5 Biggest Advantages of Using an Online Invoicing Software

Sometimes you may feel that it is time-consuming and difficult, even when you can sometimes feel irritable if you are spending most of your time creating and traditionally sending invoices to execute this process. Suppose you adopt the latest and trending method of online invoicing. In that case, it will become relatively easy for you as online invoicing software gives you many benefits that simplify the way you work.

5 Biggest Advantages of Using an Online Invoicing Software

5 Biggest Advantages of Using an Online Invoicing Software

Here is your chance to learn about the benefits of online invoicing software.

Easy Accessibility

If your data is stored on a particular system, you will have to log into that system when you need to access it. But, in online invoicing, your data is stored in the online cloud, which you can easily access from anywhere, anytime via your digital device, whether it is your phone or mobile. Therefore, you do not need to go to the fixed system to access the data.

Security

If your system crashes, you will lose your essential files, and you will not be able to backup your data. But it will not be in the online invoice; Because all your data is stored on the cloud; Besides, it provides high protection from unauthorized access to your data. It has a security measure that protects your files from damage and interference.

Reduce paperwork

Invoice work on paper can be pretty annoying, and you will face some difficulties in handling your invoice. Do you think you can manage a lot of papers easily? No way. If you use an online invoice system, you do not need to use papers to perform every task because in online invoicing, everything is stored on the online cloud platform, and you need to spend on papers.

Better organization

Managing invoices is difficult for each consumer as they each have their separate services, payments and dues. Also, arranging every small detail requires a lot of time and formatting. Choosing an invoice software solves your problem because it provides you with full support to organize and manage each invoice for a dedicated consumer. This gives you a simple and straightforward design to complete the entire task.

Save time and cost

To manage invoices manually, you need a lot of time and a human resource, which means you need to spend extra time and spend on human resources. By adopting an online invoice platform, you will get out of this hassle because online invoicing reduces the extra cost of paperwork, employees, envelopes, tickets and storage.

As you know, today’s marketing industry is very competitive; Whether you are running a small business or a freelancing job, invoicing software is one of the practical solutions that make your payment or transaction process more accessible. After getting information about the benefits of online invoicing software, you should plan to adopt it soon. Payvoice is one of the premier solutions with many features and quality service when it comes to choosing the right online invoicing software for your business.

3 Fulfillment Mistakes that Can Kill a Subscription Business

Are you associated with subscription business-based products and services? If yes, then you must try to promote your services so that you can generate profitable revenue. It is possible only if you adopt the right subscription billing software. If you choose the wrong subscription billing software, then definitely you will bear a huge loss. In this topic, we will discuss with you three fulfillment mistakes that can kill your subscription business.

3 Fulfillment Mistakes that Can Kill a Subscription Business

Here we will mention 3 fulfillment mistakes of recurring billing that you just tried to avoid; if you made this mistake, then possibly you and your company will suffer, so be aware and look for the below-given mistakes.

Poor Timing

Timing is the most crucial factor in subscription billing-based business. Suppose, if you have sold a particular product to a customer, but your customer won’t receive your product on the desired date, then it would have a negative impact on your customers. Most commonly, Monday and the first two days of the month are highly shipping days.

 It would be best if you ship your products on other days, it would be very helpful in delivering your products on time and avoid the chances of delay.

Less Than Perfect Tracking

If you want to boost your sales, you just need to put in the extra effort. Recurring billing is all about the high sales volume and high shipping volume. So, you can’t compromise with the tracking process.

So, don’t rely on automated tracking and notification systems; if you depend upon it, then definitely any mistake would happen, and your customer won’t get the accurate service. So, provide your customer full tracking service, don’t make them irritate to call repeatedly.

Waste

Always keep in mind that a good subscription billing software works on time and provides you a result hand to hand. Through real-time monitoring of client activities, online notification, you can stop a package from being shipped if a client cancels it. Through this, you can save wastage of time and transport revenue.

