Top 10 Subscription Management Tools Of 2024

By 2025, the subscription economy will reach a market size of $1.5 trillion.

Source: UBS Wealth Management

You might seek a tool to simplify your financial management if you own a subscription business. 

Before choosing any tool, a lot of questions can come to your mind like: 

• How to pick the best subscription management tool when so many are out there?
• Can my team quickly figure these tools out, or are they confusing?
• Will these tools play nicely with my current tech stuff, or will they be trouble?
• And, maybe most importantly, is my subscription’s data safe and following all the rules?

No worries, we’re here to help you out. 

This blog will introduce you to the Top 10 Subscription Management Tools of 2024. 

We’ll keep things simple so that you can understand and make intelligent choices. Think of it as your friendly guide to smooth sailing in the world of subscriptions. 

Let’s set sail together and make 2024 the year of subscription success!

Importance of Subscription-based Models

Learn in brief how subscription-based models can be beneficial for businesses.

1. Reliable And Predictable Revenue

Subscriptions, as opposed to traditional one-time purchases, offer a continual flow of income, allowing businesses to better plan for the future and invest in growth plans. Businesses can easily predict income and get an idea of total revenue. 

2. Increased Customer Loyalty

When you offer convenience to any client or your customers, you make it easy for yourself to gain more trust and loyalty. Subscription-based models make the payment process hassle-free. 

3. Insightful Analytics

You can draw in more clients if you are aware of the expectations and preferences of current customers. You may get helpful information about client behavior using subscription-based business models, eventually enabling you to improve your goods and services. 

4. Flexibility And Customization

Subscription-based models come with flexibility. Customers can choose from different subscription levels with various features and advantages to pick one that best suits their needs and budget. 

5. Scalability

As a business grows, scalability can become a significant difference. Subscription-based models can help you quickly scale the operations to meet the rising demand.

Criteria For Selecting Subscription Tool

Choosing the right subscription management software for your business is a crucial decision. Below is a detailed list of factors that would guide our choice of the best ten subscription management systems to go for:

These criteria encompass various facets that are crucial for CEOs and Founders to consider when making this decision:

1. Scalability

The subscription tool must be capable of accommodating your company. It would be best to evaluate how well each tool can scale with your business, ensuring it can handle increasing subscriptions and customers without compromising performance.

2. Subscription Model Flexibility

SaaS subscriptions, e-commerce subscriptions, and content subscriptions are different kinds of business subscriptions. Find out how well these tools can support multiple subscriptions and how easily they can be adjusted to your business requirements.

3. Billing and Payment Options

Proper invoicing is crucial to any business that relies on memberships or subscriptions. Evaluate the tools to determine how they can support automating billing, providing multiple payment options, and managing recurring revenue accurately.

4. Customer Relationship Management (CRM)

Customer retention is crucial, and providing customers with a smooth and pleasant experience is critical. See how each tool handles customer information, interactions, and retention process. This includes features for tracking customer experience, handling complaints, and delivering appropriate customer service.

5. Reporting and Analytics

Managing a subscription business requires intelligent decisions and active involvement in all stages. Consider its reporting and analytics features and how well it meets the subscriber’s needs regarding behavior analysis, revenue, and churn rate. One of the paramount approaches to strategic management entails effectively evaluating comprehensive data. 

6. Automation and Workflows

Time and resource efficiency are par un. Consider how each tool streamlines your subscription management processes through automation and customizable workflows, reducing manual tasks and minimizing error.

7. Compliance and Security

Your subscription management system must meet the security and data protection regulations to find which tools provide reasonable security for customer data and privacy.   

8. User-Friendly

One crucial factor is the interface has to be intuitive and easy to use. Evaluate the tool’s simplicity and onboarding process since non-technical personnel may have to use it.

9. Cost and ROI

Economical analysis is an important criterion that is taken into consideration by CEOs and Founders. Examine the various categories of solutions and the potential ROIs associated with each so that your investment’s ultimate cost/benefits become more apparent.  

10. Customer Feedback and Reviews

Real-world experiences matter, especially when evaluating user satisfaction and identifying potential pain points through an online customer feedback system.

Top 10 Subscription Management Tools

1. Invoicera

For simple subscription billing and invoicing, Invoicera is the best tool. It makes the entire process of creating, sharing, and managing invoices easy.

No matter the size of your business, Invoicera ensures the efficient management of your subscription billing with a simple interface that is easy to navigate.

Features

• Easy Billing: Create and send professional invoices effortlessly.
• Subscription Management: Effortlessly manage your subscription services.
• Payment Gateway Integration: Support 14+ payment methods to enable easy payment processing.
• Automated Reminders: Set up automatic reminders for invoice payments.
• Financial Reports: Generate insightful reports to monitor your financial health.

