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

If you own a subscription business, you might be looking for a tool to make your financial management easier. 

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 easily 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 smart 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 about 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 difficulty. Subscription-based models can help you quickly scale the operations to meet the rising demand.

Criteria For Selecting Subscription Tool

Selecting the right subscription management tool for your business is a critical decision. To help you make an informed choice, we’ve listed a comprehensive set of criteria for evaluating and selecting the top 10 subscription management tools. 

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’s growth. You must 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

Businesses may adopt diverse subscription models, such as SaaS, e-commerce, or content-based subscriptions. Consider the flexibility of each tool in accommodating these various subscription types and the customization options available to tailor the tool to your unique business needs.

3. Billing and Payment Options

Efficient billing and payment processing are vital for any subscription-based business. Assess the tools for their ability to automate billing, handle diverse payment methods, and manage recurring revenue streams accurately and efficiently.

4. Customer Relationship Management (CRM)

A seamless customer experience is essential for retaining subscribers. Check out how each tool manages customer data, communication, and retention strategies. This includes features for tracking customer interactions, resolving issues, and providing excellent customer support.

5. Reporting and Analytics

Smart decisions play an essential role in a subscription business. Look at each tool’s reporting and analytics capabilities, assessing their ability to provide insights into subscriber behavior, revenue trends, and churn rates. Comprehensive data analysis is the key to making informed strategic decisions.

6. Automation and Workflows

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

7. Compliance and Security

Your subscription management application must conform to security and data protection laws. Check out the security features of each tool and evaluate how well it can protect customer data integrity and privacy.

Want To Keep Your Data Safe?

8. User-Friendliness

A user-friendly interface is essential for efficient adoption and daily usage. Rate each tool based on its ease of use and onboarding process, ensuring that even non-technical staff can navigate and utilize it effectively.

9. Cost and ROI

Cost-effectiveness is a significant factor for CEOs and Founders. Analyze the pricing structures and ROI potential of each tool, helping you determine the long-term cost-benefit of your investment.

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

When it comes to simple subscription billing and invoicing, Invoicera is your tool of choice. It makes the entire process simple, making it simple to prepare, transmit, and handle invoices. 

Regardless of the size of your company, Invoicera provides an easy-to-use platform to manage your subscription billing effectively.

Features

• Easy Billing: Create and send professional invoices effortlessly.
• Subscription Management: Seamlessly handle your subscription-based services.
• Payment Gateway Integration: Integrate with various payment gateways for smooth transactions.
• 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, 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 always keeps an eye on anything happening unusual. If something happens, the team acts promptly to solve the problems.

Compliance

• Automatic Tax Calculation

You do not need to do manual tax calculations; Invoicera automatically calculates taxes based on your and your client’s locations, ensuring accuracy and compliance.

• Country-Specific Tax Rules

Invoicera helps you to always remain up-to-date with tax regulations in multiple countries. It adapts to the tax rules of your country and the countries you do business with.

• GST, VAT, and Sales Tax Management

Invoicera helps you manage all tax types; simply add taxes initially and apply them 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 very small businesses at ₹2499/Year.

2. Freshbooks

A flexible tool for managing subscriptions, Freshbooks is perfect for all businesses. It comes with an extensive list of features, including billing, subscription management, and accounting. 

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

Features

• User-Friendly Invoicing: Easily create and customize invoices with a user-friendly interface.
• Time Tracking: Track billable hours and manage your projects efficiently.
• Expense Management: Keep a close eye on expenses and manage receipts conveniently.
• Subscription Tracking: Monitor and manage your recurring subscriptions effortlessly.
• Mobile Accessibility: Access your subscription data from anywhere with the mobile app.

Data Security And Compliance

• SSL Encryption: Your data is safeguarded with 256-bit SSL encryption during transmission, ensuring protection against eavesdroppers and phishing attempts.
• Firewalls: FreshBooks data is securely hosted behind firewalls.
• Strong Encryption: Industry-standard encryption is used for sensitive data transmission.
• Backups: Nightly data backups are stored securely offsite for rapid recovery in case of catastrophic events.
• PCI Compliance: Cardholder data is handled in line with PCI DSS requirements, with annual audits.

Pricing

FreshBooks offers tiered plans to cater to different business needs. Here is a brief overview of the 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 6 months and a 30-day money-back guarantee.

3. Chargebee

Chargebee is an all-in-one solution designed to handle everything related to subscriptions. From billing to revenue recognition, it simplifies complex processes. 

With Chargebee, you can automate billing, manage subscribers, and gain valuable insights into your subscription-based business, making it an invaluable asset for growing companies.