Most of the time, many recurring billing businesses don’t take this factor seriously and bear a loss in cancelling the dedicated product and services. It would be best if you adopt recurring billing software to prevent wastage of products, payroll, and time.

Therefore, these are the three most serious mistakes that can kill your subscription business, so you must be aware of these mistakes and try to avoid these mistakes from happening. Through this, you can generate a huge profit for your recurring business and grow your business more. It would be helpful if you purchased Payvoice subscription billing software, it would help you avoid all the above-listed mistakes from happening and provide you a profitable result. Payvoice comes with multiple features that help you in various ways and lead your subscription business to growth.

How to Choose a Recurring Billing Software

Choosing the best recurring billing software system can be difficult, but not impossible. If you follow the right steps and tactics, you will definitely reach a good subscription billing system. To get complete information about, “How to choose a recurring billing software?” You need to include some factors in your checklist, after ensuring these factors you will definitely find the best one.

How to Choose a recurring Billing System

How to Choose a recurring Billing System

This comprehensive guide of recurring billing systems includes a checklist of all the qualities and features that you should consider while selecting a good quality recurring billing system.

Flexibility to Change Pricing Plans

The recurring billing system you are going to choose makes sure that it can change the pricing plans whenever you require. As you know, in a business environment, the demand of customers continuously changes, and as per the demand of the consumers, you need to change the pricing of the plans from time to time. So, make sure that it is flexible to adjust the pricing plans.

Easy To Handle Discounts, Coupons and Promotions

If you are running a recurring-based business, you just need to launch coupons, discounts, and promotional offers to attract your consumers and increase sales of your products and services. So, before investing in it, you have to make sure that it can handle all the discounts, coupons and promotional offers.

Allow Customers To Choose Their Preferable Payment Method

Nowadays different kinds of payment methods are available in the market, and running your payment process smoothly; you need to select that recurring billing system that can allow their consumers to choose their preferred payment method, without affecting the consumer’s payment process, and make on-time payments.

Easy to Handle Bulk Operations

To run a subscription-based business, you need to perform several activities simultaneously, including adding or removing products and services, changing pricing plans of the items, and adjusting the items’ costs and production costs. These all are the several things that you need to perform from time to time. So, make sure that the recurring billing platform you are going to choose must be capable of handling bulk operations simultaneously.

Multiple Language and Currency Support

If you are dealing with international products and services, you need to invest in a subscription billing platform wisely. Before reaching any decision, make sure that the system you are going to choose must be able to deal in various languages and currencies.

These are the top primary concerns that must be included in your checklist at the top to select a suitable and good subscription billing system for your business. “Choosing a recurring billing system is a difficult process” keep away this thought from your mind, and follow our listed tips for choosing a best recurring billing system, and get the best one.

Here we recommend selecting Payvoice, a recurring billing software platform to make your process easier because it can deal in all the above-listed features and terms.

Important Elements and Features of Online invoicing software

Are you using the old and traditional way of handling invoices through papers and e-mails? If yes, then it’s time to leave this way of invoicing, because nowadays online invoicing is in trend and is very popular because of its multiple features and elements. The online invoicing system offers various benefits that make your working invoicing process easier and minimize your investment cost.

Important Elements and Features of Online invoicing software

Important Features and Elements of Online Invoicing software

Here we are going to explain to you the top most important features and elements of online invoicing software, and after reading the following points, you will definitely know why you should shift to online invoicing software. Take a look at the below-listed points;

Simple Payment Processes

  • Offers Simplified payment process
  • Setup auto-billing profile
  • More than 30+ payment gateway solutions

Manage your Subscription Business

  • Retain long term clients
  • Improve productivity of the invoicing process
  • Send bills to the consumers on a periodic basis

Document Management

  • Manage B2B documents effectively
  • Purchase client order with ease
  • Manage all client estimates

Easy Staff Management

  • Doesn’t require additional staff; an appropriate task is assigned to a specified or a dedicated    staff member.
  • Assign specified sections, clients, and define the proper role of staff members.
  • Control staff activity and accessibility based on accessed permission.
  • Easily check the last log-in details of staff members.
  • ·Easily check and view timesheets of staff members on a monthly and weekly basis.

