If you are running a business you will know about the hassle of managing accounts and management at the same time. The chance of human error increases with manual billing and sometimes the billing might not be done right.
What this does is that it reduces your revenue and decreases customer churn. Here’s when SaaS subscription management software comes into place. To grow your business, you need to focus only on the growth aspect but that’s a little hard to do when you are managing accounts as well.
A month goes by fast and before you know it, you are generating invoices again. There are many SaaS businesses in the market right now. We have summarized the top 4 SaaS Subscription Management Software in 2022 to use for you down below. But first,
What Should A Subscription Software Have?
You don’t want anything subpar for your business. That is only going to be taxing and making it seem like you’ve entered marriage with no chance out. You need to make sure the software you use firstly has excellent customer service and that they are problem servers. For instance, if the server fails or for some reason you are unable to process data, they should have a fail-safe in place.
The second thing you need to look for is whether or not you can schedule a demo or take a trial before paying or subscribing to them. The third thing you need to look for in software is its maturity. Now servers can be quite complex but not mature enough to provide the right accessibility needed for your business.
You need to make sure your complete checklist is marked green.
The final thing to look for is the pricing and business model. Subscription Management Software for SaaS Businesses is known for its pricing. Pricing is a very crucial subject because you want it to be budget-friendly and not out of bounds.
Top 5 Software To Choose From
SubscriptionFlow is an all-inclusive subscription management software that is efficient and convenient to use. It offers multiple online payment gateways, automates billing, and reduces customer churn.
There are no hidden charges or hidden fees. You can fully automate your billing and get multiple integrations. This software works on usage-based billing meaning you only need to pay for the services you subscribe for. There is no up-front fee or charge. It comes with a self-service portal which also increases customer retention.
The pricing is monthly and annually based. With different levels of your business, you get a pricing solution. You can easily level up or upgrade your pricing plan when your business grows.
With Chargebee, you are billed $0/month annually for your first $100k in revenue. As your business grows, the pricing tier changes as well. Chargebee offers free trials and/or a freemium option that lets you try out the product before paying for it.
They also offer analytical reporting and a summary of all the cash flow. You can identify all your key metrics and define your next growth goals based on them. It’s an easy-to-use software that also helps you handle complex scenarios without complicating them.
Chargify is for medium to large enterprises/businesses. If you are a new bee in the market and your business is just starting, Chargebee will cost you a lot. But if you are a bigger enterprise, go for it.
Chargify has a self-service page that lets the user securely update their payment information. Since they work for a larger scale business, they provide the right analytics and key metrics that will help you determine your growth strategies. Multiple integrations are also available that are highly customizable.
Recurly has a monthly fee of $149/ month + 0.9% of revenue. They have three pricing tiers: core, professional and elite. It provides Data Hero integration that allows the subscribers to get a better understanding of their business through visualization and analytics.
They give you different solutions on selling your product and how you should sell it. This means highly defined customizations are available. It is a very intuitive and easy-to-use software.
You need to evaluate all the subscription management software before signing up for one that will help scale your business to new levels. Be thorough with your research and make sure that the pricing falls under your budget and doesn’t act as a burden on your business.