Behind the question of whether a billing system can help your SaaS business grow is the question of what it means for a SaaS business to grow. This guide tackles both — it creates a model you can use to approach SaaS growth and a 360-degree view of how your billing system fits into it. Read More >
Are you finding that your SaaS billing system isn’t quite where it should be? Are you in the beta stage of your SaaS services and don’t know where to go with your billing system? Perhaps it’s time to take a step back from it all and consider a few questions to ask yourself about your business to make sure you’re on the right track with billing. These ten questions can help.
Billing is an integral part of most businesses, especially SaaS companies. It doesn’t matter if you’re small or large, billing is top priority and needs to be able to work for you 100% of the time. If it’s not properly working or poorly structured, then that means losing out on both customers and revenue to keep your business open.
1. What are the set up and support fees?
As with any system, there might be fees involved. Make sure to properly align your billing system budget with any fees such as set up and support to make sure you’re not left with an even larger problem.
2. How secure is the billing?
One of the biggest issues regarding the Internet right now is online security, especially when huge businesses like Sony and Bank of America are being hacked. There are other precautions to think of when it comes to security, but the main question should be, “Just how secure is our billing for our customers?” If it doesn’t feel like enough, then the customer won’t feel comfortable doing business with you.
3. What value do you get for features?
Metering and automating cash flow with customers is very important, which is why it’s good to ask what kind of value you can retain from a billing system that will ensure full communication with the customer and ensure that bills are paid, money owed isn’t lost, and improve your overall revenue source.
4. Third-party or built in-house?
For SaaS billing, there are two major options: third-party or starting from scratch. To gauge which route would be best, it’s good to see just how well you can tweak the third-party application to work for your business compared to the man hours it will take to create something on your own.
5. How long will third-party take to integrate?
Yet another important question to ask if you’re taking the third-party route: just how long will everything take to implement?
6. How much of the billing can be automated?
It’s all about automation in SaaS billing, the more the better. Is there automatic invoicing? Automatic reoccurring billing? Automatic payment tracking? All of these are must-haves, no matter the budget.
7. What kind of language and currency support is there?
Not everyone using your software is going to be from America, let alone be using American currency. Make sure you’re touching base with all of the major countries who will be using your business.
8. Have you implemented comprehensive support?
Something will always go awry when it comes to billing, it’s just a fact. Make sure your customers don’t become completely disgruntled and integrate a comprehensive support system, preferably with live chat functions.
9. Is your billing compliant with the law?
Speaking of countries beyond the United States, is your SaaS billing compliant with privacy and billing laws outside of the United States? Remember to brush up on your online information laws so you don’t feel the legal burn.
10. Can your billing solution adapt?
Technology is always changing, and very quickly. Because of this, businesses need to be able to adapt quickly to any game changing solutions that could mean success or failure. If your system is too “bloated” to change, perhaps it’s time to trim down and streamline.
Now its your turn to tell us what other questions should you ask yourself when evaluating a billing system?
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