Finding software can be overwhelming. Software Advice helps companies find the recurring billing software that best suits their needs so that they can manage user subscriptions and payments more easily.
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NetSuite is a business management software suite offered as a service that performs enterprise resource planning (ERP) and customer relationship management (CRM) functions. It is a horizontal package designed for an extensive range... Read more
Platforms: MacWinLinux
Deployments: Cloud
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Sage Intacct is a provider of cloud-based financial management and accounting software. Sage Intacct's software solution is suitable for small to midsize accounting firms and can provide financial reporting and operational insights... Read more
Platforms: MacWinLinux
Deployments: Cloud
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Multiview Financials is the flagship ERP system developed, sold, implemented, and supported by Multiview Financial Software. Multiview is designed for organizations ranging in size from rapidly growing small businesses to large enterprises... Read more
Platforms: MacWinLinux
Deployments: CloudOn premise
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FINSYNC provides multi-user cash flow management in the cloud to US-based small and medium-sized businesses. Businesses can upgrade from payments to invoicing, bill pay, payroll, project tracking, time tracking, expense reimbursement,... Read more
Platforms: MacWinLinux
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FreshBooks takes billing out of your hands and puts it on autopilot. Set up automated invoicing, online payment options (ACH and Credit Card), and late payment reminders to get paid 2x faster. Next, boost team productivity with precise... Read more
Platforms: MacWinLinux
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Your cloud-based, all-in-one business management solution. Striven is ready for your business right out of the box. With fully integrated accounting, CRM, inventory, project management, human resources features, it's the only software... Read more
Platforms: MacWinLinux
Deployments: Cloud
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AccuFund is an online accounting and financial reporting solution designed specifically for the nonprofit industry. Integrated into one, AccuFund's Accounting suite helps nonprofit organizations and government agencies report funding... Read more
Platforms: MacWin
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Aplos fund accounting is a cloud-based system designed specifically to serve the needs of churches and nonprofit organizations. Aplos fund accounting is available on a standalone basis or within an integrated suite with online donation... Read more
Platforms: MacWin
Deployments: Cloud
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Financial Edge NXT is a cloud accounting solution from Blackbaud that provides transparency across teams, security, compliance, and reduces the need for manual processes. The system is a fund accounting solution that provides a general... Read more
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Plooto saves you hours of work by automating Accounts Payable (AP) and Accounts Receivable (AR) workflows. Trusted by thousands of accounting professionals, Plooto transforms AP and AR services, making them more efficient, streamlined... Read more
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Purpose-built to meet the needs of the modern nonprofit and government agency, MIP Fund Accounting® empowers organizations to track by fund, manage restrictions based on unlimited funding sources, and meet complex reporting requirements.... Read more
Platforms: MacWin
Deployments: CloudOn premise
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Sage 50cloud (formerly Peachtree Software) is a comprehensive accounting solution for small business. It provides core functionality, such as A/R and A/P, customer management and financial reporting. Premium features, such as detailed... Read more
Platforms: Win
Deployments: CloudOn premise
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Tipalti is a cloud-based accounting management solution that helps users automate their accounts payable process. It offers a variety of features, including invoice automation, payment remittance, regulatory compliance management,... Read more
Platforms: MacWinLinux
Deployments: Cloud
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AccountMate is a hybrid accounting solution that caters to small and midsize businesses and offers them tools and functionalities, which help them to manage their financial procedures and routines. The solution provides multiple modules... Read more
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Deployments: CloudOn premise
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Fattmerchant is a cloud-based accounting solution suitable for businesses of all sizes across industries such as e-commerce, healthcare and retail. Key features of the solution include point of sale integration, mobile processing,... Read more
Platforms: MacWinLinux
Deployments: Cloud
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Sage 100 Contractor (formerly Sage Master Builder)
Sage 100 Contractor, formerly known as Sage Master Builder, focuses on small to midsize construction companies, whether they are a general contractor, service or specialty contractor or a home builder. Suitable for companies that... Read more
Platforms: Win
Deployments: On premise
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FinancialForce Financial Management
FinancialForce Financial Management (FM) is a cloud-based system built to provide a complete financial management solution for sales and services-orientated companies of all sizes. FinancialForce FM has several inherent applications,... Read more
Platforms: MacWinLinux
Deployments: Cloud
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AvidXchange is an accounts payable solution for midsize companies in industries including real estate, HOA, construction and financial services. AvidXchange’s cloud-based solutions automate accounts payable processes including purchase... Read more
Platforms: MacWinLinux
Deployments: Cloud
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RealPage is a cloud-based property management solution suitable for businesses of any size. Key features include accounting, budgeting, facilities maintenance, purchasing, document management and reporting. RealPage enables users... Read more
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Deployments: Cloud
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AIMSware is an accounts payable software that works as an invoice management system for small to large sized businesses. This platform has both cloud deployment and on-premise offerings to fit infrastructure requirements. AIMSware... Read more
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Managing recurring expenses is no easy feat.
