best-subscription-management-software

Subscription and billing management software are invaluable tools for any company that wants to maximize its revenue potential. They allow businesses to simplify their subscription and billing processes, track customer data, and manage accounts effortlessly. But with so many options out there, how do you know which one is right for your business? Whether you’re just starting out or looking to upgrade your existing system, this blog will outline the top seven features to look for in a subscription and billing management software. From automation capabilities to analytics tracking and more, we’ll take a look at what features you should be on the lookout for when selecting the right software for your business.

  1. Modules to Set Different Pricing Structures and Plans

The most important feature of any subscription management software is the ability to set up different plans based on your customer needs. This could include monthly, yearly, or even pay-as-you-go plans. You also need to check if the tool can support different pricing tiers for each type of plan. This could be based on the number of users, the amount of data used, or any other factor you deem important. Lastly, you’ll want a software that makes it easy to change your prices and plans as your business grows and changes.

At saaslogic, not only do we offer the flexibility to create multiple plans with various pricing models, but we also offer you the freedom to experiment with different pricing plans until you’re able to figure out the right combinations for your new markets.

  1. Billing Automation

Another must-have feature for a subscription management and billing software is automated billing. Automation has become a crucial part of many businesses, and billing is no exception. With the help of automated billing, subscription businesses can streamline their billing process and save time, money, and resources. In addition to being more efficient, an automated billing function can also provide businesses with a range of features that make it easier to track payments, invoices, and more. 

best-subscription-management-software

While selecting your subscription and billing software, make sure that it also allows you to generate invoices based on customer history or other criteria, issue payments automatically, and manage customer accounts receivables. 

At saaslogic, we offer third-party integrations with accounting software like QuickBooks to ensure that all downstream accounting functions are updated in real-time without duplicating the work.

  1. Customized Invoices and Notifications

Invoices and notifications are a crucial part of any subscription and billing management software. The ability to customize these features to meet the specific needs of your business can not only save you time and money but also goes a long way in building a better brand experience for your customers.

Look for a software that allows you to customize both the appearance and content of your invoices and notifications. You should be able to include your company logo, contact information, and any other relevant details. The software should also allow you to choose when and how often you send invoices and notifications.

For example, as a saaslogic merchant, you can set up automated notifications to your customers at various points in the billing and payment process, from due date alerts, and invoice generation to card expiration. These custom notifications not only carry information that is on-brand with your business, but also helps build more trust with your customers.

  1. Multiple Payment Methods and Gateways

When it comes to billing and payments, having a subscription management software that offers multiple payment methods and gateways is essential. This way, your customers can choose the payment method that works best for them, whether it’s a credit card, PayPal, or even direct debit. And if you have international customers, it’s important to have a gateway that supports multiple currencies.

Here is a checklist of things to look out for when choosing a subscription management software with multiple payment methods and gateways:

– Make sure the software supports the payment methods you want to offer your customers

– Check what currencies are supported by the gateway

– Find out the transaction fees associated with the gateway and choose one that offers the lowest without compromising on processing speed or security.

– Make sure the gateway is PCI compliant.

At saaslogic, we have gone the extra mile and introduced embedded payments with our subscription management and recurring payments platform, so that you can offer the most frictionless payment experience to your customers. We also offer some of the lowest transaction charges in the industry, based on your product/service category. Learn more!

  1. Tax Handling and Compliance

If you’re into the subscription business, you might already be familiar with the myriad of tax complainces you need to keep track of even to manage the most simple, domestic accounts. This is why, tax handling is a great feature to ask for in subscription management software. Look for a tool that either offers built-in tax engines that can work on your custom tax rules or one that allows you to integrate with third-party tax platforms.

best-subscription-management-software

The best subscription and billing management software will offer automatic tax calculations, so you don’t have to worry about calculating taxes yourself. The software should also be able to handle multiple tax rates, as well as exemptions and discounts.

For example, saaslogic allows merchants to either use our built-in tax engine or complete your tax calculations via Avalara. With the ever-changing tax laws, it’s important to have software that can keep up with the latest changes and ensure that your business stays compliant.

  1. All Revenue Reports and SaaS Analytics in One Place

Another feature that is very important for subscription businesses, especially the decision-makers, is a robust analytics and reporting capability. After all, what good is the software if you can’t track and analyze your data?

With the right software, you should be able to generate detailed reports on everything from customer churn to revenue growth. You should also be able to segment your data in a variety of ways, making it easy to get the insights you need. Of course, not all subscription and billing management software is created equal. Be sure to read reviews and compare features before making your final decision.

When you integrate with saaslogic, you get to create custom dashboards that allow you to look into your key performance metrics, revenue reports, SaaS reports, and churn reports- all in one place – in an easily accessible format.

  1. Integration Support

Finally, one of the most important features to look for in your subscription and billing management partner is the extent of support you are going to get in terms of integration, software consulting, and maintenance. Remember that once you choose a subscription management platform for your product, you are looking at a long-term commitment. And so, it’s best to choose a company that offers you dedicated support and guidance like a partner and doesn’t leave you hanging post-integration like a vendor.

Also, make sure that the software offers robust API documentation and support for popular third-party integrations. This will ensure that you can quickly and easily connect your subscription service to the rest of your business.

At saaslogic, we offer excellent customer support. If you run into any problems during setup or operation, you get help from one of the best SaaS experts in the country. 

Address: 100 W. Old Wilson Bridge Road, Suite 216, Worthington, Ohio 43085, USA

[email protected]
+1 (614) 516 0789

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© 2024 saaslogic, All rights reserved.
© 2024 saaslogic, All rights reserved.