A SaaS business model is quite popular with startups of today. SaaS that is software as a service is different from other business models in the following ways.
- In a SaaS based business model, the core operation of the business is the product itself.
- A SaaS based business model needs to have a technological advantage over other products in the market.
- A SaaS based product can easily receive upfront payments from the customers. These payments can be used to improve the services of the business.
- Sales and marketing are the key to the success of a SaaS based business.
- SaaS applications are prefered over desktop applications because they are available on any device from anywhere. These products are usually subscription based and do not require a one time licensing fee.
- In a SaaS business model, feature updates are done automatically and customers can use these features easily.
- SaaS based products can be easily integrated with other products through API integration.
- A SaaS business needs to maintain a healthy cash flow, to keep adding improvements to the product.
- An efficient billing process is a must for a SaaS business.
Professional Online Invoices
Every SaaS business must send out professional invoices through pre-designed templates. This is important for building a positive reputation among customers. Adding the company branding to invoices, helps in promoting the product among existing customers.
Managing the customer subscriptions and invoicing them on time is the key to concern of a SaaS business. A SaaS business must use a recurring billing solution for managing auto-bill profiles, to receive timely payments from clients. Adding a late fee on the invoices, helps in getting paid on time for each of the subscription invoices.
Online Payment Integration
One of the most important aspects of billing for SaaS businesses is online payments. Payments for each of the subscriptions must be made on time. For this, an invoicing solution that has got multiple payment gateway add-ons is an essential. This helps in making it easy for the clients to make payments in a timely manner.
For large enterprise SaaS products, customized billing solutions can be really helpful. These solutions help in automating the workflow and the invoicing process. Automating the invoicing process helps in reducing the number of invoice disputes and and exceptions, as the invoices are free of errors. Customized solutions are also helpful in delegating the process to staff members who can then manage it effectively and efficiently.
A SaaS based business has global clients. It is important to bill these clients in the language of their choice to build an appropriate business relationship with them. Multilingual and custom invoicing solutions help in billing clients in the language of their choice.
A SaaS based business must choose a custom invoicing solution like Invoicera. Invoicera provides a host of business features that are apt for SaaS products. These include:
- Customized invoicing and workflow management solutions
- Multiple languages and multiple currency support
- Online payments and recurring billing
- Automated billing solutions
- Customized invoice template solutions