One fine day, I was manually billing my customers as usual. It would take hours for me to sit and check everything without missing any payments and customers. When handling revenue records, I shockingly found that a particular bill was lost. I was frustrated to the end because that one bill means a lot to me as it would make a huge revenue loss for my business.
My friend Laura advised me not to continue this manual billing method.
But, how would I bill them instead?
When she showed her SaaS business growing successfully with "Subscription billing", I gave a thought to it and finally found relief from my decade-long hustle with manual billing.
In this article, we'll explore how Subscription billing can help bootstrap a SaaS company and provide tips for getting the most out of your investment.
Subscription billing allows companies to bill their customers based on intervals that the company specifies.
Why do SaaS companies need subscription billing?
Subscription billing is the future. Over the past few years, there has been increased interest in subscription billing platforms.
The greatest business benefit of the subscription billing platform is that it allows brands to maintain a recurring relationship with their customers and retain them for a longer time.
This platform allows businesses to have expected revenue streams throughout the year. Easy to predict the annual revenue rates that bring growth over the long term. Recurring revenue gives businesses reliability that they don’t have with traditional one-time purchases.
For early-stage SaaS companies, subscription billing offers an attractive way to cut costs and optimize performance. By leveraging the cloud, businesses can reduce their IT infrastructure needs and make better use of existing built-in resources.
With these key strategies under your belt, you can emerge to be a top runner for the spots.
These points will help you understand the significance of subscription billing.
1. Reliable recurring revenue
Is predictable cash flow attractive to your business? Then you should consider the subscription billing platform. One of the biggest advantages of subscription billing is tapping your potential customer's billing and turning them into customers for life. When this happens, your business has secured recurring revenue.
2. Increased customer loyalty & strong customer base
It’s easier to build a long-term relationship with a shopper who keeps returning to your store vs. every new customer that walks in your door. With subscriptions handling your billing and payments, you can focus on the growth of your business and nurture your relationship with your customers.
Subscription billing cultivates a sense of community among customers and allows them to feel like an important part of your product.
3. Automation process
Automation is a key advantage of using a subscription billing platform. It automates and streamlines the process of billing consumers on a recurrent basis using technology. This can involve automating processes like creating invoices, sending payment reminders, and updating customer billing data.
Companies can eliminate errors, boost efficiency, and save time by automating these procedures. Offering a more dependable and effective billing experience can lead to an increase in customer satisfaction.
4. Innovative payment options
Subscription billing platforms come with plenty of innovative payment options to offer your customers. This includes subscription payments with intervals such as one-time and recurring according to the customer's preferred billing cycle.
With multiple payment gateways integrated, your customers can choose to pay for their subscriptions in different ways, such as through direct debit, credit card, bank transfer, or any other payment method supported by the payment gateway of their choice.
Altogether, the best solution for your SaaS business to bootstrap would be a Subscription billing software as it takes over the burden of payments in a detailed manner reducing the chance to waste your valuable time and efforts manually billing or creating one.
It has in-built plans that can be customized as per customers' needs. As this reduces the infrastructure need and human resources for creating software from starch, and even we get valuable time to focus on other important aspects that lead our company to success.
Every SaaS Business needs a Subscription Billing platform for their businesses to shine.
Here is the best for you!
MYFUNDBOX is a subscription billing platform to help businesses handle recurring billing and revenue management operations integrated with payment processing decacorns like Stripe, GoCardless, and Mollie.
It was started to help SaaS companies focus on their growth while we make sure they get paid securely and on time.
In partnership with Google Cloud, MYFUNDBOX provides a single platform to enable customer-preferred payments globally.
To know more- Check out here
REFERENCE: