best subscription billing software

Wondering what is the best subscription billing software for your business for 2024? Here’s a detailed review of the top 10 billing platforms. Table of contentsWhat Should Best Subscription Software Have?Best Subscription Billing Software ListTop 10 Subscription Billing Software You Need to KnowTridens Monetization - Best Subscription Billing SoftwareZuora - Subscription Billing Automated SoftwareChargebee - Cloud Subscription Billing SoftwareMaxio - One Of The Best Subscription Billing Platforms For B2BRecurly - Recurring Subscription Billing SoftwareBilling Platform - Enterprise Subscription Billing SoftwarePaddle - Free Subscription Billing PlatformAria Systems - Automated Subscription Billing SoftwareStripe Billing - Monthly Subscription Billing SoftwareOrdway - Online Subscription Billing Software Did you know that 78% of adults around the world are using some sort of subscription-based service? Saying that subscription billing is on the rise would be an understatement – ever since Netflix sparked the subscription economy in 2007, this billing model has seen some spectacular increases with each year that goes by. And by the looks of it, this trend won’t stop anytime soon. However, running a subscription-based business is not always all sunshine and profits. In fact, 48% of companies with a subscription billing system struggle to manage accounting and reporting processes. That’s why having powerful and flexible subscription billing software to help you manage complex billing cycles and revenue is critical. But what precisely should you pay attention to when searching for subscription billing software? What are some of the key features and capabilities it should include? In this article, we’ll cover these questions and show you some of the best subscription billing software solutions you can find in today’s market. What Should Best Subscription Software Have? Subscription billing software is a cloud-based system that automates and manages the billing and invoicing aspects of subscription billing companies. It provides the necessary tools to create, manage, and track recurring payments, ensuring a seamless billing experience. However, not all subscription-based billing software are created equal and there are certain things you need to pay attention to when picking the right one for your specific business. This is especially important now, with a study by Insider Intelligence stating that companies will need to rely on retaining current customers as adoption begins to slightly slow down in 2024. To retain existing customers and make sure user experience is at the highest level, you need to have subscription billing software that you know you can rely on. Here are some of the key aspects that the best subscription billing software should possess: ● Flexible management for a variety of models: Whether you offer simple monthly subscriptions, tiered pricing, metered usage, or freemium options, the software should allow you to define and manage these models effortlessly. Look for features like customizable subscription plans, proration options, and the ability to handle upgrades, downgrades, and cancellations smoothly. ● Automated billing and invoicing: The best subscription billing software should automate these processes, reducing manual errors and saving valuable time. Automated recurring billing, customizable invoicing templates, and the ability to generate invoices in multiple currencies are some of the things you should look out for. ● Subscription analytics and reporting: To make informed decisions, it's essential to have access to insightful subscription analytics and reports. The ideal software for subscription billing should provide real-time details on customer churn rates, subscription growth, revenue forecasts, and similar metrics. ● Payment gateway integration: Another thing the software used for billing should offer is seamless integration with popular payment gateways that your customers use. Look for software that supports multiple payment methods, including credit cards, digital wallets, and ACH transfers. ● Dunning management: Handling failed payments and reducing churn is another key aspect. Ideally, the software should have robust dunning management features like automated retry logic, customizable email notifications for failed payments, and the ability to handle different payment recovery strategies. Effective dunning management can help you recover revenue and retain customers who might otherwise churn due to payment issues. ● Scalability and integration: As your business grows, you need subscription billing software that can scale with you. Look for software that can handle a growing customer base, increased transaction volumes, and additional features as your needs evolve. Also, pay attention to available integrations with other essential tools such as CRM systems, customer support platforms, and marketing automation software. Best Subscription Billing Software List Subscription-based business models aren’t the only ones rapidly growing - so are subscription management platforms. The subscription management market is forecasted to reach $10.5 billion by 2025, which means this landscape will only become more competitive in terms of offered features and capabilities as the market continues to develop. What is the best billing software? And how to choose the best subscription billing software? That’s exactly what we’re going to cover today. Before we get into the details of each one separately, here’s a quick overview of the platforms we’ll talk about. Subscription Billing SoftwareMain Value PropositionTridens MonetizationOverall the best subscription billing solution - handles complex pricing models, automates billing, offers robust revenue management, and all the other key aspects at an affordable price.ZuoraAutomation and personalization for the complete billing cycle.Chargebee25+ payment gateway integrations and no-code design features.MaxioAdvanced personalization features for fine-tuning offers.RecurlyUtilizes machine learning technology to reduce customer churn and boost profits.BillingPlatformSimple quote-to-cash process automations for enterprise businesses.PaddleEasy-to-use interface and beginner-friendly features suited for smaller businesses.Aria SystemsAdvanced account structures tailored for complex billing processes.Stripe BillingFailed payment email automation and automatic card updater features.OrdwayProvides a wide range of customizable, professional-looking invoice templates. Top 10 Subscription Billing Software You Need to Know Now that we’ve taken a quick glance at some of the main aspects you should consider, let’s check out some of the best subscription billing software platforms in today’s market in detail. Tridens Monetization - Best Subscription Billing Software Tridens Monetization is one of the leading subscription billing software solutions that helps businesses automate billing, optimize revenue management, handle complex pricing strategies, and much more. Tridens excels across a diverse range of sectors, including Software & SaaS, Media & Entertainment, Telecommunications, Energy & Utility, and EV Charging. From