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 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 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

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.

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 Online invoicing 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.