Features

• Subscription Billing: Manage billing for a variety of subscription models.
• Revenue Recognition: Automate revenue recognition to comply with accounting standards.
• 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 clients’ payment information and personal data.
• By adhering to ISO, SOC 1 & SOC 2, and MFA requirements, Chargebee ensures the internal data security of your data.
• Chargebee’s network security is governed by policies at the network, application, and operational levels.

Pricing

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

4. Zoho Subscriptions

Zoho Subscriptions is a user-friendly tool suitable for businesses of all sizes. It provides a straightforward way to manage recurring payments and subscriptions. This platform ensures you stay on top of your subscription billing, helping you retain customers and boost your revenue.

Features

• Flexible Pricing Plans: Create and manage various subscription plans with ease.
• Customer Self-Service Portal: Allow customers to manage their subscriptions.
• Automated Recurring Payments: Streamline recurring billing and payments.
• Multi-Currency Support: Handle international customers with multi-currency capabilities.
• 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: Strong encryption (TLS 1.2/1.3) secures data in transit, while opportunistic TLS is utilized for email security.
• Multi-Factor Authentication: Enhance security with an additional verification layer beyond passwords.
• Malware and Spam Protection: Automated scanning and regular updates protect against malware and spam.
• Backup: Daily incremental and weekly full backups with AES-256 encryption for data security.

Pricing

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

• Standard – $20 per month
• Professional – $50 per month
• Premium – $100 per month
• Elite – $300 per month

If you choose an yearly subscription, you can save up to 25%. The below image describes the yearly distributed plans.

Note: Choose the yearly plan wisely after getting a full knowledge of the software to invest in the best. 

5. Stripe

Stripe is a well-known name in the world of online payment processing, and it’s a fantastic tool for subscription management. 

It offers a secure and convenient way to handle your subscriptions, with various features that make it easier for you and your customers to manage recurring payments and subscriptions.

Features

• Seamless Payments: Accept online payments securely and easily.
• Subscription Billing: Set up, manage, and customize subscription plans.
• Smart Recovery: Recover failed payments with automated dunning.
• Real-time Insights: Gain real-time data insights for informed decision-making.
• Developer-Friendly: Integrate Stripe with your website or app effortlessly.

Data Security And Compliance

• PCI-certified: Stripe is PCI-certified to the highest level, ensuring robust security for payment data.
• SOC Reports: Stripe undergoes regular SOC 1 and SOC 2 audits, and their reports are available upon request.
• Sensitive Action Authentication: Stripe’s Dashboard supports multi-factor authentication options for added security.
• Dedicated Security Experts: Stripe maintains specialized security teams available 24/7 to minimize cybersecurity risks and ensure best practices.

Pricing

To get information about the pricing plans, you need to contact the sales team of Stripe. 

Below is the structure of features Stripe provides: 

6. 2Checkout

2Checkout is a solution that simplifies subscription monetization and global payments. With its easy-to-use platform, it’s an excellent choice for businesses looking to expand their subscription services to a global audience. It offers various payment options to cater to 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 2Checkout, meeting the highest security standards for transaction security.
• GDPR Support: It offers tools for European data protection compliance, which is vital for businesses serving EU customers.
• Data Encryption: Customer data is shielded during transmission through robust encryption protocols.

Pricing

Look at the pricing plans 2Checkout provides and choose wisely that suits your business needs and budget.

7. Chargify, Now Maxio

Maxio is a robust subscription management platform that’s built to help you grow and scale your subscription-based business. 

It offers features like billing automation, revenue optimization, and comprehensive reporting to give you full 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

You can get the Essentials plan at $599 per month, but for the other plans, you need to connect with Maxio’s support team. 

8. Recurly

Recurly is specifically tailored for businesses that operate on a subscription model. 

It provides intelligent billing and revenue optimization, ensuring that you have the tools needed 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 highly 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 details about plans by visiting 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-centric 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 network 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

• For the monthly plan, there is an activation fee of $500.  

Monthly fee – $ 1000

• For the yearly plan, there is an activation fee of – $250

Annual Plan – $ 9000 

10. Billsby

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

So below in the image are the pricing plans of Billsby. You can choose the best-suited plan for your business. 

Data 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, with no physical access for our employees. It’s shielded from DDoS attacks, Man-in-the-Middle threats, and more.
• Admin Operations: Restrict access to your account, allowing only authorized personnel. You 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.
• Data Storage: Sensitive data isn’t stored 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 completely 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 get to know about pricing in detail.

FAQs

What are some common features to look for in subscription management tools?

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

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 strategies to retain customers. They provide insights and tools to improve customer retention rates.

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.