consumption-based to hybrid business models, this software relieves the stress of any business struggling to stay on top of its complex pricing and billing processes. In terms of features, Tridens offers billing and invoicing automation, tools for easier payment collection, ready-to-use reports and advanced analytics insights, offer optimization features, and a wide range of integrations. And this is just the tip of the iceberg. Tridens Monetization also includes advanced features in line of business operations such as finance management, in-depth automated reporting, task scheduling and automation, and provisioning, making it a fully capable BSS (Business Support Systems). This means that organizations can benefit from a comprehensive suite of tools that not only handle subscription billing but also provide robust business support systems. Zuora - Subscription Billing Automated Software Zuora is one of the most popular subscription billing platforms in the market for subscription-based businesses. The software comes with a variety of advanced features, including tax automation, billing automation, multiple currency support, comprehensive subscription metric reports, customizable invoice templates, and dunning management. Moreover, Zuora supports complex subscription scenarios, such as usage-based pricing. And, it offers integrations with other business systems like CRM platforms and accounting software. Many high-profile companies (e.g. Zoom) implement the software, which is another reason for its vast popularity. Chargebee - Cloud Subscription Billing Software Chargebee is a popular subscription billing platform for B2B SaaS companies, but it’s not limited strictly to them. One of its biggest advantages is the 450+ billing scenarios that allow companies to test different payment options seamlessly and choose the one that works best for them. Also, businesses can build checkout and catalog pages with no-code design features, eliminating the need for professional designers. Reporting capabilities are also granular and users get a complete overview of key metrics like CLV, MRR, and average revenue per subscriber. Maxio - One Of The Best Subscription Billing Platforms For B2B Maxio is essentially the merger product of SaaSOptics and Chargify and it works as a subscription and revenue management platform, mainly focused on B2B SaaS companies. The company provides a variety of financial solutions, including revenue recognition, subscription management, billing, expense recognition, advanced analytics, and more. One of Maxio’s main advantages is its advanced personalization features and offer differentiation capabilities. With Maxio, businesses can easily package, price, and launch new offers, without having to write custom billing codes. Recurly - Recurring Subscription Billing Software Recurly provides clients with nearly unlimited billing plan setups, which makes it one of the most flexible billing software for subscriptions. There are also communication management capabilities, analytics dashboards, swift account change options, revenue management options, and a lot more features. The platform also offers upgrade and downgrade automations, instant refunds, and the ability to automatically distribute different billing variations. Recurly claims that it can boost monthly revenue by 12% with its ROE feature (Revenue Optimization Engine), which is one of the platform’s main value propositions. Billing Platform - Enterprise Subscription Billing Software BillingPlatform is a billing subscription software aimed particularly at enterprise businesses that want to streamline their quote-to-cash process automations. Some of the main features include customer proposal configuration, various merchant integrations, self-service portals, revenue recognition management, and more. BillingPlatform also includes a built-in usage processing engine that further streamlines enterprise billing and pricing, and it’s one of the platform’s main benefits. Paddle - Free Subscription Billing Platform Paddle is an automated subscription billing solution that’s primarily designed for small and medium-sized businesses. This software is a more budget-friendly solution, which is why it’s so popular among smaller businesses that are in their early growth stages. In terms of features, Paddle offers an intuitive interface, a variety of available payment gateways, great customer support, subscription lifecycle management, custom recurring billing options, and more.There’s a freemium model and trial period that businesses can take advantage of before making the ultimate decision on whether to implement Paddle. Aria Systems - Automated Subscription Billing Software Aria Systems is a subscription billing platform known for its advanced account structures and the ability to automate more complex billing processes. Subscriptions are processed in real-time, alongside tax applications and on-demand payments, without any need for manual input. Furthermore, Aria Systems allows businesses to build and curate subscription-based products into dynamic offers, without having to waste a ton of resources on price optimization, billing automation, or financial lifecycle processes since the platform handles all of these areas. Stripe Billing - Monthly Subscription Billing Software Stripe is one of the world’s most popular payment gateways, but many seem to overlook the fact that it also offers a robust billing platform (Stripe Billing). The software is fairly easy to set up, while the interface is very beginner-friendly and simple to navigate. It can handle anything from metered billing to seat-based pricing. Some of its main benefits are failed payment email automation, automatic card updater, and advanced retries, which all contribute to a reduction in churn for businesses that use it. Interestingly, companies were able to recover 41% of failed invoices in 2019 due to Stripe Billing’s features. Ordway - Online Subscription Billing Software Ordway is an online subscription billing platform that handles a wide range of contract structures and subscription-based pricing strategies. From flat rates and multi-tiered strategies to hybrid solutions, Ordway covers all of the most popular subscription models that businesses might need. The platform’s main features include auto-renew subscriptions, customizable invoice templates, and real-time reporting tools to help you stay on top of payments, revenue, and customer usage. The Bottom Line With 70% of company leaders stating that subscription-based business models will be crucial to their prospects in the future, having proper subscription billing software in place will only grow more relevant. And as we’ve seen, each subscription billing platform comes with its own set of advantages and capabilities. When making a final decision on which one to implement, it will ultimately come down to your specific industry, size, business model, pricing needs, budget, and similar factors. That said, if you’re looking for subscription billing software that excels in all key areas (from features and customer support to ease of use) and will help you take your business to the next level, Tridens Monetization is the way to go.