You already know the levers of SaaS business growth. You’re dedicated to improving every piece of the sales funnel while constantly developing and upgrading your product, and you’ve already seen a positive impact to the bottom line. But you might overlook your secret weapon in SaaS business growth: your subscription billing software.
Whether you’re happy with your current billing solution or are ready for an upgrade, here are 5 basic subscription billing software features which will help you increase revenue (with little-to-no ongoing effort).
Use These 5 Subscription Billing Software Features to Maximize Revenue
1. Automated invoicing
Stop spending countless hours sifting through old spreadsheets and setting manual billing reminders. Leverage your subscription billing software to streamline your billing operations, bringing every process (and all relevant data) together into a single system.
Features like real-time data syncs and fully-automated billing workflows keep your team organized, improving efficiency on the back-end while enhancing your customer’s experience. They also prevent costly billing errors, like missed contract renewals and incorrectly calculated invoices—all of which have a huge effect on your company’s bottom line.
2. Real-time reporting
In the best subscription billing platforms, you’ll find built-in reporting and forecasting features available to improve customer experience and enhance behavioral insights. With key SaaS subscription, compliance, operational, and billing metrics already configured, you can read (and act on) your data in real time.
Use these built-in features to understand how customers respond to pricing or product changes when they happen, no need to wait until the end of the billing period. But be careful—not all billing reporting is created equal! Real-time reporting helps your business increase responsiveness and maintain efficiency in the face of changing market forces. Make sure you have the flexibility to slice and dice the data the way you need, not using a one-size fits all approach. Use these built-in features to pivot early and often, seizing new opportunities as they arise and removing business blockers before they negatively impact your revenue.
3. Value-based pricing models
Leverage your subscription billing software’s customizable pricing and billing structures to ensure you’re charging based on the value each customer receives rather than the limitations of your billing system. Customers are willing to pay for value, so it’s important to ensure their invoice reflects this relationship.
Powerful subscription billing software will come with the tools you need to create custom value-based pricing for each customer, which ultimately enables you to collect more in the long run. Over time, value-based pricing will help you learn from your customer behavior and increase revenue through appropriate pricing changes, product innovation, and strategically timed upselling.
Built-in APIs streamline data collection, analysis, and service utilization. This functionality allows your subscription billing software to integrate into your business without having to move, change, or remove data already generated from across your key enterprise systems. These integrations have an indirect benefit on your bottom line by allowing your team to move faster. You can now make changes to products, services, invoicing, pricing, and attributes without having to alter how your systems interact with your billing software or worry about doing any coding.
Dunning is the process of proactively communicating with customers who are at risk for past due payments and enabling alternative methods for collection. This is possibly one of the most effective features for increasing your bottom line. An effective automatic dunning process will enable your SaaS business to reduce customer churn while also recovering leaking revenue. (In fact, many Maxio customers find that the amount of revenue recovered through our automatic dunning process is several times their monthly Maxio fee.)
Upgrade Your Subscription Billing Software
These minor improvements will create major impacts on revenue by increasing the overall efficiency of your business. With your billing platform firing on all cylinders, your team can save time and boost efficiency. You’ll quickly identify opportunities for increased collections and capture leaking revenue before it’s too late.
Maxio is the #1 subscription billing software for B2B SaaS. We do all the heavy lifting for you, so you can focus your efforts on further innovation and growth instead of the stress of billing and revenue collection. Click here to learn more about how Maxio can help your SaaS business implement these best practices right out of the box.