Automate & Improve Process

  • Offers an effective automation process that ensures cost-cutting and better resource utilization.
  • Provides automate invoice scheduling service.
  • To get paid quicker, it automatically sends late fees and payment reminders.
  • Creates retain clients and recurring invoices.

Financial Analysis

  • Make cash flow healthy by providing an easily manageable report of outstanding payment features.
  • Help you in achieving your financial goal with simplified report generation.

E-commerce Integration

  • Deliver various kinds of advantages for the payment process through smooth invoicing in e-commerce business.
  • Integrate and automate your e-commerce invoicing through an e-commerce platform.

Manage Subscription Billing

  • Helps in connecting with clients for a long period through subscription based service.
  • Recurring billing automatically sends bills to consumers periodically to improve the productivity of the invoicing process.

Apart from these top features, you can get multiple advantages for your business, out of these; we have mentioned a few advantages here that you must look for;

  • It provides comfortable management support for trials, activation, signups, upgrades, and downgrades.
  • Minimize the risk because of the inconsistency factor
  • Easily manage all recurring billings or payments and be able to reconcile them at the same frequency.

If you are worried about executing your invoicing and payment related tasks correctly and at accurate timing, then looking for the online invoicing software system solves your worries and builds awesome credibility online. 

Payvoice is the best online invoicing software that comes with all the above listed important features and online invoicing software elements. Payvoice subscription invoicing system with stripe integration would be a wise investment for you; you won’t regret making it after using it.

Everything You Need to Know Before You Start Recurring Billing

Subscription billing or recurring billing is the way that gives you the confidence to develop a semi- guaranteed income and grow your business. Your financial tasks become easy to handle through subscription billing and help you develop a further strategy for your financial process and activity. Before developing a recurring billing system in your business, there are few major concerns that you should surely know.

Everything You Need to Know Before You Start Recurring Billing

I admire your decision to install recurring billing in your billing system, but before initiating this process, jump into the few trends, and you should keep these things in mind while adopting SaaS billing.

Is it suitable for your Products and Services?

Before installing a recurring billing system in your business, you need to figure out whether it is suitable for the products and services you are delivered. The most common example to understand this, Amazon. Amazon is the most popular subscription billing system that handles all consumers and business billing information. So, if you are running that kind of business in which you can sell your products and services through a subscription billing system, then adopt it.

Initially, it Requires Money and Time

When you start to set up a subscription billing system for handling your business and consumers billing data and making payments, you must require money and time to set up this whole system completely at the initial stage. It totally depends upon the size and number of consumers connected with your business. So, in setting up this business model, you might spend a large amount, but remember that this happens only once.

Take a Trial

Without getting experience, it is hard to believe that the desired thing we will purchase is good for us. So, it would be best if you take a trial before investing in SaaS billing software. Many subscription billing services offer you free trials and services for a limited duration; you can try these once to ensure it. Select the one which is suitable for your business environment and able to deal with your business billing related tasks.

Able to Handle a few Minor Challenges

Like any other system, you would face some unique challenges in handling a recurring billing system. It may be related to several things, after all, it is a machine system, so you need to give it some commands and face some issues. Below we have given a few unique challenges that you can face while working on it.

  • Create a system and processes
  • Sending Email reminders
  • Checking counter cards
  • Handle suspended accounts
  • Communicate with the suspended account owners
  • Discounting on products and services
  • Retrying declined cards

These are the top major concerns that you should keep in mind before purchasing a recurring billing system. Despite a few challenges, recurring billing is the milestone element for subscription billing based industries. We can say it is complete business models that help both consumers and entrepreneurs. Without any doubt or research, you can directly purchase Payvoice, which is the most popular stripe invoicing software, which has a variety of features, and it is capable of handling all billing-based tasks in a significant way.

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 Management 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.

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