There are many different types of SaaS billing platforms, but all of them have one thing in common: they need to be able to handle the complexity of working with several different payment gateways. The best billing platform should be able to automatically detect your gateway and set up your account before you know it. Other features that come in handy for businesses include auto-renewal, recurring payment capabilities, and free trial periods.
With that in mind, here is what you need to look for when implementing a SaaS billing platform into your business.
Payment Gateways
SaaS billing platforms usually integrate with third-party payment gateways like PayPal, Stripe, and Payoneer. These payment gateways allow you to process payments and take credit card payments.
A key feature to look for when choosing a SaaS billing platform is the number of payment gateways they integrate with. This is because if you only have one payment gateway, you will have to set it up separately for each of your customers. Not only is this time-consuming, but if your customer has a problem with the payment gateway, it will require you to take time and trouble to troubleshoot their problem.
A simple SaaS billing platform should integrate with as many payment gateways as possible so that you don’t have to worry about messy integrations or workarounds if one gateway is down or not functioning correctly.
Auto-renewal Capabilities
One of the most important features to look for when evaluating a SaaS billing platform is auto-renewal capabilities. With auto-renewal, your company can be confident that your customers will keep paying for your service, and the software will keep the account active.
This is crucial in order to keep your business in compliance with your payment gateway and avoid any lapses in service. If you use a SaaS billing platform that doesn’t offer auto-renewal, you may end up accidentally canceling the account when it’s time to renew.
Recurring Payment Capabilities
Another feature to look for in a billing platform is recurring payments. Recurring payments make it much easier for businesses to take care of their monthly expenses and increase their revenue. A recurring payment feature also makes it convenient for users to set up a monthly recurring payment plan without having to manually enter each payment every month.
Recurring payments are also known as subscription-based payments, recurring purchases, or subscription billing. These are payments that are automatically processed by your business’s billing platform without the need to manually enter each payment into your bank account or manually set up each payment. It’s an easy way for your business to increase its revenue and automate monthly payments.
Free Trial Periods
Free trial periods are a welcome feature in all billing platforms. Free trial periods help businesses determine if the platform is worth adopting for their needs.
Free trials give your business the opportunity to see if the billing platform will actually work for you. This can be especially helpful when you’re implementing new technology into your business and want to make sure that it will give you the peace of mind that your business needs.
Free trial periods also give your business the opportunity to try out the billing platform before committing to an expensive monthly fee. This can be a huge time and money saver for businesses that want to test out a platform but don’t want to make the jump right away.
Free trials also give your business an opportunity to see if there are any bugs in the software. If there is a bug, the free trial period allows you and your team to work out and fix any issues before committing to a long-term plan with the billing platform.
Conclusion
Using the above criteria, you should be able to identify the best SaaS billing platform for your business. Do your research and search for the features that are most important to you and your company.