What are some technologies for providing subscription services?

I am working on a service and would like to provide it for a monthly fee. I’ve considered accepting physical payments and then manually managing the subscription database, but that sounds shady in my opinion, and not at all scalable or practical.

What are some platforms or frameworks that help with the process of processing the actually transaction and managing this kind of thing? I’ve heard of Magento, but that’s about the extent of my knowledge of the subject.

I really have no idea what kind of level of abstraction are provided for this kind of thing. The application is being developed in PHP, if that matters.

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