Are you looking for the top subscription management software in 2023 to streamline your subscription business operations? You have come to the right place.
In today’s business world, effective subscription management is crucial for smooth operations.
The market size for subscription management was approximated at $6.89 billion in 2022, projected to be $7.99 billion in 2023, with an anticipated compound annual growth rate (CAGR) of 16.10%. The expectation is for it to reach $22.76 billion by 2030.
As we enter 2023, businesses are facing a changing landscape where subscription models are not just a trend but a fundamental part of their strategies.
Dealing with the complexities of subscription management has become a priority, leading to an increased search for solutions that can handle these challenges seamlessly.
These challenges range from precise and timely billing to building long-lasting customer relationships in the subscription environment. In response, businesses feel the need to embrace advanced technologies that not only meet but surpass the demands of the current subscription landscape.
As industries continue to pivot towards subscription-centric models, the hunt for software solutions that can effectively underpin these transformations has gained momentum.
In this dynamic environment, organisations grapple with the pressing need to align their strategies with the technological innovations that define the landscape of subscription management software in 2023.
Without further ado, let’s uncover the seven top subscription management software in 2023 but before that, we need to understand what subscription management software is.
The Definition of Subscription Management Software
According to G2, subscription management software assists businesses in monitoring all activities associated with the sale of subscription-based goods.
While Software as a Service (SaaS) remains the most widely adopted subscription type, an increasing number of companies are adopting subscription models for both digital and physical products.
This software is applicable across various departments within a subscription-based business, with a primary focus on sales, marketing, and accounting.
Within this category, products are available either as comprehensive software suites or as independent solutions. Suites encompass a range of tools, including subscription billing software and subscription revenue management software.
However, standalone software combines all required subscription management features into a unified system.
Subscription management software is designed to seamlessly integrate with other solutions such as e-commerce platforms, payment gateways, and accounting software.
Top 7 Subscription Management Software in 2023
Here are seven subscription management software options you may consider:
1. Chargebee
Chargebee is a cloud-based accounting tool designed for businesses of all sizes in diverse sectors, including telecommunications, media, e-commerce, and IoT.
The platform, certified at PCI Level 1, provides functionalities like subscription management, invoice management, payment handling, and customised report creation.
One notable feature of Chargebee is its dunning management, allowing users to specify the number of reminder emails sent for unsuccessful transactions. Additionally, the solution supports content translation and localisation on web pages, along with configuring checkout in multiple languages based on geographical preferences. The platform includes abandoned cart reports for monitoring dropped checkouts.
Businesses can streamline revenue recognition processes through automated models that address cancellations, track charges, manage refunds, and handle write-offs. Integration with the Stripe payment gateway facilitates credit transfers, and users have the option to manually record offline invoices such as cash transfers and postal orders.
Chargebee operates on a monthly subscription basis, and customer support is accessible through live chat, email, and an online knowledge base.
2. Stripe Billing
Stripe Billing is an online payment solution with a comprehensive set of APIs and tools designed for businesses to efficiently manage and accept payments in the cloud.
It handles vital payment functions like subscriptions, card storage, and direct payouts to user bank accounts.
Specifically crafted for developers, Stripe Billing offers solutions for mobile and web payments, allowing businesses to accept international debit cards, credit cards, and various currencies.
Key features of Stripe Billing include full-stack payments, PCI compliance, invoice payment, instant payment acceptance, shared customers, and the ability to collect transaction fees. Notably, Stripe Billing does not impose card storage fees, validation fees, setup fees, monthly fees, or refund fees.
Support options for Stripe Billing include online support, a customer knowledge base, and forums. The platform seamlessly integrates with various applications, including Shopify, FreshBooks, Zoho Invoice, Zoho Subscriptions, TalentLMS, Squarespace, Sellsy, Intercom, Slack, Zapier, and Abacus.
3. Sage Intacct
Sage Intacct offers cloud-based financial management and accounting software, catering to small to mid-sized accounting firms.
The software facilitates financial reporting, operational insights, and automation of critical financial processes.
Sage Intacct’s solution covers core financials, including general ledger, accounts payable, accounts receivable, cash management, and order management.
Additionally, it supports built-in dashboards, real-time reporting, time and expense management, project accounting, revenue management, and global consolidations for multiple entities.
Tailored for various industries such as Nonprofit, Software and SaaS, Professional Services, Financial Services, Healthcare, Hospitality, Wholesale Distribution, Construction, and Real Estate, Sage Intacct provides specialised solutions.
The platform’s open API structure allows seamless integration with CRM, payroll, POS, or ERP systems like Salesforce and ADP. Pricing varies based on the selected plan.
4. SubscriptionFlow
SubscriptionFlow is an advanced and smart subscription management software.
This SaaS platform provides easy-to-customise recurring billing and payment solutions without the need for coding. It incorporates AI for managing plans, pricing, and subscriptions.
SubscriptionFlow is versatile, supporting multiple currencies, and seamlessly integrates with numerous payment gateways for global client accessibility.
Moreover, SubscriptionFlow offers payment processing services directly to merchants who may not have payment gateways, allowing them to start online recurring billing and payment management instantly.
The software serves various industries, including education, online learning, healthcare, services, SaaS, cloud computing, IT, subscription boxes, manufacturing, insurance, investment, accounting, consulting, beauty, fitness, and more.
5. Recurly
The Recurly platform enables brands of all sizes to handle every part of their subscription business efficiently, from creating plans and pricing to managing subscribers, handling payments, and reducing churn.
This all-in-one platform simplifies and streamlines the process of automating subscription billing at scale, allowing teams to manage and optimise subscriber lifecycles effortlessly. This leads to faster, smarter, and stronger business growth.
6. Zoho Billing
Zoho Billing, formerly known as Zoho Subscriptions, is a comprehensive billing solution designed for small and medium-sized businesses in diverse industries, including SaaS startups, gyms, wine clubs, and daycare facilities.
The solution, accessible through a native mobile app for Android and iOS, empowers businesses to effortlessly manage subscriptions and billing processes.
Zoho Billing simplifies invoicing, automates customer stages, improves revenue, manages payment retries, and gives insights into the business’s financial well-being.
Integration options include Zoho Books, Zoho Cliq, and Zapier. The platform supports role-based permission access for employees and allows users to manage multiple subscriptions for each customer.
Available through monthly or annual subscription plans, Zoho Billing offers customer support via phone, email, and an online knowledge base.
7. Membership.Ninja
Membership.Ninja is a subscription-based software for managing memberships, crafted to empower businesses of all sizes by automating and streamlining membership processes. The software provides a variety of features that actively contribute to saving businesses time and money.
Rounding Up
In conclusion, businesses are navigating the complexities of subscription management in the evolving landscape of 2023. The importance of robust and efficient solutions cannot be overstated.
These top subscription management software in 2023 stand as beacons in empowering organisations to streamline operations, automate financial processes, and adapt to the dynamic demands of the modern market.