6 SaaS billing software options for 2024: Features & insights

Whether you’re looking to start your SaaS billing journey on the right foot or you feel like your current solution is beginning to fall short, the message is clear: 

You need SaaS billing software that fits your business needs as ideally as possible.

In this blog post, we’ll share an overview of the best options in the market and help you find one that meets your specific business requirements. 

Why choose a SaaS-specific billing software?

Trying to navigate the unique challenges of SaaS billing with a generic system designed for businesses selling one-time products, services, or subscriptions is a recipe for lost revenue, inaccurate tracking, and frustrated customers. 

SaaS-specific billing software acts as a strategic growth engine designed to simplify and speed up your entire billing process.

Let's look at why these specialized tools are essential:

• Built just for SaaS business models: Unlike systems made for one-time transactions, SaaS billing platforms should handle the intricacies of recurring revenue. Subscription tiers, automated prorating, and usage-based calculations are designed to ensure accurate, timely invoicing specific to SaaS.
• Customer lifecycle in focus: SaaS billing software integrates with your customer journey. This means easy handling of trials, upgrades, downgrades, and adjustments — guaranteeing your billing always reflects the customer's current plan and usage.
• Advanced analytics tailored to SaaS: Generic systems may leave you hunting for essential metrics. SaaS billing platforms surface MRR (monthly recurring revenue), churn rate, and other key performance indicators, offering insights vital for informed business decisions.

The benefits of automation and integration

SaaS-specific billing software goes far beyond simply sending out invoices. It's a tool that largely impacts your team’s financial workflows, making processes more efficient and accurate.  

Error reduction becomes a natural consequence of automating critical tasks. Manual billing, with its Excel spreadsheets and potential for human error, can lead to costly mistakes. From incorrect pricing to miscalculated upgrades, these can eat away at your revenue. 

SaaS billing software automates these critical processes. Calculations, subscription adjustments, and other complex tasks are performed with precision, minimizing errors and ensuring accurate financial reporting.

Improved financial management goes hand in hand with seamless data flows. Integrating your billing platform with your accounting software creates a powerful, unified system. Revenue recognition rules — often complex in the subscription world — can be automated. 

Tax calculations based on customer location and specific product combinations can be streamlined. This means your accounting team spends less time on manual data reconciliation and consistently has access to a real-time, accurate picture of your company's financial health.

Best SaaS billing software in 2024

#1 Orb

Orb is a user-friendly billing management platform that specializes in usage-based models. It emphasizes detailed invoicing and seamless data integration. 

Its core strength lies in making complex billing scenarios transparent and manageable, empowering both customers and finance teams. Orb excels in handling high volumes of billing events, making it ideal for usage-based pricing where large datasets are standard.

These are some of its most robust features:

• Handles large-scale event ingestion for usage-based billing
• Detailed invoicing with usage graphs, timelines, and individual pricing data for unparalleled transparency
• Direct integrations with data warehouses (like Snowflake) and finance tools (like QuickBooks), simplifying data flow and analysis
• Advanced plan versioning for seamless pricing changes without complex migrations
• SQL editor for advanced customization and data reporting, enabling granular control for specialized financial analysis

What makes it great for SaaS billing

Orb's standout feature is its invoicing. Unlike competitors, it provides granular insights into usage metrics, empowering both customers and finance teams. This focus on transparency and data-driven analysis is essential for usage-based SaaS models.

Pricing

On request. 

#2 Stripe

Stripe is a comprehensive payment processing platform offering powerful tools for subscription management and a developer-first focus.

Known for its robust APIs, global reach, and focus on customization, Stripe is ideal for teams that need complete control over their payment and billing stack. Its strength lies in streamlined billing operations and automation tools for managing tax rules across various jurisdictions.

While Stripe offers flexibility, its developer focus might not be the most intuitive solution for non-technical teams—especially those on the finance side. Companies prioritizing ease of setup or those with less complex billing models will notice that solutions like Orb require less development overhead.

