What is the Subscription Economy?

The subscription economy is important in the SaaS industry since SaaS practice is running. Let’s look forward to our current economy. We notice a tipping point is emerging in modern eCommerce, that is, the subscription economy, which results from changing consumer behavior trends.

I can surely say that many people aren’t clear, “What is the subscription Economy?” keep Patience here; you will get all the necessary information to understand Subscription Economy.

What is the Subscription Economy?

The subscription economy is a general trend of companies shifting towards a subscription business model or SaaS business model. It is totally opposed to the traditional business model in which you don’t need to make a one-time payment or transaction on products and services. In fact, you get a chance to sell different kinds of products and services in different payment plans.

The modern subscription economy is different from the old software industry

Before the modern subscription economy, many industries and companies are focusing on delivering a specific solution or product to as many people as possible; it doesn’t matter how many times it is. But today’s main focus is open, how individual people get the value out from the product.

Here is a strategy that focuses on people, involves a shift in how industries view their product experience:

  • It’s about responsiveness, not about perfect.
  • It’s not about generalization; it’s about customization.
  • It’s not about ownership; it’s about access.
  • It’s about automated relationship building and improvement.
  • It’s not about planned obsolescence; it’s about constant improvements.

It would help if you grew your relationships, not your transactions.

The important factor in the subscription economy is; you need to build a strong connection with the consumers instead of growing your transactions. If you work on increasing transactions, your transactions will automatically increase by selling products and services.

When companies are focusing on building a relationship, they are working from the top of the pyramid down and laying the groundwork for the consumers to pay more in subscription based services more and more.

To achieve this, you need to focus on two main growth levers.

  • Increase the number of subscribers you charge
  • Charging subscribers more

But, since 2016, many new changes include per subscriber. Below we have mentioned few changes in which includes;

  • Cancellations
  • Addition of new up-sells and services
  • Resuming of services
  • Down sells which are better than lost business but not great
  • Suspension for a long period of time
  • Packaging and pricing changes
  • Pause membership for a short period of time

Out of these changes, almost many changes are beneficial as both perspective user and business owner, but few changes like; cancellation and down-sell are those, which you must avoid at any cost.

Therefore, the subscription economy is embracing the changing subscription business growth and relationships with consumers. It states that as a stripe billing software service, subscription is not just a product; It is an experience. Netflix, Amazon Prime, Spottily are a clear example of subscription-based services in the Subscription economy

Top 5 Payment Gateways for Small business

As you know, in 2020, cashless transactions has replaced by online transactions. At that instance, people are looking for the top 5 payment gateways for small businesses to make the online payment process more simple and easy to manage.

When you start searching for the best payment gateway software, maybe you will easily find those payment gateways, which offer both multiple features and advantages. But remember that you need to choose the best one according to your business needs and requirements.

top 5 payment gateways for small business

Top 5 Payment Gateways for Small business in 2020

If you are running a small business, it becomes quite difficult for you to choose the best payment gateway because multiple options are available in the market. Here we will share the best payment gateway software that is curated by us based on our personal and market experience.

Stripe

A stripe Payment gateway is the most popular and powerful program which is designed to handle billion dollars worth of transactions annually. It isn’t out of a box solution; that is the main reason it differs from others. Also, it provides you multiple tools to customize your own payment processor.

Topmost popular key features of Stripe

  • Developer tools and Built-in API
  • Tech understanding needed
  • Mobile Payments

PayPal

PayPal payment gateway is also a popular platform since 1998, and let you make and receive payments worldwide. It provides you services for e-commerce vendors, commercial entities, and for auction sites.

Topmost popular key features of PayPal

  • Customization option
  • Accept all types of major payments
  • Higher price

Payline 

The Payline payment gateway platform provides a solution to the startup businesses or that business that fortune’s 500 companies and focuses on providing payment experience. Its web solution is designed to integrate with 175 online shopping carts.

