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Subscription billing software is used by businesses which receive payment via subscription and recurring invoices. These may include gyms, fitness centers, magazines and streaming services. If your company uses a payment model of recurring billing, then you will likely need a subscription billing automated software to help make the process easier and more efficient.
In this post we’ll guide you through subscription billing and outline some of the best subscription billing software available on the market.
What is subscription billing?
Subscription billing refers to the payment model whereby businesses organize payment from customers according to a predetermined schedule. This might be monthly, quarterly or annually. Some of the most famous examples of companies which utilize subscription billing are Amazon Prime, National Geographic and Netflix. In addition to subscriptions and membership payments, recurring billing may be used for paying off an instalment plan or donating money to charity.
Today, many businesses offer tailored payment plans to customers, meaning even non-membership or subscription-based companies bill their customers on a recurring basis. In order for this to be streamlined and carried efficiently, many of these businesses use subscription billing automated software.
6 best subscription billing software
Chargebee is one of the best subscription billing systems available due to its vast array of features, products and customizations. The platform itself is straightforward to use and navigate and there are a variety of free and paid plans to choose from. This latter feature makes it a great option for small businesses wanting to minimize costs.
Zoho is on of the best subscription billing software solutions for small businesses and freelancers as it has free and affordable plans. It is also ideal for those working with a low budget who don’t require extensive software features.
However, despite being a little more minimalist in terms of features compared to its competitors, it does still offer everything a small business may need, including automated invoicing, customized invoicing, and adjustable and customizable billing schedules.
Wave is another quality subscription billing software solution, not least because it is 100% free. There is no free trial involved, it is simply non-fee paying and does not require credit card information to be set up. Included in the free plan is invoicing, accounting software and receipt scanning features. Due to its financial accessibility, Wave is an excellent option for small businesses and freelancers who don’t necessarily need sophisticated billing features.
Although one of the premium, higher cost subscription billing software platforms on the market, Zuora is the best option for larger, high-revenue companies due to the extensive features it offers. With Zuora’s subscription billing system, businesses can tailor their plan and package to what suits their needs best.
Recurly is one of best subscription billing software platforms available and is suitable for large businesses as well smaller businesses. The unique selling point of Securely is its dedication to optimizing and maximizing revenue. It does this by using its exclusive Revenue Optimization Engine.
Chargify is industry tailored to Business to Business companies, and is one of the few subscription billing software solutions specifically designed for B2B SaaS. Chargify offers a range of features aimed at addressing both customer and business needs, including subscription management, business reports, revenue analytics and, of course, recurring billing.
GoCardless recurring payments
If your business takes recurring payments, like subscriptions, you may wish to consider GoCardless, which enables you to to take payment automatically when it’s due. There aren’t any monthly fees, so you’ll only need to pay on a per-transaction basis. Providing samless integrations that businesses operating on a subscription model can use to take and reconcile payments with minimal fuss, GoCardless partners with Xero, Zoho, Chargebee and more.
We can help
GoCardless helps you automate payment collection, cutting down on the amount of admin your team needs to deal with when chasing invoices. Find out how GoCardless can help you with ad hoc payments or recurring payments.