Subscription-based businesses are faced with the challenge of automating their billing and invoicing processes as they scale up. Greater volumes of recurring customers mean that manual billing procedures become tedious, time-consuming, and susceptible to human error which can lead to inaccurate invoice charges or lost revenue recognition opportunities.
Automation is an important tool for subscription companies who want a smooth process around billings without any inaccuracies in regards to volume discounts based on number of purchases per customer or different price tiers depending upon what product line you’re subscribing to.
Faster Time to Market
By maximising your time, you can focus on making more money. A ready-to-go system not only saves precious time but will help maximise revenue by improving the efficiency of business operations so that every day is a step in building sustainable businesses for years to come.
Reduced start up costs
No start-up is exempt from the need for cash flow. Though some may generate revenue quicker than others, it isn’t always enough to cover expenses and keep up with growth needs. For a company that wants its business model focused on subscription services like software as a service (SaaS), or one who has already built their own billing system in house, there are many benefits to using an established SaaS friendly billing platform instead of building your own bill engine from scratch.
First off, creating custom code will take time and money which can be better invested into other parts of your business such as marketing initiatives or product development: you don’t want all this extra work bogging down resources when they could otherwise go towards increasing sales.
Flexible, well-document API
A SaaS-friendly API is the perfect way to build an interactive experience between your company and customers. They allow you to create a one of its kind interface that will be seamless, well documented, robust — just like how the best providers do it for their clients.
A SaaS-friendly billing solution will make security a top concern and also be PCI compliant. This means that your data is not only safe, but it’s the best way for you to stay in compliance with all of those regulations so troublesome entrepreneurs can get back to their core business without worrying about being fined by the regulator.
Out-of-the-box key metrics
A SaaS-friendly billing system is the key to success for any modern business. It has a number of advantages that are not available with generic systems, including instant real-time access to important metrics like monthly and daily revenues from signups, as well as outstanding accounts holding your funds. By integrating it into your website you can also customise how data is presented in order to tailor things precisely according to what matters most — yours!
SaaS providers can provide a one-stop solution for payment processing. When you work with a provider, your business will be able to instantly access upgrades as they are released. This kind of flexibility is important because the payments industry changes constantly; staying up to date means avoiding obsolescence and being more competitive in today’s marketplace.
A SaaS provider also provides an easy way for businesses that use different credit card processors or gateways from each other, such as those who offer only eCommerce services vs merchant service integrations to stay on top of their account information without having multiple people logging into separate accounts at any given time.
Choose multiple payment gateways
A SaaS-friendly billing system will make your business more competitive by giving you the ability to select from a diverse selection of payment gateways. It can save thousands in transaction fees and may offset the cost of such systems outright, meaning it is an investment worth making for any company that wants their name on as many cart checkout screens as possible.
The benefits of SaaS solutions include: increased conversion rates, minimised development costs, streamlined payment processing processes, customising your product offerings with ease — the list goes on! Deciding on the right subscription billing platform for your business can be daunting. Schedule a meeting with one of our Revio experts to help you choose the best option for your business.
Revio is a subscription billing platform that maximises a customer’s lifetime value by digitising end-to-end customer engagement processes. This is achieved by providing businesses with a single platform to manage how customers pay and respond in real-time. Dynamic payment routing rules utilise customer and business data to surface the most suitable and efficient payment method or gateway, while real-time and multi-channel reconciliation automation ensure that you are to recognise revenue faster and more accurately. Visit www.revio.co.za for more information.