You've got to deal with car insurance, housing costs, credit card bills, grocery shopping and on and on and on. There are a lot of things to remember, and missing payments on any one of these important expenses can result in very serious consequences.
Fortunately, there's recurring billing software specifically designed to prevent late payments, automate bills and take the stress out of the process.
Even more fortunately for businesses, the same accounting software can have a major impact on normalizing monthly income, managing customer subscriptions and keeping track of payments from a high volume of customers.
Because of the many benefits for businesses and customers, choosing the right billing software is essential. These systems are offered in a variety of configurations and platforms and at a number of different price points, which makes researching your options crucial to the selection process.
Here's what we'll cover:
What Is Recurring Billing Software?
Common Functionality of Recurring Billing Software
How Is Recurring Billing Software Priced?
Benefits of Recurring Billing Software
What Is Recurring Billing Software?
Simply put, recurring billing software is invoicing and payment software specifically designed to collect on a subscription basis. It's one of those ubiquitous pieces of tech that pretty much everyone uses without giving it much thought at all.
For example, anyone who holds a gym membership has probably been entered into a recurring billing system that holds their payment information, sends regular reminders of upcoming payment due dates and automates calculations for things such as state taxes and discounts.
Recurring billing dashboard from Zoho Subscriptions
There are plenty of benefits afforded to customers with recurring billing options, but it's hard to overstate the value this software offers to businesses—the number one advantage being that more and more consumers are shifting their preferences toward subscription-based services over pay-per-product models.
Consider Amazon Prime. The supply chain goliath's subscription-based service that provides users with access to faster shipping, streaming music and video and discounted products is now estimated to have about 80 million members in the United States.
The lesson here is that customers are willing to pay regular and repeated fees in exchange for goods or services they deem worth it, and, for the most part, any business can find ways to capitalize on the booming subscription economy.
Common Functionality of Recurring Billing Software
Before searching for a recurring billing software that best fits your business needs, you'll want to have an idea of what features are available to you, which ones would be nice to have and which ones are mandatory for your business model.
Here are some of the common functions found in most recurring billing products.
| Dunning management | Dunning management is a feature specific to recurring billing software that helps users deal with failed payments, i.e., bounced checks or declined credit cards. Whatever the reason for the payment failure, dunning systems can help address the issue in two ways: charge retries and customer communication. Software should be able to automatically retry processing a payment a few days after the initial decline. Some systems are already programmed with a retry schedule, and others allow managers to determine when and how often the system should retry payments. It's always important to keep the customer in the loop, but this is especially true when payments don't go through. Most billing systems will be able to send automated, form-based emails to notify customers of payment failures, retry schedules, next steps etc. |
| Invoicing | This one may seem obvious for a billing system, but it's worth noting the specific features of recurring payment invoicing that you should be on the lookout for. The key here is clarity—for you and for your customers. Recurring billing invoices should be able to display every type of charge, including upcoming or missed payments, accrued interest fees, taxes etc. You should also be able to view past invoices for the entire customer relationship history just in case any discrepancies occur. Additionally, invoicing functionality should be capable of automating the creation, scheduling and sending of invoices as well as enabling customers to complete payments through an electronic portal. |
| Trial management | Trial subscriptions certainly aren't a required feature, but they can help build your brand and name recognition by making your customers more inclined to test out the system and increasing the number of regular subscribers overall. If you decide to offer free trials, you'll want to make sure your billing software can handle tracking these users and either rolling them into regularly paying customers or end their access once the trial period ends. Trial management features should also include follow-up emails to keep customers informed about when their trial ends and what options they have for continuing the service. |
How Is Recurring Billing Software Priced?
There are a number of different pricing models to choose from when determining how to set up your recurring billing process. The most common configurations are:
- Fixed price. This is the most basic billing configuration that simply charges the same amount each billing cycle.
- Quantity-based/add-ons. Begins with a base fee and then allows users to tack on additional services they'd like to have for corresponding additional costs to the weekly/monthly/quarterly/yearly bill.
- Metered billing/variable usage. Bill customers according to usage instead of a flat rate.
- Packaged pricing. Allows users to select from a list of pre-priced packages or service bundles and pay that rate for that specific set of products or services.
- Custom pricing. Allows you to set your own charges for individual customers using whatever pricing system you prefer.
Benefits of Recurring Billing Software
We've already touched on a few of the advantages offered with recurring billing software, but there are a few more—for both the consumer and the business—that are worth being aware of.
For customers, recurring billing systems take away the burden of remembering to make regular payments while also ensuring uninterrupted services—be that in the form of electricity to their houses or regular delivery of expected goods.
For businesses, especially smaller ones, recurring billing is an invaluable tool to normalize revenue and automate payment collection processes, so business owners can focus on other things.