SaaS Subscription Management
Software as a Service (SaaS) applications usually come with a self-service portal that allows customers to manage subscriptions on their own. Customers usually have the flexibility to choose from a wide variety of payment methods and whether they want to pay their bills annually, monthly or weekly.
SaaS subscriptions may interest customers to try out new SaaS offerings, because they know the price tag and what services they plan to use. SaaS subscriptions also reduce the software costs for companies, since they are no licensing fees under the SaaS model of software delivery.
SaaS is frequently billed in subscription basis for its simplicity and modesty, making SaaS subscriptions a very popular billing method among organizations that wish to avoid going over their intended software budget. Cloud-based subscription billing systems provide companies with real-time access to key performance metrics, such as month over month revenues, subscription retention, churn rates and conversion from free trials.
SaaS Subscription Management systems help organizations successfully execute SaaS subscriptions: from sending invoices to receiving recurring payments, managing signups and free trials, handling billing errors, and more.
SaaS Subscription Management systems often feature the ability to store payment data and automate recurring billing and collections. More advanced products allow you to manage renewals, cancellations and refunds, create custom pricing plans, send automatic payment reminders, generate coupon codes, monitor redeemed discounts and may even help in dunning management – recurring billing solution to manage complications with credit card payment declines.
SaaS Subscription Management systems delivered via the cloud use a variety of SaaS pricing models. As with any service, the most cost-effective pricing plan for any software vendors depends on the frequency and volume of subscriptions that will be initiated or updated in a given time period. Binadox offers a SaaS Subscription Management solution that helps companies to take control of their subscription payments and optimize their existing subscriptions.