Subscription billing software manages recurring billing for companies offering subscription-based products and services. This type of software generates invoices for various subscription plans and billing frequencies. Subscription billing also manages standard and special offers, packages, or discounts to ensure the billing process is accurate. Besides accountants who use subscription billing to manage revenue, this type of software can also be used by sales departments to identify a company’s best-selling products and services and to adjust their offerings to adapt to their markets.
Some subscription billing products include features for payments or integrate with this type of software. Subscription billing can be delivered as a standalone product or as part of a suite for subscription management software, which usually includes functionality for subscription revenue software and subscription analytics software.
To qualify for inclusion in the Subscription Billing category, a product must:
- Generate recurring invoices at predefined or custom frequencies
- Ensure that customers are billed accurately and on time
- Accept payments and match them with invoices and subscription plans
- Monitor the performance of various types of packages and special offers
- Provide features to address late and incomplete payments
- Include standard tax rules and allow users to create custom rules
- Adjust billing based on changes to plans such as upgrades or downgrades
- Identify the least- and most-performant packages and products