Subscription-based business models have turned out to be the new normal? This is because subscription-based business models offer users flexibility and give them a sense of control. While software as a service (SaaS) is the most common, many businesses even offer physical products as part of a subscription-based business model. However, with the increase in popularity comes a sea of invoices, customer information, and billing cycles! Been there, done that? Automation has been the latest holy grail of the tech world, and subscription management platforms have saved the day here as well! Here’s our pick on the best subscription management platforms.
What is a Subscription Management Platform?
Subscription management platforms automate the process of overseeing and controlling all aspects of products or services that are sold through either a weekly, monthly, quarterly, or yearly strategy. In layman's terms, this ensures your customers are charged the right amounts at the right times?
RevenueCat
If you’re looking for a mobile SDK and API that'll help you manage in-app subscriptions, RevenueCat is the tool for you? They offer a subscription backend and a wrapper for Apple's StoreKit, Google Play Billing, and web-based payments. RevenueCat’s highlight has to be its multiple features, which include deploying IAPs faster, reducing fragmentation, and analysing and segmenting your data.
RevenueCat also has a free plan and a subscription model with a free trial? What makes them stand out has to be their unique features like content management and cancellation management. They make in-app subscriptions easier by providing server-side software and client-side APIs and, overall, making it easier for businesses that are new to the scene. RevenueCat also allows you to know if the new versions of your app convert users better to a paid plan, and their pro plan is priced at 1.2% of monthly tracked revenue. With easy setups for developers, RevenueCat might be one of the best fits for your team!
Zoho Subscriptions
If you’ve already used Zoho’s products, you know what to expect from Zoho Subscriptions? This end-to-end subscription management solution allows you to monitor subscription billing and produce invoices. Store credit card information, automate recurring billing, handle prorated billing, process refunds and credits, and track customer payments and invoices all with this one-stop solution! Zoho’s pricing models include free, basic, standard, and professional plans that focus on the number of customers your organization has.
Not to mention, Zoho Subscriptions are integrated with the entire Zoho ecosystem. If you’re an avid user of Zoho’s CRM or projects, Zoho Subscriptions may be the ideal tool for you?
Chargebee
This cloud-based subscription management and recurring billing software are best known for its customizable subscription plans that help automate your invoicing? If you’re a SaaS, PaaS, eCommerce, or other subscription-based business, Chargebee is the way to go! They’re also known for their reliable third-party integrations with Xero, QuickBooks Online, NetSuite, MailChimp, Zendesk, Slack, Salesforce, etc. Sceptical about Chargebee? They offer a 30-day free trial allowing you to check out their features that include dunning management, product catalogue, cancellation management, m-revenue recognition, trial management etc.
With four popular pricing plans—launch, rise, scale, and enterprise—Chargebee claims to have a responsive customer system that makes their clients stick with them and bring in new clients?
Stripe Billing
One of the most popular subscription management platforms, Stripe Billing, allows you to bill your customers with subscriptions and invoices in the easiest way possible? Stripe is already a leading provider when it comes to payment processing, and they claim that they’re confident that Stripe Billing will achieve the same. With data security at its forefront, Stripe makes handling recurring payments globally safe and secure while also easily integrating with any billing model. With automated failed payment emails and automatic card updates, Stripe helps you collect more revenue.
With end-to-end billing, accepting recurring payments is made easier with Stripe’s two pricing plans - the starter plan priced at 0.5% on recurring payments and the scale plan priced at 0.8% on recurring payments and one-time invoice payments. Prefer pay-as-you-go pricing? Stripe can be your go-to tool here?
ProfitWell
ProfitWell aims to drive subscription revenue through subscription reporting and analytics, thus reducing cancellations and optimizing your pricing strategies. With SaaS businesses in mind, ProfitWell targets subscription growth through subscription reporting and analytics, as well as credit card failures and pricing strategies that’d help you reduce your churn. It also integrates with multiple payment gateways and billing systems, making connecting to your existing subscription data a piece of the cake?
They have a free plan called “Starter” that has a limited number of integrations and basic analytics. With easy setup and immediate help for troubleshooting, ProfitWell’s range of free tools would be a great option for your early-stage startup?