These are some of its best features:

• Flexible APIs and extensive developer support for deep customization
• Global payment gateway coverage, handling multiple currencies and payment methods, simplifying international sales
• Sales tax automation and compliance features for accurate calculations across different regions
• Unified billing and payment processing, streamlining the end-to-end process
• Robust SDKs, documentation, and customer support offering reliable resources

What makes it great for SaaS billing

Stripe's international payment capabilities and its ability to automatically handle sales tax calculations across different regions make it a strong contender for companies selling SaaS globally. Additionally, their customization options give businesses flexibility in building unique billing flows.

Pricing

Standard plan: 2.9% + 30¢ per successful charge for domestic cards

Custom plan: On request.

#3 Chargebee

Chargebee is a full-fledged subscription management platform designed for ease of use. It prioritizes quick setup, transparent pricing, and effective churn reduction tools. 

It offers a streamlined path for businesses that need a functional billing solution with core subscription and payment recovery features. However, compared to other platforms, it may lack some highly customizable features.

These are some of its best features:

• User-friendly interface, minimizing setup time, making it ideal for non-technical users
• Effective dunning management to help reduce churn
• Integrations with popular CRM, accounting, and helpdesk tools, streamlining overall workflows
• Detailed subscription management features (upgrades, downgrades, trials, etc.) covering the core customer lifecycle

What makes it great for SaaS billing

Chargebee simplifies the setup process and offers user-friendly tools for managing core aspects of the client’s subscription lifecycle. This makes it a solid option for businesses that want to get their SaaS billing running smoothly in minimal time, especially for companies facing high customer churn rates. 

Pricing

Starter plan: $0 / per month. Chargebee’s pricing is structured as a pay-as-you-go model with no annual commitment. Once the business’s cumulative billing exceeds $250k, an overage fee of 0.75% is charged every month for all billing beyond that. 

Performance plan: $599 / per month. This pricing tier is an annual commitment with discounts available if paid upfront. The same overage fee of 0.75% is charged monthly for all billing that surpasses a $100K monthly limit.

Enterprise plan: A custom quote is required. 

#4 Maxio

Maxio is a powerful billing and financial platform built specifically for B2B SaaS, designed to scale with rapidly growing companies. 

Its strength lies in adaptable billing workflows, GAAP compliance, and the ability to handle complex subscription models and enterprise reporting needs. Maxio offers in-depth customization for invoicing and financial reporting.

Maxio's often convoluted customization can lead to a steeper learning curve compared to more streamlined platforms. Businesses lacking teams with uber-technical knowledge might find the setup process more complicated compared to alternatives like Chargebee or Orb.

These are some of its strongest features:

• Customizable billing workflows to handle even the most intricate pricing models
• Robust revenue recognition features for GAAP compliance
• Detailed reporting and analytics dashboards for strategic insights
• Ability to automate complex revenue recognition scenarios, simplifying financial processes

What makes it great for SaaS billing

Maxio stands out for its ability to adapt to intricate billing models and handle revenue recognition in GAAP-compliant ways. These strengths are vital for rapidly growing B2B SaaS companies, particularly those having trouble with their financial reporting accuracy.

Pricing

Maxio employs a flexible pricing model determined by your billing volume over a year. You have the option to customize your solution by adding or removing modules.

Base plan: Starting at $5k a year (up to $500k in annual billings)

Custom plan: On request.

#5 Zuora 

Zuora is a subscription billing platform tailored towards large, established enterprises. It prioritizes advanced financial compliance, handling highly intricate pricing models, and integrations with other enterprise-level software.

Zuora's less intuitive interface trades off against its extensive feature set and level of customization. It emphasizes robust customer communication tools and granular configuration for specialized use cases.

These are some of its best features:

• Handles intricate subscription models, complex scenarios, and multi-tiered pricing structures
• API integrations with other enterprise software
• Emphasis on advanced accounting compliance and revenue recognition
• Extensive configuration options at the subscription, product, and customer level

What makes it great for SaaS billing

Zuora's ability to support highly complex subscription structures and its emphasis on customization makes it a good fit for enterprise-level SaaS businesses with niche pricing models or specialized compliance needs.

