management Software for you to consider in your selection process:
You may like to read: Top Subscription Management Software
You may like to read: Top Subscription Management Software
What is Subscription Management Software?
Subscription Management Software also known as subscription billing software is software that enables automation of collection of subscription payments. Subscription Management Software provides an excellent platform for managing the operational side of your subscriptions. Subscription Management Software functions by storing payment data and processing charges that automatically take care of recurring revenue like subscriptions.
What are the Features of Subscription Management Software?
Subscription Management Software provides the following features; dunning management, subscription management, revenue retention, analytics and insights, recurring revenue, payment gateway, recurring billing automation, customer management, pricing plan management, discount and promotion management, invoicing, email automation, third party integration, user roles, and hosted payment page
What are the Benefits of Subscription Management Software?
Subscription Management Software provides the following benefits; flexible system, robust reporting, automation of sales process, implementation of sales process, flexible billing, time saving, lower cost, information access, coupons and discounts, customer retention, manage contracts, revenue recognition, and payment collection.
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