To keep up with ever-changing marketing demands, you need to stay flexible in every area of your business. That includes billing. Fortunately, equipped with the right SaaS billing software, your business can offer more options than ever before when it comes to pricing, product selection, and even the method of payment for services.
How flexible SaaS billing software sets your business apart
It empowers your team and your customers with flexible selling options.
Your product and sales teams need the flexibility to change pricing and product portfolios to meet real-time market and customer demands. They need to move quickly—without causing a headache for your tech and billing teams. Well, your customers want the exact same freedom.
Look for a billing solution that supports varied service offerings along with flexibility in subscription length, payment time frames, and payment methods. This built-in flexibility helps you maximize long-term revenue as you continue to support your customers’ growth and inevitably changing needs. It also helps you price your own services offerings competitively in the marketplace. This flexibility isn’t just good for you, it will also make sure your customers are getting the experience they expect (and are willing to pay for).
It reduces churn.
Do you know when you tend to lose your customers? If you’re like most businesses, it’s 1) after the first billing cycle, 2) at the end of a free trial period, 3) annually after subscriptions end, and 4) when customer payment methods expire. Depending on your size, this could translate to churn rates between 6-10% for enterprise businesses, 11-22% for mid-market segments, or 31-58% for small to medium-sized business.
If you want to maximize revenue, you need to pinpoint when your customers churn and take proactive measures to stop it. The right SaaS billing software will enable you to spot customer churn early. Choose a billing platform equipped with analytic tools that provides insights into your customer usage trends as well as automated payment and renewal notifications in order to recover revenue and lower the risk of churn.
It allows you to price on value.
Each customer’s needs are a little different, so the price they pay should be a little different too. Choose flexible SaaS billing software that supports usage-based billing. It’s the best way to price on value.
Pricing based on usage maximizes the gains you receive from each customer by allowing them to pay directly for what they use. You’ll reap large gains from your biggest customers while ensuring small customers aren’t overcharged (which typically results in churn). Everyone is happy, only paying for what they specifically need or use.
It supports data-driven decisions.
Hand in hand with our last point, your billing solution should offer your team real-time usage data. Usage data and analytics gives you a better overall picture of your business and customers, letting you know exactly what your customers need and when. You can use this powerful data to maximize your revenue in a myriad of ways, like making accurate forecasts and projections, pinpointing problem areas while they’re still small, and easing customer upgrades by approaching them with new services and add-ons when the time is right for them. Your billing software should make this easy.
Look for SaaS billing software with built-in APIs to consolidate customer usage data from across all enterprise services. It should collect and process all this data for you, transforming it into attractive, comprehensive, and easy-to-read dashboards for an overall picture of your business health. This visibility across the entire customer lifecycle helps to increase revenue and support quick-but-informed business decisions.
It allows you to manage the exception and automate the rule.
Many businesses are afraid that automating the billing process translates to a cookie-cutter customer experience. However, without automation, you’re left doing everything for every customer.
Choose software which offers automation with control. Top notch SaaS billing software allows you to automate processes for some customers and handle others by hand. For example, your low-paying clients can enjoy the quick simplicity of a prepaid balance which refills automatically upon a certain threshold. However, your biggest client expects a white-glove experience. So, for these clients you set automatic reminders for their sales rep to reach out when their renewal comes due. This maximizes your revenue by saving your billing team countless hours of repetitive tasks, decreasing the likelihood of billing errors, and keeping each customer happy by providing their preferred experience.
You need more than just software.
When searching for your new SaaS billing software, of course you need a flexible feature set to give you the ability to streamline your business and maximize revenue. But keep in mind, the right billing partner won’t come down to a simple list of checkmarks. You need a feature set customized to your specific needs as a B2B SaaS company and expert support to help you leverage your billing for business growth.
Maxio is the only billing platform built specifically for B2B SaaS. But we offer you more than just software. We’re your billing partner, providing the expertise and flexible support you need to grow your B2B SaaS business. Interested? Let us show you just how much we can do for you.