Topmost popular key features of Payline

  • Lower monthly fee
  • Mobile app integration
  • Fraud protection and built-in security
  • Transaction cost is partially transparent

Adyen

An Adyen payment gateway is also a popular platform used by many MNC companies like; Microsoft, eBay, Uber, etc. to handle transactions and business. You can also use it for small businesses; it provides you with a single platform to manage or handle business risks and track results.

Topmost popular key features of Adyen

  • Integrated data-insights
  • Complex pricing structure
  • Used by major and small both firms
  • Works from one platform

Authorize.net

Authorize.net payment gateway platform, the main aim is to streamline the payment process. It is designed by keeping in mind that it would be able to handle all sizes of business and offer you multiple choice plans. This platform provides you a tool to take payments online and sell items or in person at a store.

Topmost popular key features of Authorize.net

  • Supports wide ranges of currencies
  • Designed for all types of businesses
  • Support for digital providers or credit cards
  • Limited use

The online payment gateway or service center continues to expand, as you can see in 2020, multiple companies are available in the market to deliver payment or transactional services. It isn’t easy to select the best one by seeing premier changing in the landscaping of payment gateways.

We have listed the top 5 Payment gateway options for you for saving money on financial transactions and making the transactional process easier and simple.

How to Choose Invoice Management Software

Are you confused about selecting the best invoice management software tool, then look at some crucial tips and consider this when choosing an invoice management software.

Using invoice software, you can handle and manage your financial tasks very easily just by using a tool in a short amount of time compared to a manual invoice processing system.

Well, it’s all up to you, because you have to choose the right software package, and this software package will handle all your financial tasks, so choose wisely.

how to choose invoice management software

How to Choose Invoice Management Software

Let’s get started choosing the right invoice software for your business; follow the below described tips to selecting the best one.

Decide what you want

For choosing a billing software first, you have to decide your own needs. You have to configure; it just would be able to track time and send invoices or be able to integrate with your other system. Is it capable of handling the scheduling system? Will it be able to be hosted in the cloud? You have to assure yourself about your requirements.

Decide your Budget

You have to decide your budget for purchasing this system because multiple invoice software is available in different ranges. Each software is charged additional costs in different duration. Few changes are based on the month, and others are set yearly. Choose that software package in which you would be able to save money in the long run.

Industry Specific

You must choose the software according to your industry-specific because the different company has different needs, so software should be according to your industry. If you are running a software solution company, then choose automatically submit claims software solution. If you are running a chiropractor’s office, then use insurance claims coded software solution properly.

Compare features

Before selecting the software, you have to check the features of all different invoice management softwares. You have to examine what’s a particular software package offer and what is included in its features list. Suppose if you want to run you manage your billing info through phone or tablet, then you have to look for something which is cloud-based.

These are the basic and topmost points that you should consider while choosing a billing or invoice software tool. Apart from these, there are few other essential points that you can include;

  • Check Integrations
  • Research on what other companies use
  • Professional and user friendly
  • Safe to Use
  • Provide high customer support
  • Having multiple payment options
  • Record and share data in Real-time
  • Give alert for late payments

Invoice software gives you ease in managing your financial work, but it would be possible only if you choose the right billing and invoice management software according to your business. In this topic, we have already discussed all the essential tips for choosing the right invoice software; you must follow these tips before making your decision. Hopefully, these tips will help you in finding the best one.

Best KPI for every SaaS Business

For almost every type of business and company, the SaaS KPI dashboard plays an important role. In a company for sales, marketing, customers’ success, or anything else, you need to keep track of data, to fulfill this purpose Best KPI for your SaaS business.

These all actions are performed by using KPI SaaS products and utilize its usage metrics. It is a crucial decision for companies that KPI should use to track because many options are available. Each SaaS KPI application performance depends upon its metrics, so you need to choose wisely.

