The Subscription industry is booming day by day. The industry offers predictable recurring revenue along with consistent cash flow.

The health of a subscription business depends on the ability to retain more customers and acquire new ones. Not to mention the increasing competition and amidst such break-neck competition, it becomes hard for businesses to strike a balance between business development and customer satisfaction. A fool-proof subscription management platform can help you.

Subscription Management

Simply put, it is the process of handling all customer life-cycle operations. From the moment the customer signs up for the product or service to the time the customer cancels the subscription. The process includes everything such as issuing invoices, processing payments and refunds, managing customer communication, handling plans upgrades and downgrades, and so on.

Importance of Subscription Management System

By now we know a subscription management system will help your business to manage the entire customer life cycle from start to finish. Today, we have automated tools for subscription management and these tools cut down the administrative costs and also ensure that all of operations work together smoothly.

Here are the top benefits of using subscription management tools to drive your e-commerce business:

• Creating and implementing the best plans and promotions for your customers,
• Streamlining recurring billing,
• Delivering a seamless payment experience to your customers,
• Reduces customer churn
• Steers your business in the right direction with the help of a subscription, and
• Integrates itself with your CRM seamlessly.

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After knowing the major benefits of subscription management platforms, let us have a look at a few top performing ones here:

1. Chargebee

Chargebee is a popular subscription management and recurring billing platform for all your billing operations. The tools best work for SaaS, PaaS, and other subscription-based businesses. Chargebee lets you:

• Automate your invoices, send notifications, and payment collection.
• Integrate with other third-party apps such as QuickBooks Online, NetSuite, and more.
• Manage your product catalog, dunning management, m-revenue recognition, and more.

2. Tridens Monetization

This subscription management platform helps its clients to launch their digital subscriptions quickly. It further enables them to offer usage-based services, develop recurring revenues, and improve customer relationships.

• It is a smart and reliable billing platform.
• It offers a scalable and ever-growing ecosystem
• Its innovative billing software is powered by Amazon Web Services.

3. Stripe

Unquestionably, Stripe is one of the best subscription management platforms used by thousands of businesses world-wide. Some prominent features of the platform are:

• Offers an option to create an account for free.
• It makes collecting credit cards and other manners of payment effortless.
• Comes with maximized data security.

4. Sage Intacct

The platform makes the subscription lifecycle easy for you. It is a native cloud solution offering your business tailor-made pricing models and billing schedules to fit your SaaS business. Some prominent features are:

• Reduce the costs associated with manual billing.
• Improve accuracy with flexible pricing model attached to subscription terms.
• Streamline billing with the help of automatic subscription renewals.

5. Profitwell

Enjoy your sleep and drive your subscription revenue with Profitwell. The platform offers outcome-centered products to optimize pricing and manage subscriptions at the snap of the fingers. Profitwell helps to:

• Improve your pricing strategy with a pricing audit.
• Analyze and work on revenue leaks with the help of a retention audit.
• Accurate details of subscription with reporting and analytics.

6. Zuora

Zuora is proudly an industry leader in subscription management. You can easily run and grow your subscription business with its suite of advanced billing and revenue streams. The prominent features are:

• The platform monetizes a variety of business models.
• It tracks and monitors your subscription lifecycle to automate payment and billing.
• It is a business leader in offering a quote to cash applications.
• With Zuora, your business can move with agility, at scale, and easily respond to market changes.

7. Zoho Subscriptions

It is an end-to-end subscription management software helping you to monitor subscription billing and invoices through your customer’s journey. The tool is serving a list of eminent clientele across the globe and some top names are HeadApp, Opiniion, and so on. With Zoho Subscriptions, you can:

• Orchestrate billing frequencies, automate proration, store credit card information, and remain tax compliant.
• Use features such as usage tracking, deferred billing, a self-service portal, cancellation management, and so on.
• Integrated Zoho Subscription with an entire Zoho suite, in case you use them.

Wrapping up

As the subscription industry continues to evolve, businesses need to meet the rising customer preferences. To handle and manage subscribers’ life-cycle operations and monetize the opportunities at each level, every business needs a robust subscription management system.