Data Security

• Encrypted Data Transmission: Invoicera uses top-notch encryption for secure data transmission, keeping your information safe and private.

• Controlled Access: Invoicera offers access control, allowing only authorized personnel to view specific data and ensuring enhanced security.

• Regular Security Audits: The team regularly audits and assesses security, staying ahead of potential threats to improve safety continuously.

• Backup in Multiple Locations: Invoicera stores your data in multiple secure locations, reducing loss due to hardware failures or unforeseen circumstances.

• 24/7 Monitoring and Incident Response: Invoicera constantly monitors your activities. If something happens, the team acts promptly to solve the problem.

Compliance

• Automatic Tax Calculation: You do not need to do manual tax calculations; Invoicera automatically calculates taxes based on your and your clients, ensuring accuracy and compliance.

• Country-Specific Tax Rules: Invoicera helps you stay current with tax regulations in multiple countries. It adapts to the tax rules of your country and your client’s countries you do business with.

• GST, VAT, and Sales Tax Management: Invoicera helps you manage all tax types; add and apply taxes initially while generating invoices.

Pricing

While Invoicera offers a free plan, its premium plans are competitively priced, ensuring businesses get value for their money.

• The ‘Infinite’ Plan offers everything unlimited at ₹14999/Year.
• The most famous ‘Enterprise’ plan costs ₹9999/Year.
• Small and medium-sized businesses can choose a ‘Business’ plan at ₹4999/Year.
• The ‘Starter’ plan is for startups or small businesses at ₹2499/Year.

Invoicera’s pricing starts at $19 per month when billed monthly or $15 per month when billed annually, making it an affordable option.

2. Freshbooks

Serving all types of businesses, Freshbook is a flexible tool for subscription management.

Its intuitive interface makes it simple to manage your finances and subscriptions.

Features

• User-Friendly Invoicing: Simple and intuitive interface that allows easy creation and adjustment of invoices.
• Time Tracking: Have tools to track the billable hours and control the projects.
• Expense Management: Monitor your spending and keep track of your receipts in an organized manner.
• Subscription Tracking: Track your subscription services and avoid overspending easily.
• Mobile Accessibility: Access your subscription data from anywhere with the mobile app.

Data Security And Compliance

• SSL Encryption: Your data is also protected when transmitted over the Internetusingf 256-bit SSL encryption, which shields it from eavesdroppers and phishing scams.
• Firewalls: FreshBooks data is stored behind firewalls to ensure its safety for everyone.
• Strong Encryption: Industry-standard encryption is used for sensitive data transmission.
• Backups: Daily backup is done at night and kept offsite for easy access during a disaster.
• PCI Compliance: Cardholder data is processed and maintained per PCI DSS compliance with routine yearly assessment.

Pricing

Freshbooks offer its most popular plan at $16.50/month.

FreshBooks offers tiered plans to suit different business needs. Here is a brief overview of their plans; you can view detailed features on their website. 

• Lite – $8.50 per month
• Plus   $15.00 per month
• Premium – $27.50 per month

Exclusive offer: 50% off for six months and a 30-day money-back guarantee.

3. Chargebee

Chargebee can be described as an umbrella solution for dealing with a wide range of subscription-related matters. It swiftly breaks down various operations and activities, such as billing services and revenue recognition.

Therefore, it is a powerful tool that can automate the billing process, manage subscribers, and even provide real-time insights into a business that runs on subscription models.

Features

• Subscription Billing: Handle invoices for many types of subscription-based services.
• Revenue Recognition: Automate the revenue recognition process to meet accounting standards accurately.
• Dunning Management: Handle failed payments and churn effectively.
• Analytics and Insights: Gain valuable insights into subscription performance.

Integration Hub: Connect with a wide range of third-party apps and services.

Data Security And Compliance

You can enjoy a safe subscription experience at several levels with Chargebee,

• Complying with PCI and GDPR can help you secure your client’s information and personal data.
• By adhering to ISO, SOC 1 & SOC 2, and MFA requirements, Chargebee ensures the internal data security of your data.
• Policies at the network, application, and operational levels govern chargChargebee’sork security.

Pricing

Below are the plans Chargebee offers. You can visit their website to get a detailed information-

Pricing

Starts at $599 per month

4. Zoho Subscriptions

Zoho Subscriptions is a very convenient tool for creating subscriptions, suitable for small and medium-sized enterprises. It offers a simple solution for handling periodical charges. This platform enables you to track all your subscription billing transactions, keeping clients and increasing your revenue.