Top 5 KPI for every SaaS business

In this topic, we will describe the top 5 KPI for your business, so that every business owner or team should be able to analyze or monitor their business performance better.

Churn Rate

Every business or industry must get new customers with existing customers. If you are not able to stick with your customers, then it would become a loss for you. In that case, the solution is very simple, and that is Churn rate, to generate revenue growth and to maintain your existing customer in an effective manner and for generating new customers.

Monthly Recurring Revenue (MRR)

You can take many advantages by using Monthly Recurring Revenue (MRR). If your business or company is Subscription-based, then MRR helps you focus on the present and keep tracking how business is growing. By using MRR, any company can easily track over long term contract booked sales, and instead of tracking the short ones.

Revenue Churn Rate

Tracking a Revenue churn rate is more important than the customer’s churn rate. The Revenue churn rate KPI helps you to measure the loss of revenue. So, by using this KPI, you can easily evaluate the customer’s impact over the others. If you compare the monthly revenue churn rate with the customer churn rate, then it might be possible that you will get a different result and would be able to generate more revenue than others.

Annual Recurring Revenue

This KPI is an extended version of KPI monthly recurring revenue. You can easily generate the annual recurring revenue by multiplying the monthly recurring revenue to 12. Few companies calculate the ARR manually, while the others use a system like plecto, to estimate the Annual Recurring revenue SaaS metrics in real-time.

Lead Velocity Rate

Every SaaS business or company needs to loom for future possibilities of income. The Lead velocity rate helps you in quantifying the business growth in terms of qualified leads. In short, they will help you measure how many potential customers you should work to convert into actual customers. Many sales metrics are focusing on looking backward; at that point, LVR helps you to focus on looking forward.

Therefore, these are the few KPI’s that would be very helpful in your SaaS business growth. So if you are already familiar with old KPI’s, then the above described KPI are the few new stuff that will refresh your memory in terms of KPI’s. You need to just keep an eye on the above-described KPI’s, and you would be able to generate a smooth and transparent dashboard for your business.

How to Become PCI-DSS Compliant

As you can see, the cyber and phishing attacks are increasing day by day, so you may be concerned about protecting your business from malicious hackers. The solution is straightforward; you have to step forward in PCI Compliance. Are you aware of PCI-DSS compliant terms and how your business becomes PCI-DSS compliant?

What is PCI-DSS Compliant?

PCI –DSS stands for (Payment Card Industry- Data Security Standard) Compliant. In this, the companies or industries have to stick in order to process the information about the payment online. It is a standard that is created by the PCI standard security council. The main motive of this standard is to provide protection and control over the consumer’s debit/credit card data and minimize credit card fraud.

How to become PCI-DSS Compliant

After reading the above-described definition of PCI-DSS, you got it, but if you have made your mind to become a PCI-DSS compliant, then you have to follow some steps, which are described below.

Step 1: Determine PCI level

First, you have to analyze your organization level if you process above six million transactions per year, then you are designated under level 1. If you process between 1 million to 6 million in a year, you are designated in level 2. If you process 20,000 to 1 million, then you come under level 3, and below this comes in level 4.

Step 2: Understand the penalties

There are some rules or penalties defined to meet PCI-DSS standards, it sets a few rules for security that are different from conventional law, and you need to follow this. This includes processing infrastructure, credit card payment eviction, fines, the sanction of banks, and increased fees.

Step 3: Complete self-assessment questions

On the official website of PCI-DSS, you have to apply for questionnaires for your business. The questions are different according to the type of business to ensure that your business is valuable to meet the PCI standard. You have to answer the given questions in “yes or no.” The question which you have responded to “no” will be red-flagged. Apart from this, take some actions to get aligned.

Step 4: Build or Maintain a Secure Network

You have to hire a professional and reputed information technology contractor to protect consumers or cardholders’ data by building and maintaining a secure network. Add high-security firewalls and network security. If you create your own network to store consumers’ data could be risky.

