As subscription-based pricing models continue to grow in popularity, subscription and billing management have become essential components for businesses of all sizes and industries. Subscription management software automates the entire subscription process, from signup to renewal, making it easier for businesses to manage subscriptions and billing.
To ensure the success of a subscription-based business, it’s important to choose software with the right features. Here are some must-have features in subscription management software.
Automated billing
Automated billing is a must-have feature in subscription management software. It ensures that customers are charged on time and that businesses receive their revenue in a timely manner. According to a survey by the Subscription Trade Association (SUBTA), 92% of businesses that use subscription billing software report improved billing accuracy, and 58% report a reduction in late payments.
Subscription analytics
Subscription analytics is another important feature one should look for in subscription management software. It provides businesses with insights into customer behavior, subscription revenue, and churn rates.
Self-service portal
A self-service portal allows customers to manage their subscriptions on their own, without the need for customer support. According to a survey by Aberdeen Group, companies with self-service portals experience 5.5 times greater annual improvement in customer retention rates.
Integration with payment gateways
Integration with payment gateways is another must-have feature in subscription management software. It allows businesses to accept payments from a variety of sources and ensures that payments are processed securely.
Customizable pricing plans
Customizable pricing plans allow businesses to offer different pricing tiers and subscription options to customers. According to a survey by McKinsey & Company, businesses that offer personalized pricing and product options can see a revenue increase of 5 to 10%.
