GUEST OPINION by Carl Warwick, Regional Sales Director Asia Pacific and Japan, BillingPlatform: If your software startup is in rapid growth mode, having the right underlying technology is critical.

Have you developed an app that has started to gain some traction in the market? If the answer is yes, congratulations! Scaling a software start-up is exciting and challenging, and the programs and processes you put in place now will have a significant impact on the success of your fledgling venture over the long term.

One of the most critical pieces of infrastructure you’ll likely want to acquire, sooner rather than later, is a cloud-based revenue management solution.

Without one, you’ll be stuck in the growth-limiting manual mode; using spreadsheets and old-school billing systems to calculate your customers’ monthly bills. This is a cumbersome way to go, and if you introduce even a small degree of complexity into the process, such as bundled discounts or the option to pay usage-based rates rather than a flat monthly fee, it can become a serious bummer very quickly. weather.

If you’re operating with a skeleton crew, it’s time you can’t afford to miss. It’s far better for your small team to direct their energies towards activities that drive sales and growth than to be bogged down in repetitive administrative tasks that add no value to the business.

The right platform can solve these problems and make it easier for operations to scale quickly. So what should you look for when you go to the market for a solution? Here are some of the skills you’ll need to be successful.

Easy price change

Adjusting your prices can be the key to staying competitive. You can also try to attract and retain customers by offering special offers, service bundles and bundles. Choose a billing solution that lets you implement changes to your revenue model quickly and easily, and you’ll find it easier to gain traction in the rapidly evolving SaaS sphere.

A range of payment options

And when it comes to paying for these services, your subscribers will expect you to offer a range of payment options. Choose a platform that allows them to use debit and credit cards, wire transfers, BPay and mobile wallets and you will make the relationship with your company more attractive.

Integrated payment security

Nowadays, few events will damage your company’s reputation and value faster than a cybersecurity breach, as Australia’s second largest telecommunications company recently learned, the hard way. If you’re collecting customer credit and debit card details, safeguarding that data and other sensitive personal information is critical. Choose a billing platform with PCI compliant payment gateways and reduce the likelihood of experiencing an Optus-like event.

Automated collection process

Failed payments are an unfortunate fact of life for SaaS companies. Tracking them manually, communicating with subscribers, and organizing payment attempts can be an arduous process. There is the potential for significant loss of revenue and the risk of customers being completely locked out of your organization if interactions are handled poorly. A platform with an automated dunning process can eliminate the hard work and hassle of applying late fees, suspending accounts, and engaging customers to reinstate them.

International customer support

The world is your oyster when you start a SaaS business, provided you are able to transact effectively with the world, that is. Choose a billing platform that allows you to localize languages, currencies, tax details and payment service providers, and you’ll be ready to enroll subscribers from Sydney to Saskatoon and everywhere in between.

Regulatory compliance made easy

And if you’re selling overseas, you’ll also need to make sure you’re compliant with regulatory requirements here, there and everywhere. These include International Financial Reporting Standards and a number of stringent privacy regimes, such as the EU’s General Data Protection Regulation. Work with a platform provider that covers all of these bases, and there’s less chance your business will end up in a legal and financial conflict sooner or later.

Data-driven information

Having up-to-date information on your company’s financial results makes it easier to optimize your operations. Implement a billing platform whose customizable reports, dashboards, and analytics put at your fingertips a wealth of insights into customer lifetime value, churn, usage, cost of acquisition, monthly recurring revenue, and more and you’ll be ready to start making data-driven decisions that drive profitability
and growth.

A solid foundation for success

Gaining the momentum needed to transform your SaaS enterprise into a large, sustainable enterprise is easier with the right tools. If you’re serious about it, a robust, flexible, cloud-based revenue management solution that can support your operations at home and your expansion abroad is an essential technology for your ICT stack.

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