Pricing

On request.

#6 Recurly

Recurly is a subscription billing platform with a developer-friendly approach and a laser focus on customer retention.

It’s excellent for providing data-driven insights into subscriber behavior, offering powerful tools to understand and reduce churn, ultimately optimizing revenue. Recurly's focus on dunning and proactive churn prevention makes it stand out.

Recurly’s feature set isn’t as good for businesses with highly intricate billing models or those needing advanced customization outside of churn prevention. Companies with complex pricing structures might find platforms like Orb or Maxio offer them better features.

These are some of its strongest features:

• Advanced analytics and revenue insights, enabling optimization
• Highly effective dunning system to minimize involuntary churn with automatic retry logic and customizable communication
• Robust payment orchestration supporting multiple gateways extending global reach
• Dedicated focus on subscription billing 
• Noteworthy customer support and detailed insights into subscriber activities, prioritizing responsiveness

What makes it great for SaaS billing

Recurly provides insightful analytics for churn reduction and powerful tools to automate payment retries. This makes it ideal for SaaS companies aiming to optimize revenue through proactive customer retention.

Pricing

Starter plan: $249/month ($0 for the first 12 months and new customer only)

Professional plan: On request.

Elite plan: On request.

How to choose the best billing software for your SaaS

Choosing the right SaaS billing software is all about finding the one that aligns perfectly with your business model and supports your growth goals. Here's a breakdown of the critical factors to consider:

Your billing model and types of customers

Think closely about how you currently charge your customers and how those needs might change in the future. Here's how popular billing software options usually align with different models:

• Usage-based billing: If detailed, transparent invoicing for usage-based pricing is central to your model, a platform like Orb excels in this area.
• Complex subscriptions: For advanced subscriptions with intricate rules or niche needs, Zuora, Orb, and Maxio offer robust support, albeit with a higher level of implementation difficulty.
• Hybrid models: Many platforms can support combined pricing approaches, but Orb's adaptability makes it stand out for those evolving from simple subscriptions towards more complex usage-based elements.

You should also consider your customer base:

B2C: Ease of use should be a priority, both on your end and the customer's. Chargebee has a reputation for its user-friendly interface.

B2B: You will need sophisticated reporting capabilities and features to handle complex contracts. Maxio and Orb are designed with B2B needs in mind.

Your integration needs

Your billing software should fit into your existing workflow like a glove. Consider the essential tools you regularly use and look for billing platforms that offer native integrations with:

• Accounting software (e.g., QuickBooks, Xero): This makes financial tracking, tax calculations, and accurate reporting far easier.
• CRM (e.g., Salesforce, HubSpot): Helps you ensure customer data flows smoothly between sales and billing, eliminating errors caused by manual data entry.
• Helpdesk (e.g., Zendesk): Helps you address billing-related customer inquiries along with other support issues, improving overall customer experience.

Potential for scalability

Choose a billing solution that can grow alongside your SaaS business. Consider these critical factors:

• Transaction volumes: The platform should handle a significant increase in invoices and transaction volume without performance issues.
• New pricing models: Look for the ability to easily add new tiers and features or change and migrate pricing as your business needs change.
• International expansion: For global ambitions, choose platforms that support multiple currencies, tax rules, and other requirements for international sales.

Evaluation checklist: Match your needs with each platform

To help you make decisions easier, use this table to compare billing software options:

Legend:

• ✅ — Good fit
• 🟡 — Possible fit
• ❌ — Not a good fit

Next steps

Now that you’ve got an overview of the best SaaS billing software available today, you're ready to choose a billing platform that fits your business objectives.

For a fully done-for-you usage-based billing solution, consider using Orb.

Check out Orb's suite of features or test-drive our platform within the free SaaS sandbox. Discover the convenience Orb brings, taking the burden of complex billing off your shoulders.