Subscription Management software: purchase guide
What is an online subscription management software?
Definition
Subscription management software makes it easy to set up packages and build customer loyalty through automatic subscription renewal. It is a solution designed to manage all the steps related to a subscription process, from collecting confidential information at the time of subscription to unsubscribing. It allows you to handle all the recurring invoicing of an organization.
How it works
A subscription management software integrates different modules, programmed to automate various tasks. These modules concern the automation of payments, subscriptions or unsubscriptions. Whether for auto contractors or large companies, they allow you to send reminders in real-time on the deadlines, quotes, and invoices of each customer, and thus to benefit from the continuous service. With user consent, they gather their card information and keep it on file to manage payments on a recurring basis. These modules also support the development and analysis of various statistics from subscriptions. The aim is to know the customers and offer them the services and products likely to interest them.
What are the main features of a SaaS subscription management solution?
Subscription sales require the management of several administrative tasks. These software packages provide a complete set of tools to optimize the subscription billing process. Also, subscription management software must offer the following features:
Data management
A subscription management software usually includes a data management tool. This makes it easier to track orders, entries, payments or subscription changes requested by customers. The software proposes the creation of a database.
Payment management
To facilitate the management of payment data, the software offers automatic direct debit. This recurring billing software allows you to invoice any amount. It is possible to adjust this recurrence at regular intervals, for example, for each week or month. The user can then enter a subscription only once with all the important details: frequency, start date, number of deadlines. Invoice templates can be generated and printed on a regular basis with minimal preparation. Reports allow efficient monitoring of accounts receivable and recurring invoices. The customer will only have to give his bank details and decide on the desired subscription, whether it is an annual or monthly subscription.
Invoice generation
Although the invoicing method varies from one customer to another, the subscription business management software offers features similar to invoicing software in order to automate the edition of all invoices. The software generates invoices from the customer data entered. In parallel, the tool reports on these invoices to facilitate the monitoring of the company's cash flow. These actions help to improve business management.
The creation of quotations
A subscription management software allows you to quickly prepare a quote with a simple click. Simply integrate services and products at the customer's request and the software can calculate it.
Who uses subscription management tools?
Subscription management tools are intended for all concerned companies offering subscription services, regardless of their size or main sector. It is an essential solution for monitoring subscription sales activity using automated tools designed to report on subscription trends or various analyses of customer behavior. Companies can better manage customer activities and therefore improve their customer relations and recurring billings.
Why use subscription management software in a company?
The management of subscription contracts that are associated with customer quotes allows the automating generation of recurring invoices. This software offers significant advantages to organizations
Advantages
- It ensures real-time monitoring and anticipation of deadlines with recurring billing
- It improves the productivity of the structure
- It ensures the sustainability of the activity thanks to subscription billing
- The automation system allows the management of recurring invoices
- It ensures the automatic renewal of subscriptions
Disadvantages
- The best subscription management software are all subject to a fee
How to choose the best subscription management software?
There are so many subscription management platforms that it is sometimes difficult to choose the right tool:
Supply management: subscription issue, customers can change their minds and switch from one offer to another. It is essential that the software facilitates this change and that it is done with a simple click. This is to streamline the subscription process and improve the customer experience.
The extra features: before choosing a subscription management software, the best thing to do is to compare the functions. In particular, it is easier to choose a tool that provides alerts on small details such as subscription renewals. This is in order to maximize profits.
Recurring invoicing: It is important for subscription management software to be able to manage unpaid bills without having to deal with an accountant. It is particularly useful to see if the company can invoice customers on a regular basis to plan, for example, the renewal of members in an association. As with online invoicing software, intuitive reports can be set up. Dashboards allow the monitoring of customer accounts and invoicing. Recurring billing is very interesting for the company to increase the lifetime value of a customer.
Speed of execution: it is essential that the software quickly manages customer requests to improve the services offered. The data search must be done as quickly as possible. The same applies to the preparation of invoices. It is necessary that the tool does not show any bugs, in order not to lose customers.
Cost: Subscription management software is available at different prices. This generally depends on their rich functionality and the services included, including the integration of technical support. Professional software is the most ideal choice.
The 10 most popular professional subscription management software
Subscription management requires the use of computer software to reduce tasks and working time. This is an essential solution to ensure the sustainability of its product or service offer by subscription.
