Before 2020, SaaS (Software as a Service) applications used to be under-utilized “auxiliary” software in business despite their usefulness. In fact, in 2015 less than 10 SaaS products were used in a business, and most of them were for IT and security professionals.
Everything has changed dramatically since the pandemic of 2020. SaaS options such as Zoom and Slack became critical remote work tools in 2020. The average number of SaaS applications used by organizations worldwide in 2020 is 80, which multiplied 8 times compared to 2015.
Companies which offer software as a service continue to expand their network and reach more audiences. With a large number of clients using different subscriptions, billing management can be a real burden for such businesses that want to offer their services using the SaaS model. That’s when SaaS billing software comes in. SaaS billing software are made to catch up with the needs of SaaS companies.
This article today will present the 3 best billing software that SaaS businesses should use in Fall 2021 to help you find the right SaaS billing management for your business.
What is Stripe?
Stripe is an Irish-American company that offers payment processing software for e-commerce websites and SaaS companies. Stripe is a power-house billing software that has been used by 3,124,751 live websites. What an impressive number! You’ll also be surprised to know that Stripe received early investment funds from Elon Musk and Peter Thiel of PayPal, its competitor.
Stripe Billing claims to be the fastest way to bill customers with subscriptions for ambitious businesses. Stripe Billing is all about recurring billing. If you look for software with such basic features for billing and subscription, Stripe will be your thing!
What do people like about Stripe?
Starting with Stripe Billing is the best option for those who aren’t tech-savvy or want to shorten the learning curve. The software features only basic tools for managing billing and subscription. Its user-friendly interface allows users to master all the features in a short time with little guidance.
Another thing is that Stripe Billing is simple to set up and easy to integrate with any website or platform. Stripe will save you from painful installations or expensive engineering resources.
Reporting is a crucial part of any billing software. Stripe Billing reporting is fairly basic but covers all the essentials such as revenue, payments, and subscriptions. Reports are generated automatically by period to help you track all the transactions in a given time.
Drawbacks of Stripe
Stripe Billing is exceptional when it comes to automatic recurring payment processing. But before it can help you collect payments, first you have to send out invoices to your customers.
Stripe Billing doesn’t support its users to send out bulk invoices. Therefore, the tedious invoicing task lies in your company’s responsibility. Do you want to free yourself from the burden of this tiresome task? That’s when AccountDock comes in as a lifesaver.
AccountDock lets Stripe users send out bulk receipt notification emails with just a couple of mouse clicks. Need customized invoices for different customers? AccountDock can do that. AccountDock has many beautiful responsive receipt templates available for web, email, and PDF. Integrate AcoountDock with your Stripe Billing account and let them take care of the payment circle from A-to-Z for you!
What are the pricing plans?
Stripe Billing has two pricing tiers to choose from, Stripe Billing Starter and Stripe Billing Scale. Businesses that have large payments volume or unique business models can contact sales to discuss pricing options.
- Stripe Starter Package: you’ll be charged 0.5% per recurring bill when a subscriber’s payment has been made successfully.
- Stripe Scale Package: you have to pay a little more when using this package option. It’ll cost 0.8% per successful recurring bill. In return, you’ll have access to Stripe Connector for NetSuite, which automates cash reconciliation and accepts payments on invoices.
What is Paddle?
Founded in London in 2012, Paddle is a billing software designed for SaaS businesses. The vision of Paddle is to enable subscription-based software companies to focus entirely on building their product by spending less time on managing bills. The company promises to help SaaS businesses maximize profit and world-wide growth by offering globally optimized checkouts and flexible billing models.
It’s been rated as a “leader software” 6 times on G2, the world’s largest tech marketplace where businesses can discover and review the technology or software they’re using.
What do people like about Paddle?
A user-friendly interface is what people always talk about Paddle. The well-organized interface provides quick access to common features or commands. This helps you shorten your learning curves.
One thing that makes many users prefer Paddle to other software is how it goes beyond payment and takes great care of global tax and data compliance. If your business is growing and expanding to new territories, you’ll have to learn the tax obligations in those places. But calculating the tax isn’t as easy as one may think. Unless there’s a group of tax experts in your company to manage all tax-related issues; otherwise, it can be a time bomb waiting to explode. Paddle will take legal responsibility for maintaining tax compliance for all revenue generated through the platform on your behalf.
What are the pricing plans?
There are no detailed pricing plans on the website, so if you want to get a quote you have to call or email them. However, the all-inclusive pricing advertised on the website discloses that Paddle doesn’t charge a monthly or annual subscription fee. Instead users will only pay a transaction fee.
What is Zoho Subscriptions?
Launched in 2014, Zoho Subscriptions’ goal is to provide small and medium-sized businesses with the necessary tools to take advantage of the subscription-based industry. Zoho Subscriptions is a simple solution for automated subscription management and recurring billing. It enables businesses to take full control of events throughout the customer’s life cycle, from signup to recurring payments. Zoho Subscriptions was awarded the “fastest implementation” in fall 2021 by G2.
What do people like about Zoho Subscriptions?
Reporting is Zoho Subscriptions’ strongest feature. It calculates all key metrics that have a great impact on your business, including active customers, monthly recurring revenue (MRR), invoices, churn rate, etc. Details are visualized and displayed neatly, allowing organizations to understand how their business is going and make the right future decisions.
Zoho Subscriptions understand their user’s goals and provide them the tools they need to reach their goals. To help your business attract more subscribers, Zoho Subscriptions allow you to customize different pricing plans with free trials and even coupons. It’s also committed to helping businesses to manage all of their plan options with ease.
Zoho Subscriptions cares not only about their business users, but also focuses on giving the subscribers of those businesses excellent service. With pause and resume subscription options, it’s prized for helping subscribers use what they have paid for wisely. There are times when subscribers want to temporarily suspend their subscription rather than cancel it, and Zoho Subscriptions enables them to do so. Subscribers can pause a subscription at any time of their journey and restart whenever they want. Subscribers, therefore, save unnecessary expenditures on new subscription payments.
What are the pricing plans?
There are three plans for businesses of different sizes. For enterprises, please contact Zoho Subscriptions directly to have the best tailor-made pricing plans for your organization.
- The Basic Plan costs $49 per month. This Plan provides you features such as covering up to 500 customers, three automated workflows, and users.
- The Standard Plan costs $99 per month. It’ll cover up to 2000 customers and provide you with multi-currency support, dunning for automatic payments.
- The Professional Plan costs $249 per month. This package is for bigger businesses that have up to 5000 customers. Professional Plan offers similar features to Standard Plan except for more users for the business, and more subscribers.
The bottom line
The subscription industry has been consistently growing since 2012, which has led to the birth of many SaaS billing businesses. This review highlights the 3 best billing software solutions for SaaS businesses in fall 2021 with their outstanding features and pricing plans. Based on your business model and size you can define which one is most suitable for your business.