Estimated read time: 2 minutes, 19 seconds
There are two things most businesses can never get enough of: time and money. You’re constantly racing against the clock to get your product off the ground and generating revenues.
One of the best ways to reduce costs and decrease time-to-market is to use a SaaS-friendly billing system. SaaS-friendly billing systems are designed specifically for companies who sell online services under a subscription model. They offer many advantages over a typical generic payment system as well as a home-brew solution.
Offering recurring payments is a great way to increase customer retention, improve checkout experience and grow customer loyalty – and at the same time automate your payment processing and reduce operating costs. Benefits include:
- Satisfy demand for payment card options
- Increase enrollment in e-billing
- Improve your cash flow and business forecasting
- Reduce delinquencies
- Improve collections
- Build customer loyalty, retention and improve customer service
- Flexible payment schedules – weekly, monthly or annually.
Growing revenue through recurring billing
Consider the power of a recurring revenue channel for your own business. Are there web-based services your customers may be clamoring for which fit your product portfolio? Have you considered generating extra revenue by offering access to software tutorials, webinars or premium support billed on a recurring basis? Are any of your existing desktop products likely candidates for porting to SaaS offerings?
Subscription features and functionality
As more and more software is ported to the web or built from the ground up as web applications, comprehensive and intelligent subscription e-commerce becomes increasingly crucial to business success. If you are considering subscription solutions, be sure to look for easy product setup, subscription-specific APIs, and detailed reporting. Support for on-demand (or variable usage) subscriptions is another key piece of subscription e-commerce functionality. This allows you to charge on an as-needed schedule instead of a pre-defined schedule (such as monthly). On-demand subscriptions are especially useful for services which are credit-based and have variable usage of the product/service over time.
Features to look for in a solution
- Multicurrency – the ability to accept international currency payments and display localized prices
- Localized order pages
- International customer tax collection and management – including support for EU VAT ID validation and exemption for B2B customers
- PCI compliance – all transactions are offsite and credit card profiles are stored as encrypted tokens for recurring billing
- Powerful discounting options
- Google Analytics integration for deep metrics on user behavior/conversion on your site and on hosted order pages
Easy, no risk subscription setup
FastSpring offers a solution that lowers time-to-market, increases revenue & customer lifetime value (LTV), while providing phenomenal support. Getting started with FastSpring’s powerful and intuitive e-commerce platform is fast and easy. Get started on your own with just a few simple steps.
Ready to see FastSpring in action? Click here to get your free demo today.