Published Jan 23, 2019 By Sonal Gupta
Billing is a major challenge for SaaS business owners these days. As it is directly linked to revenue generation, investing in the right billing solution is of paramount importance for companies that operate on the SaaS business model.
But with that said, most business owners find themselves in a dilemma between choosing online and offline billing software. Both have their own share of advantages and disadvantages. However, offline billing software has an edge over the online version due to a variety of reasons.
For one, an offline billing software program does not necessitate internet connectivity. As such, one can operate it from anywhere without being bothered about internet connection problems. Also, it does not come under a virus attack.
Despite being old school, it is better than the online version of billing software in several other ways. This post will outline the reasons that make it a better choice in comparison to online billing software.
For a company, there are two fundamental ways of earning revenue - advertise, and by charging clients for services. Unless the former is significant enough, a company needs to focus on the latter one to sustain in the long run. It is all the more important in the case of SaaS company.
Manual billing can take several hours to conclude. If you evaluate it from the standpoint of business, it amounts to a waste of time. By automating the process, a company can save its several valuable hours. It can use this length of time for other productive purposes to further boost its revenue.
Thus, invoicing is one of the vital components of a firm. It is all the more important for a company based on a SaaS model. At the same time, you should also ensure that such companies conclude invoicing within a given timeframe to limit the duration of time used for the purpose.
An automated billing solution, especially a recurring one, comes in handy for a company to achieve two objectives simultaneously. It enables a company to conclude invoicing. And it does the job in quick time.
Custom recurring billing An offline software program for billing is based on a specific schedule. It may range from a monthly period or a quarterly period to a year. Some businesses also use the semi-annual period for billing with recurring billing software.
For a SaaS company, it is important to conduct promotion using promotional coupons. This is an important step for marketing. If you get it right, you can bring in an influx of customers.
While promotional coupons are for grocery stores and retailers, they can also come in handy for SaaS business. It brings in profits and leads for businesses that are based on the SaaS business model. What is its best part? It does not come with a deadline.
Unlike other forms of marketing that produce or show results only for a month, investing in coupons and discounts leads to long-term profits.
Even as you do not succeed in getting your desired outcomes straight away, you can carry it on for a long time. You will eventually be able to succeed in achieving your business objectives.
One of the important factors to take into consideration, though, is the management of coupons and discounts. If a business organization works out a simple and easy procedure to manage them, then nothing can stop it from being successful in the long run.
In order to get business insights or data, a company can rely as much on offline options as it does on online billing software. Nowadays, recurring billing software has the capability of reporting insights pertaining to the business performance of a firm. It helps a company in making informed business decisions.
Offline software is capable of helping the representatives of a business organization access the following:
These insights prove to be helpful for the renewal summary to figure out the areas that need attention. In addition, the information based on the aspects listed above also proves to be useful in the identification of growth paths that lead to the faster accomplishment of business objectives.
A company that relies on subscriptions to generate income is bound to come across errors in handling credit cards. More often than not such companies get into situations wherein credit cards are declined when one tries to make a transaction. This happens due to variety of reasons, though. From the expiry of a credit card to lack of sufficient funds, there can be a plethora of factors behind it.
The remediation of credit card errors becomes the need of the hour in such situations. Just like the online version of billing software, the offline variant also possesses dunning capabilities. This feature allows it to decline a transaction whenever a customer faces an issue in making a payment with their credit card.
What’s more, a company can also automate the process of setting up the number of times it can redo invoicing. Also, an offline billing software program, with its recurring capabilities, provides the options of sending a specific message to clients in the event they fail to conclude a business transaction.
PCI Level 1 is an important aspect of transaction-based business organizations. With that said, achieving it can be difficult for a company that is either a start-up or has just started seeing its growth figures. One of the difficulties linked to handling credit card data is to have strict rules and regulations in place. Though it sounds easy on pen and paper, it involves a huge investment involving a hefty sum of money.
