5 Reasons to Invest in a Subscription Billing Platform

If you run a B2B SaaS company that offers subscription-based services, you know that there are lots of complex processes involved in managing recurring payments.

As your business scales, it can become increasingly difficult to manage your finances using manual methods. That’s why it's a good idea to invest in a subscription billing platform.

Are you on the fence, trying to decide if using a subscription billing platform will be worth it or not?

In this article, we’ll discuss 5 reasons why you should run (not walk) to get a subscription billing platform today.

Why You Should Use Subscription Billing Software

According to Grand View Research, the subscription billing management market is expected to grow at a CAGR of 16.1% between 2022 and 2030.

These numbers underscore the growing popularity of subscription billing services. If you don’t invest in the right software, your business will struggle to keep up with the competitive market. Hence, the way to stay ahead is by leveraging subscription billing software to help you manage your business as it scales.

Here's why you should invest.

Regulatory Compliance

One of the most important aspects of managing subscription-billing services is keeping up with all the compliance regulations. As a B2B SaaS provider, you’re tasked with keeping up with;

• Finance compliance regulations
• Tax compliance regulations
• Data security compliance regulations

Using manual processes, it is almost impossible to stay up-to-date with the constantly changing compliance regulations, especially if you offer non-linear subscription pricing models. However, subscription billing platforms make it a walk in the park by simply automating it.

According to the Younium guide, with the right subscription billing tool can help you record recurring revenue according to the authorities rules and guidelines like ASC 606 and IFRS 15. This saves you time and helps you maintain a credible reputation as a regulatory-compliant brand.

Improved Customer Experience

Subscription billing platforms play a huge role in enhancing customer experience and ultimately improving customer retention. According to GovDocFiling business scaling guide, creating positive customer experience by providing hitch-free payment processes is best feature of the automatic payment system.

When you get rid of the messy spreadsheets and choose subscription billing platforms, they help you deliver more satisfactory services to your customers in the following ways:

• Eliminating errors and providing accurate billing information
• Allowing you to customize each invoice to clients’ usage and needs
• Providing multiple payment channels and generally enhancing the payment experience
• Providing self-service portals where customers can easily update and manage their subscription information

Automated Billing

Sending invoices to B2B SaaS clients requires a thorough billing process that could be painfully tedious when using manual procedures.

You’d have to manually record each subscriber’s information while monitoring their usage in order to create accurate invoices for them. It is also an error-prone process that can lead to costly mistakes if you’re not careful.

However, with subscription billing platforms, the entire billing cycle can be fully automated. For example, subscription billing platforms saves you time by using automation for:

• Creation and sending of invoices
• Dunning management
• Payment collection process and overdue invoices
• Price calculation for usage billing

Third-Party Integrations

Subscription billing platforms are equipped with multiple integration capabilities. These capabilities allow you to integrate with multiple payment gateways, third-party CRM software, and your other existing tech stack.

These integration capabilities streamline B2B SaaS subscription management and enhance the efficiency of billing processes.

For example, you can integrate your subscription billing platform with your CRM software and use it to keep track of customers’ data and provide relevant offers to them.

It also enables you to provide multiple payment gateways to your customers. That way, you can avoid losing revenue due to limited payment processing facilities.

AI can further enhance these integrations by automating data analysis, providing insights into customer behavior, and personalizing communication. In turn, this would make your operations even more efficient and customer-focused.

Reporting and Analytics

Every B2B SaaS company needs insights to know how well the business is faring. With a robust subscription billing platform, you can access reporting and analytics tools that provide information on customer retention, churn rate, revenue generation, etc.

Younium is equipped to provide you with real-time reports to help you make informed decisions. With its customizable insights dashboard, you can have access to revenue metrics, booking metrics, subscription metrics, and other analytics that tell you how your B2B SaaS business is performing.

If you’re looking for more recurring billing platforms that offer reporting and analytics features, this list on Attrock provides a wide range of options to choose from.

Choosing the Right Subscription Billing Software

If you want to invest in subscription billing software, you must ensure you invest in the right one. The software you choose must;

• Provide extensive automation functionalities
• Allow for a wide range of third-party integrations using connectors and APIs
• Facilitate data and financial regulatory compliance
• Provide reporting and analytics tools
• Accept diverse payment options
• Handle flexible billing models
• Be scalable and easy to use

Conclusion

Every B2B SaaS owner who’s worth their salt knows that using subscription billing platforms is a necessity for staying ahead.

They help you save time by automating billing processes and regulatory compliance. They also help you simplify payment and improve the overall customer experience.

Are you looking for the best subscription billing platforms to invest in?