Features

• Flexible Pricing Plans: Make and schedule multiple subscriptions with relative simplicity.
• Customer Self-Service Portal: Enable customers to update their subscription.
• Automated Recurring Payments: Simplify regular invoicing and charging.
• Multi-Currency Support: Work with international clients who can handle multiple currencies.
• Subscription Metrics: Track and analyze subscription-related metrics for growth.

Data Security And Compliance

• Network Security: Zoho systems are protected by firewalls, segmented networks, and rigorous access control.
• DDoS Prevention: Trusted technologies to safeguard against disruptive traffic, ensuring high availability.
• Secure by Design: Changes are rigorously controlled, adhering to secure coding guidelines, and backed by an OWASP-based security framework.
• Encryption: Data in transit is protected by TLS 1 .2/ 1.3 encryption, while email protection is done using opportunistic TLS.
• Multi-Factor Authentication: Use an extra layer of security by going past the regular password protection.
• Malware and Spam Protection: Antimalware, anti-spam software, and scanning and updating facilities enhance security.
• Backup: Incremental backups are performed daily, and full backups are performed weekly while using AES-256 encryption for security.

Pricing

Get a monthly subscription with a free trial. The monthly plans are below:

• Standard – $25 per month
• Premium – $59 per month
• Custom – Talk to sales

5. Stripe

Stripe is one of the most popular subscription management software for online payment processing and is helpful in managing recurring payments.

Its features will help you and your customers make the subscription payments much more convenient.

Features

• Seamless Payments: Pay online securely and conveniently.
• Subscription Billing: Create and manage subscriptions, plans, and options.
• Smart Recovery: Automate collections with dunning.
• Real-time Insights: Increase accurate data flow in real-time for better decision-making.
• Developer-Friendly: Integrating Stripe into your website or application is very simple.

Data Security And Compliance

• PCI-certified: Stripe is also fully PCI-compliant at level 1, providing tight security for payment information.
• SOC Reports: Stripe complies with SOC 1 and SOC 2; these reports are annual but can be accessed if requested.
• Sensitive Action Authentication: Another advantage of StripStripe’sboard is that it offers customizable two-factor authentication options to enhance financial security.
• Dedicated Security Experts: To reduce the risks of cyber threats, Stripe employs specific security branches with representatives working around the clock.

Pricing

You need to contact Stripe’s sales team to get information about the pricing plans. 

6. Verifone

Verifone is a solution that simplifies subscription monetization and global assets. With its easy-to-use platform, it’s an excellent choice for businesses looking to expand their subscription services to a worldwide level. It offers various payment options for different customer preferences 

Features

• Global Payment Processing: Accept payments in multiple currencies and languages.
• Subscription Management: Handle recurring payments and subscriptions.
• Revenue Maximization: Optimize pricing and monetization strategies.
• Compliance Assistance: Stay compliant with global payment regulations.
• Reporting and Analytics: Access detailed reports to track your subscription performance.

Data Security And Compliance

• PCI DSS Compliance: Your payment data is safe with Verifone, meeting the highest security standards for transaction security.
• GDPR Support: It offers tools for European data protection compliance, vital for businesses serving EU customers.
• Data Encryption: Customer data is shielded during transmission through robust encryption protocols.

Pricing

You need to request the pricing plans from Verifone’s sales team. 

7. Chargify, Now MaxioMaxio is a robust subscription management platform built to help you grow and scale your subscription-based business. 

It offers features like billing automation, revenue optimization, and comprehensive reporting to give yocompletell control over your subscriptions and the ability to adapt to changing business needs.

Features

• Subscription Lifecycle Management: Manage the entire subscription journey.
• Revenue Recognition: Automatically recognize and report revenue accurately.
• Custom Billing Models: Tailor your billing models to match your business needs.
• Analytics Dashboard: Get insights into subscriber behavior and trends.
• Integration Options: Connect with various third-party tools for enhanced functionality.

Data Security And Compliance

• SOC 1 and SOC 2 Compliance: Maxio undergoes annual independent audits to ensure financial reporting and stringent security, availability, processing integrity, confidentiality, and privacy controls are in place.
• ISO 27001: Maxio adheres to ISO 27001:2013 standards, demonstrating a commitment to information security and operational resilience.
• PCI DSS Level 1 Compliant: Maxio maintains the highest PCI compliance, safeguarding sensitive payment data and saving you time and resources.
• PGP Key: Maxio offers a PGP key for encrypting sensitive communications sent to us, enhancing security.

Pricing

The Essentials plan costs $599 per month, but you need to contact Maxio for the other plans.