You are not required to burn the midnight oil if you have access to an offline billing software program which is based on automation. It will make the job of handling PCI compliance straightforward or less-complicated for you. If your business organization is characterized by data portability, you can also set up the software to handle it so that you are able to manage customer data even as you switch from one provider to the other.
Offline automated billing solutions are popular for offering subscription offerings in a desirable manner. Several elements play a vital role when it comes to offering structure to businesses. These include auto-renewal of subscriptions, tiered or metered billing, free trials, billing cycle intervals, and subscription plans. Also, there are other optional aspects worth considering.
Manual billing has become obsolete these days. You may argue that online billing software programs also offer this feature. Yes, it is true but then again, you need to consider that internet connectivity is necessary to operate an online billing solution. Sometimes you may come across a downtime due to an issue with internet connectivity. On the other hand, you can expect uninterrupted and smooth performance from offline software as it does not make use of the internet to perform its functions.
Offering support services to customers is the cornerstone of setting up customer services for business firms. But to better utilize this idea, it is imperative that a company stays in control of the transaction history of its customers. To manage invoices and data pertaining to them, it is essential to know three things: the information linked to the creation of an invoice, its settlement, and unpaid invoices.
Unlike a manual invoicing system, an automated billing solution allows companies to schedule billing. A business organization can choose both online and offline billing software for this purpose. This not only allows a company to save tie but also provide more options in connection with subscriptions offerings.
With that said, you may not want the whole process to come to a standstill due to the loss of internet connectivity. It is one of the downsides of choosing online billing software. Under the model of online billing software, a company needs to retrieve data from the cloud. Even one moment of the lack of internet connectivity can prove to be costly to it. Thus, it makes sense for a firm to invest in an offline billing solution.
Keeping in touch with existing customers is a precondition for getting an insight into their expectations. By meeting the expectations of customers, a company can offer them good value for money. Also, it proves to be helpful in customer retention
Among other things, most customers try to reach out to the customer support help desk of a company to sort out disputes related to invoicing. When it comes to resolving matters related to billing, clear and prompt communication becomes indispensable both for a company and its customers.
When the customer base of a firm involves only a handful of customers, it can be more or less a cakewalk with a manual system. But relying on it even when several customers, spanning in thousands or more, come up with a query each can land a business organization into a quandary.
These days, most customers not only anticipate a prompt response but also a swift resolution of their issue. It is vital for a company to ensure both as the twain can make or break the deal in terms of creating the first impression in customers’ minds that always matters the most.
An automated billing solution is the best option for a company to meet customers’ expectations in this regard. Whether it is about just communicating with customers or integrating their data, you can accomplish these tasks without a hassle by switching over to a piece of automated billing software. It provides a viable option for the integration of customer data with mailing lists, CRM and other applications.
While you may hit upon the idea of trying out an online software program, you must also consider what you stand to lose by opting for it. The availability of internet connectivity or the lack of it will keep your customer interaction on counter hooks should you opt for online software.
Offline software, on the other hand, does not need internet connectivity to operate. Whether there is the availability of the internet or not, it works in the same manner as it does not rely on internet connectivity.
One of the highlights of a recurring billing system is that it saves money in terms of operational costs. Even with limited manpower or human resources, a company can scale up its level of efficiency with an informed choice concerning offline billing solution. Because it makes use of automation, you can bank on it for sending invoices automatically, issue a refund, escalate billing issues to proper channels, and so on.
With a high level of efficiency in services, you will be able to save time. You can invest it in other tasks to kick the productivity of your firm up a notch. At the end, it will culminate in better customer reviews and ratings. Both are important for the growth of reputation and business outcomes of a company. The more it happens for your company the better.
Both online and offline billing systems help cut down the workload on companies for preparing invoices. Though using online billing software comes with several advantages, the fact remains that a working internet connection is one of the prerequisites to keep in up and running. Without internet connectivity, it comes to a grinding halt. If it happens in peak hours, it can lead to loss of business. For large scale companies, it can lead to losses in millions that can be difficult to absorb. If you have been thinking about whether or not to opt for offline billing solution, you should go for it for this specific reason.
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