Subscription management is the process of checking and controlling all the aspects of a subscription-based service. A subscription management software that is also known as subscription billing is software that automates the complete process of subscription management.
It is an outstanding tool to automate the operational factors of the subscriptions. The software runs by storing the contact, contract, and payment details of clients and processing charge automatically.
What is the Subscription Management Software?
Subscription management software is designed to ensure that the correct amount of money is charged to the right customer through subscriptions in a particular month or year. This software eases pain points related to the subscription-based model.
There are multiple types of subscription-models, such as fixed-recurring model, seat-based model, usage model, etc. These different models are offered for flexibility of price setting and greater control over the product or service.
Features of Subscription Management software
A reliable subscription management software should have the following features.
- Dunning management: A subscription management software must have a platform for automatic recharging of declined customers’ credit cards, as well as an automated system for notifying them of missed payments.
- Customer Retention: A subscription management software helps the organization in customer retention. It reduces the rate of customer churn caused by failed payments.
- Payment gateway: The subscription management software manages the payment cycle and lowers the payment processing time. In return, it reduces the ownership cost to the customer.
- Discounts and promotions: Subscription management software also enables you to apply discounts and promotions to customers’ subscriptions. Then, it keeps track of all the redeemed discounts.
- Invoicing: Automatic invoices are created for customers on their subscriptions through the subscription management software.
Insights on Choosing the Best
Subscription management software has many varying features. Choosing a particular software for all your subscription management needs can be quite challenging. A good subscription management software will have all the features of a standard subscription management software.
The following factors are important for examining whether a subscription management software is right for your organizational needs.
- The software needs to have the latest features. When choosing the right software for subscription management, ensure it has an updated list of features.
- A genuine subscription management software must adhere to the company’s objectives and work accordingly.
- The subscription management software needs to function according to the needs of tomorrow, in addition to having solutions to today’s issues.
- The subscription management software you choose to purchase must be flexible and dynamic according to business and market requirements.
- Authentication techniques and security features must meet industry standards.
- It would be best to choose software that has a proven track record and has high-grade reviews.
- The licensing of the subscription management software should be flexible so that you can select and migrate your plan according to your business conditions and requirements.
Benefits of Opting for Subscription Management Software
There are multiple advantages to investing in subscription management software, including customer retention, revenue recognition, managing contacts, access to customer information, and more.
Some of the other foremost advantages of subscription management software are as follows.
- The subscription management software saves a lot of time for your team by automatically billing for products and services. Team members can use that time to create a sustainable business model and therefore increase revenue.
- Subscription management software creates a flexible billing system for the ease of the customers and the organization.
- Robust reporting is another important advantage that comes along with the subscription management software. All the day-to-day updates regarding subscription accounts, invoices, payments, and revenues.
- Automation of the sales process is yet another highlight of subscription management software. It streamlines the sales process by automating transactions. Moreover, the payment receipts and data of failed transactions can be easily tracked and managed.
- When using subscription management software, you have easy access to the company and usage information of subscribers. You can use this data to enhance your marketing and sales efforts.
Trends in Subscription Management Software
The features and traits of subscription management software are continuously evolving. The trends are changing rapidly, and you must be aware of the latest trends in order to choose the best subscription management software for your business.
Here’s the list of latest trends in subscription management software.
- Integration with multiple gateways: The right subscription management software will enable your business to integrate with more than one payment gateway, such as PayPal and Stripe.
- Application programming interface: The subscription management software nowadays enables developers to perform simple and easy billing processes within the API.
- Storing credit card information: The latest subscription management software has the ability to store the credit card information of customers. This makes refunding and recharging customers’ accounts hassle-free. The customers do not have to re-enter their information again and again.
Hence, you can choose the best subscription management software with the help of the suggestions mentioned here. So, choose the right subscription management software for your business needs and keep growing.