Step 5: Fill formal attestation and file paperwork.

You have to fill a formal attestation of compliance, which is a compliance report or self-assessment questionnaire, to confirm the result of the PCI-DSS assessment. Overall we can say that you have all the paperwork to verify the PCI compliance. 

Therefore, if you want to become PCI-DSS compliant, then you have to follow the above-described steps. The process of becoming a PCI-DSS compliant is quite complex, but it is essential for your business. If you want to provide a safeguard to your business like; guard customer data, future proof business, reputation, and protection at the same time, then apply for it as soon as possible.

Benefits of using Stripe as a Payment Gateway

Stripe is the most trending and hottest payment processor on the block; many other options are available in marketing for payment gateway like; PayPal. But, do you know, “why stripe payment gateway is better than other payment gateways?” The answer is very simple, the benefits of using Stripe as a payment gateway are multiple, and it is also a trusted brand of processing payment on the web.

benefits of using stripe as a payment gateway

Here we are conducting some necessary information on the basis of deep analysis that will show you why Stripe is best all over the payment gateways.

Benefits of using Stripe as a payment gateway

Those who are looking for information about, Why do I choose a stripe payment gateway? What are the advantages of using Stripe as a payment gateway? Here we are going to discuss a little plenty of information about this.

Security

Security is the most common and popular feature that gives a huge advantage to its consumers, whether it is a customer or business owner. Through this, you can store your cards in your vault, and it is an automatic process. It will also prevent an unauthorized person from accessing sensitive data, as considering this primary security concern, it is very beneficial for payment transactions, on both ends.

Cost

For managing your business transactions, you need to build and implement a payment gateway source to make your business payment process smoother and convenient. For setting up this whole process, you need to invest in a payment gateway business model. Stripe gives you the lowest and customizes cost option that varies according to volume, transaction size, and feature. So you can minimize your cost by using the Stripe instead of using others.

Customer service

In terms of providing customer support, Stripe is one of the best payment gateways. Stripe gives open customer support for their consumers in the form of e-mail, calling, and chat. If the developer faces any issue while using this, they can get live help instantly, and the customers who are facing any problem in case of transaction failure can get customer support from Stripe. Stripe is also launched 24*7 live calling and chat support for their consumers so that customers will get a better response.

Data portability

Stripe gives a valuable benefit in terms of data portability. When you are using Stripe, it provides you high security and better manageability of all consumer’s data. But, in case if you are planning to quit this platform, then they will also help you in migrating your data, in a PCI compliant and secure way. Like other platforms, you won’t be kept or locked in forever. So, it gives great refreshing support on your choice. If you decide to go, then you can leave quickly by using its data portability feature.

So, these are the common benefits of using Stripe as a payment gateway that gives you more flexibility and independence for managing the payments and transactions for your business more than any other payment gateway platform. Its multiple advantages make Stripe the best payment gateway.

Top 5 SaaS Subscription Billing software

Subscription billing software is gaining popularity very fast since it has come into existence because of its multiple feature quality. Subscription billing software is used to manage subscription-based products and services of recurring billing based companies or organizations. Many of the Saas billing software companies try to increase its workability and features by calculating its metrics.

To prepare your journey in the market, by using subscription software, it is very important to analyze its current market trend. You need to be aware of what kind of SaaS subscription billing software is trending in the market, including its metrics, features, drawbacks, cost, efficiency, and many more.

Here are the top 5 SaaS billing software:

Payvoice:

Payvoice has fully-featured online recurring billing software that offers subscription and recurring in one place. It is the most usable platform for startup businesses and end to end solution designs for windows.

  • It allows its users to manage their subscriptions without using any coding.
  • It supports managing all customer data in one place and allows a complete team to handle all subscriptions.
  • It offers multiple subscription plans, and you can choose which is best for you.

Braintree:

Nothing is better than Braintree software if you are looking for API Coupled software. Its most valuable feature is, it is easy to manage and available at a reasonable price.