8. Recurly

Recurly is specifically tailored to businesses that operate as a subscription. 

It provides intelligent billing and revenue optimization, ensuring you have the tools to grow your subscription-based business efficiently.

Features

• Subscription Billing Automation: Automate billing processes for recurring revenue.
• Revenue Recognition: Ensure accurate revenue recognition for your business.
• Subscription Analytics: Gain deep insights into your subscription performance.
• Subscription Changes: Easily modify subscriptions and billing terms.
• Payment Gateways: Integrate with various payment gateways for seamless transactions.

Data Security And Compliance

• Global Compliance: Recurly ensures compliance with SOC II Type 2, PSD 2, CCPA, and GDPR, employing third-party auditors and pen-testers for top-quality standards.
• Robust Access Controls: Maintain proper access with configurable user roles, permissions, and security measures like SAML, SSO, and audit logs.
• Always-on Reliability: Recurly’s scalable platform, built on industry-leading service providers like Google Cloud, allows you to grow confidently without disruptions.
• Security Assurance: Recurly keeps your data secure with encryption, storage in tools like Google KMS, and continuous monitoring, adhering to PCI Data Security Standard Level 1 and industry-standard security guidelines.

Pricing

There are three plans – Starter, Professional, and Elite. You can check the detailed plan on their website.   

  9. Zuora

In the subscription economy,  Zuora is a key player. It’s a comprehensive subscription management system that empowers businesses to thrive in a subscription-centered world. With Zuora, you can manage subscriptions, pricing, and billing, making it a strategic asset for businesses embracing subscription models.

Features

• Subscription Pricing Strategies: Implement flexible pricing and packaging strategies.
• Subscription Metrics: Track key subscription metrics for informed decisions.
• Billing Automation: Automate complex billing processes.
• Revenue Forecasting: Predict future revenue based on subscription data.
• Subscription Order Management: Streamline order management for subscriptions.

Data Security And Compliance

• Network Security: Zuora’s security includes isolated production environments, firewall segregation, two-factor authentication, and host-based intrusion detection.
• Physical Security: Zuora ensures robust physical security through fortified data centers, multi-layer access authentication, and 24/7 monitoring.
• Application Security: Zuora employs HTTPS, data encryption for payments, secure application design, and an application firewall for added perimeter protection in their software.

Pricing

Its pricing is not public on its website. You need to request a quote for their pricing plans. 

10. Billsbuy

Billsby is a flexible and intuitive solution for subscription billing, invoicing, and customer management. 

With Billsby, you can create and manage subscriptions seamlessly, making it an excellent choice for businesses of all sizes. Stay tuned for in-depth insights into these fantastic tools to help you make the right choice for your subscription management needs.

Features

• Subscription Billing: Set up and manage subscription billing with ease.
• Dunning Management: Recover failed payments and reduce churn.
• Customer Self-Service Portal: Allow customers to manage their subscriptions.
• Integration Flexibility: Integrate with your favorite apps and services.
• Subscription Analytics: Analyze subscription data to drive growth strategies.

Pricing

Billsby’s plan starts at $45/month for five users.

Security And Compliance

Bilsby is PCI-DSS and EU-GDPR compliant for data security and privacy. 

• Network Security: Billsby trusts Google Cloud for its infrastructure, and its employees have no physical access. It’s Protected from DDoS attacks, man-in-the-middle threats, and more.
• Admin operations: You can restrict access to your account, allowing only authorized personnel. You also control customer service staff access, which is closely monitored.
• Application Security: Use HTTPS and encryption to secure data in transit, guard against XSS and SQL injection attacks, and encrypt sensitive information.
• Enterprise Data Storage: Sensitive data isn’t on their network, ensuring redundancy through Google Cloud SQL and geo-replication.

Conclusion

Finding the right tool for your subscription-based business is essential, as your workflow entirely depends on the software. 

All the above-described tools are good to go. Compare the prices and choose one that fits your budget and requirements. 

Want to know more about Invoicera? Contact our support team and learn about pricing in detail.

FAQs

1. What are some standard features for subscription management tools?

Standard features include automated billing, subscription analytics, customer management, invoicing, dunning management, and integration. The right mix depends on your business needs.

2. Can these tools help me with customer retention and churn management?

Many subscription management tools offer features to monitor customer behavior, reduce churn, and implement retention strategies. They provide insights and tools to improve customer retention rates.

3. Do these tools integrate with popular payment gateways and accounting software?

Yes, most top subscription management tools offer integrations with widely used payment gateways and accounting software. This ensures a smooth financial workflow.