47Billion

Consuming business services through virtual technology is a blissful experience and a luxury for e-consumers. The credit goes to the Internet, Cloud computing, and Software automation that has helped business owners render their services online without any hiccups. Thanks to these technologies’ subscription-based business models that today, companies like Netflix have flourished, allowing us to catch up with our latest shows on our TV from anywhere in the world. Not surprisingly, today are umpteen businesses that make use of various business models to make millions from their small cubicle. ( Image Source: Paykickstart) But behind the curtains, there are some handful of tools and recurring payment software that make this magic happen. These automated tools deduct fixed amounts from consumer account at regular intervals as per the decided plan. They activate and resume the service or product access without any human intervention. And not just activate the plan but also informs about the updates. The recurring payment software allows service providers to take complete control over the billing cycles. It helps them generate revenue and get away with all the payment related bottlenecks - means no more piling of invoices or delay in payment. Meanwhile, the consumer avoids late payment fees as well as undisrupted services.  Few platforms are expensive and charge as per subscription, while others may charge for each transaction done through them. Things one should consider before picking up recurring billing software for SaaS are: The software should be able to set up the payment plans with ease through UI or API Over the period when your products, services, customers and pricing scales the software should be able to adjust billing dates, billing deferments, cancellations, future cancellations, partial cancellations, implement freezes, etc. It should have the ability to analyze the billing differences between two or more billing dates The system should have the option for declining the recycling payment and switch to the manual payment option It should be able to estimate the revenue total on a specific date based on the subscription Does it accept multiple currencies? What chargeback prevention and fraud management system does it have? What level of automation does it support? Dunning Management- the software should be able to send a notification to consumers on the payment failure due to expired credit cards. Some of the best recurring billing software tools for SaaS business includes, Zoho Subscriptions Cheddar Pabbly subscriptions Chargebee Chargify Paysimple ReCurly Ordway Stripe Chargeover Zuora To shed more light on recurring billing software for SaaS business, here is the comparison table of the recurring billing tools mentioned above. Wrap it up: Don’t rely on guesswork while choosing recurring billing software for the SaaS business. Various businesses have set criteria for their billing payment and cross-checking them against the software’s features is the best way to pick the right software for your business. Also, pricing is an important factor as some of them take a percentage of your revenue as their fees. So a thorough analysis is always recommended.