  • It supports payment service on an international level for businesses over the globe.
  • It allows for cards to be recharged or refunded without getting bogged down.
  • It allows us to store the card data directly on a merchant system, and this data will be placed on a secure server.

Chargebee:

It is also essential software of the SaaS Billing payment platform. This software is useable for various services like; managing subscriptions, applying coupons, and daily billing operations.

  • It can run multiple marketing plans with coupons.
  • In customer service portals of businesses, it offers the availability of self-service.
  • It provides a feature of handling and creating various subscription plans on a single platform.

Pabbly:

Pabbly is one of the most popular Subscription management software that mainly supports Affiliate marketing. Its popularity is that it is affordable for every small to large business.

  • It supports unlimited and branded invoice creation services.
  • It does not charge any transaction fees, and also supports more than 25+ cornices.
  • In case of payment failed, it sends reminder emails automatically to recover sales.

Stripe:

Stripe is one of the best billing software platforms and handling billions of dollars in business around the globe. Its service is mainly for those industries that are running an internet business.

  • It is super easy to use and integrate.
  • It has a very simple pricing structure; it is between 2.9 percent plus 30 cents per transaction.
  • It doesn’t charge any setup fee and storage fee.

These are the top 5 Saas subscription billing software that most importantly frees you up to focus on the real key points to improve customer lifetime value and experience. These also ensure that you are set up for success and don’t need to replace your current SaaS software. So, now go ahead by making your choice out of these.

What is the benefit of billing software?

The transaction of money is a significant thing for every business. But you don’t need to worry because you don’t need to invest all of your energy in managing solicitations. So we can say that it is uplifting news for you. Many organizations still depend on the traditional method of billings, payments, and transactions.

Invoicing software is the latest and most popular approach to deal with capital and holding clients for your business. Solicit software increases the efficiency of your business. You can use chase payment software in many different ways, like getting invoices quickly, faster payment transfer from clients to your company and industry to clients.

For growing your business faster, the needs of billing software become important day by day. Investing in billing software is a sound investment because it makes your business more reliable. No matter what type of business you are operating, whether it is related to medical, entertainment, economics, e-commerce, lawn, Gym, restaurants, media in every field of chase software, make your business more versatile with smooth cash transactions.

Read the following benefits of using online Billing Software:

Everybody wants the receipt application system to be very fast and making the demand application is playing a master role to implement this approach. The faster billing approach put a positive impact on your business. Here are a few benefits of tariffing software that describe why it is so much important.

Minimize Administration:

The automatically finding errors and compelling features of billing software help in minimizing the load on the administrator. Its automatic problem-solving approach effectively manages, automates, and systematizes the invoicing process. Due to its automatic issues resolving approach you require less staff, less working equipment and it will help you in saving money so that you can invest this money in other areas.

All in one Site:

In this Software, you see everything you want in one location. You don’t require visiting any other software or site for collecting, storing, searching pay voice data. If you find your entire required things in one place, so stop looking for further options. All that you need to be done is here.

Fast Invoice Creating Process:

Invoice is a system in which all the details about the products or services which are bought and sold by buyers and sellers. It is a kind of documentation of products and goods cost as proof. Buyers, as well as the sellers, both of the point view invoice, is a necessary process. Billing software is a program that helps you in generating and creating invoices quickly and which reduces your cost and time.

Brutalize Communications:

Big organizations have to manage vast invoices, payments, and transaction data. According to every customer payment details, you have to send them notifications, payment reminders, money transaction messages, notices, and much more. Invoicing software programs automatically perform all these actions according to the current status of the customer. You have to call the action of commands, and it’s automatically stimulated and manages the payment-related tasks. Some advanced billing systems not only only distribute the functions but also perform automatically advanced follow up processes under the defined rules and regulation.

