TL;DR
- If you're looking to scale your business, finding the best billing software for scalability is crucial.
- Investing in a scalable billing system curbs unnecessary expenses and refines cash flow.
- You need a system that can handle the growing complexity of financial transactions and offer benefits like cost reduction, market adaptability, and operational efficiency.
- Scalable billing systems are essential for dealing with the complexities of subscription-based models and global customer bases.
- Key factors to consider when choosing a billing engine include pricing flexibility, automated data capturing, recurring billing, and integration with other systems.
- For subscription-based models, prioritize features like billing automation, multi-currency support, pricing flexibility, business analytics, and customizable payment options.
- Togai emerges as a top choice, offering comprehensive features such as dunning management, automated invoicing, and real-time analytics, making it a robust solution for scalable billing needs.
If you want your business to scale (which is obviously what everyone wants), you need to adopt everything that aids your objective, including your billing system. Why do you need a scalable billing system and how to choose the best one in the market? Continue reading our blog for insightful details.
How Do Scalable Billing Systems Bolster Your Business?
A seamlessly scalable billing system is crucial in today's ever-changing business landscape. As your company grows and evolves, your billing systems must be robust enough to stay in tandem with the rising complexity of financial transactions. The benefits that come with investing in scalable billing systems are multifold. It:
- Curbs unnecessary expenses.
- Adapts to the changing market conditions.
- Streamlines your billing workflows
- Ensures operational efficiency
- Simplifies processing like payments and invoicing
- Simplifies the management of customer accounts
- Enables accuracy in payment processing
- Refines your cash flow
- Enhances customer satisfaction
A scalable billing system is not a mere investment or add-on to your business. It is a solid strategy to survive the fierce competition and sustain for years to come. It also aids you in dealing with the rapidly evolving economic intricacies, regardless of whether you are an established enterprise or an upcoming company.
Investing in a scalable billing system has numerous benefits, but it's important to consider other factors as well. Our next segment discusses the fundamentals of choosing the best billing platform to scale your business.
Why Do Organizations Seek Out Scalable Billing Systems?
Billing may seem like a straightforward, simple process. But that’s just the tip of the iceberg. The bigger challenges emerge as your business grows. You need to understand and adapt to the intricacies behind billing logic and draft new solutions or billing scenarios. However, before implementing your new billing engine, you need to clear the bugs, conduct rigorous testing, and ensure regulatory compliance.
This is only the preliminary scenario. The next challenge is the implementation phase, which can be done within a few lines of code. Once that’s done, there are other steps to be taken care of, such as:
- Collecting payment
- Generating customer invoice
- Recording payment details
- Ensuring tax compliance
- Revenue reporting
Building upon the basics can be cumbersome when it comes to subscription-based models, given the complexity of accommodating the subscription services.
Considering these challenges, here’s a list of factors to consider before selecting the best billing engine for scalability.
- Pricing flexibility that allows customer and contract level prices.
- Automated multi-source event data capturing.
- Automated recurring billing, accounting, and revenue recognition.
- Lifecycle management digitalized contracts for B2B businesses
- Integration with financial systems, service management, e-commerce, and CRM.
However, if you are a B2B organization selling SaaS, you need to look deeper into these features. Let’s simplify it for you: When evaluating subscription billing software, look for the essential features to maximize revenue potential. Let’s move onto our next segment to explore the five main features you should consider in a billing engine.
5 Top Features of a Scalable Billing Engine
Billing and invoicing automation
For subscription-based or usage-based billing, look for a platform that automatically generates billing and sends invoices to your customers based on their subscription plans. Automation also allows you to:
- Add branding and customize your invoice messages.
- Save time and effort for billing and invoicing
- Ensure accuracy in the billing processes
- Enable the flexibility of billing customers at their preferred time
- Ensure up-to-date payments.
Multi-currency support for global customers
Want to target customers on a global level? Choose a billing engine that allows multiple currency transactions. The benefits include:
- Easy issuing of business receipts.
- Quick payments to international customers
- Smoother financial matters
- Better business productivity
- Personalized customer experience
- Fosters stronger customer relationships
Pricing flexibility
Flexibility is an umbrella term. Rather than looking for general pricing and planning flexibility, focus on:
- Flexibility to accommodate your business and customer requirements.
- Flexibility to offer various add-ons, pricing tiers, discounts, and promo codes.
- Support for one-time charges and billing models like recurring, usage-based, dynamic, hybrid, subscription, etc.
Business analytics and insightful intelligence
Does your billing engine offer modern subscription tools to gather valuable insights into the various aspects of your business? This feature is an absolute must because in this modern era, everything is data-driven. These insights will help you make better decisions and give you an in-depth understanding of your business status in terms of growth.
Customizable payment options
Customization is a must in subscription billing platforms. This feature allows you to offer your customers a variety of payment gateways that support multiple payment methods, such as credit and debit cards or bank transfers, and allow them to choose the one that works best for them.
In the current market for billing platforms, Togai is probably the only one that offers all these features and more, making it the best choice as a scalable billing engine. But that’s not all. There’s more about Togai in the following section. Read on to learn more.
Also Read: Top 10 Must-Have Features in Your Billing System
What Makes Togai the Top Choice For Scalable Billing?
As 2023 comes to a close, many businesses are relying on subscription models to maintain customer loyalty. This approach also generates recurring revenue and improves customer relationships.
With the growing popularity of subscription-based services, it's essential for organizations to adopt the right billing software to efficiently handle recurring revenue streams. Common tools within this category have the capability to automate the creation of invoices, process payments, and manage recurring billing schedules or simplify the revenue management lifecycle through various streamlined processes.
In this scenario, Togai takes pride as the best billing engine for scalability. Togai, the best Usage-based Metering and Billing Software is crafted for scalable billing, boasting fantastic features like:
- Dunning management
- Automated invoicing and billing
- Integration with other tools
- Real-time analytics and insights
- Easy tech stacking
In a nutshell, Togai is the only billing solution you need to take care of everything- from sending out automated invoices to ensuring customer satisfaction and everything in between!
Automate your billing processes with Togai and scale to greater heights. Schedule a demo today to see how Togai works. Try it now!