Receive Payment Online:

Online Billing Portal enables you to make payment securely and quickly because, during this process, you have to send payment links and options on mail online. With the online way of transfer payment, you can make sure your customer by sending them a confirmation link on the mail, and after confirmation, you can release the transaction. So we can say that we efficiently receive payment and its bills on the online medium for security purposes in every organization.

So, the overall conclusion is that your online recurring billing software system gives you authenticated, responsive, easily maintained, faster payment methods. It gives you the best analytical and analyzing report creation and metrics. This method is tremendously helping incapable of cooperative needs to grow business faster. Above mentioned, all points definitely will help you in understanding why invoice software systems are essential for every organization.

Top SaaS Billing Challenges and How to Overcome Them

Those who are using SaaS (software as a Service) sometimes they would find some issues while they are making payment. Those who are regular customers might be aware of it already. But those who are not can find here all the necessary details of SaaS Billing Challenges which you are facing during the payment and also know how to overcome them.

Here are the Top SaaS Billing Challenges and its solutions You must Know:

Management of Customers:

In Subscription Billing Business, there is a massive number of customers, and it isn’t straightforward to manage single data of every customer on paper. So there is a problem that arises.

A proper recurring Billing and Subscription Management system is the practical solution for this problem by doing categorization, signups, and other methods.

Billing reiteration:

The software might not be able to manage user-based reiteration, Clients, and payments, so this is also a problem you can face.

For this, you have to use software that would be able to handle all details of payment daily, monthly, and annually basis.

Security of payment:

While you are working making online payments from your accounts, then there are chances of losing your money by using insecure payment software. So Security is the most important key point for the customers or clients.

So to overcome this problem, the customers must ensure that their credit cards, debits cards will be handled securely. And the second thing is that the web server or web browser, which is using by customers, is highly secure. And also use PCI Solution if any problem would be arising.

Manage Effectively Pricing Plan:

SaaS companies offer multiple and different types of pricing plans for their customers. And each program has its features. 

So here is a problem arising from complexity because there are many realities of plans.

So now, there is a solution also offered by Saas Software to resolve this issue by using recurring billing software. It will help you to change the prices easily according to your interests. It also shows you many and multiple tiers of plans, or we can say that this issue is not always impacting you because there are different plans. Hence, it is affordable for users to purchase it according to their budget and interest.

So all are the issues mentioned above that occur commonly. And this is the main reason why many startups and SaaS delivery companies are looking for recurring billing solutions to overcome these all problems.

Benefits of Subscription Management Software for Small IT Business

How many times have you ever lost a client because of the inability to provide them with automation? Must be at once especially if you’re operating a subscription company.

We understand how excruciating the encounter gets when you eliminate a client understanding that you cannot meet their requirements.

Contemplating such condition as well as the market scenarios subscription management software functions as the ultimate fit for IT businesses who have got zero or no hope whatsoever when it comes to exceptional subscription management software for IT Businesses.

Be it charging or invoicing, processing a number of payments, handling multifaceted subscription programs, managing bulks of late payments or creating specified analytical reports.

We’ve made it covered for you. Listed here are a few of the numerous features offered by subscription management applications so as to bring down simplicity in their enterprise and subscription procedure.

Deal Management

Nowadays’ companies also look out for just how well the program enables them to tailor their sales pipeline based on total sales plan, and how nicely the subscription management applications supports them in shifting prices via that earnings pipeline in various accounts.

Subscription Management

Another place covered by subscription management software is how skillfully the program manages multiple subscription balances involving multiple segments, areas, and hierarchal companies within one account particularly if they’re dispersed in a variety of places and managed by multiple agents.

Operation Management

One of the significant deliberation for companies is how hassle-free and calm it is for their sales staff and sales managers to use the subscription management software in order to find the data they need so they can make their decisions based on it, and plan their own actions according to their overall sales plan. With the help of subscription management applications, you can achieve ease of functionality while handling subscriptions concurrently.

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