TL;DR
- If you're looking for the best metering and billing software to elevate your SaaS business in 2024, the choices are clear.
- Togai stands out for its comprehensive, error-free billing and insightful metrics.
- Octane is your go-to for usage-based pricing and global support.
- Onebill offers diverse billing models and seamless integration capabilities.
- Amberflo brings real-time invoicing and revenue tracking to the table, while M3ter provides a robust solution for usage-based pricing and complex data configuration.
- To make an informed decision, focus on software that aligns with your business's growth trajectory, offers competitive features, and integrates well with your existing systems.
- Consider the costs of switching versus retaining your existing software to ensure financial efficiency.
- Schedule a demo with Togai to experience the platform's capabilities firsthand.
The metering and billing software market for SaaS businesses is chock-a-block with many solutions, making it challenging to choose the right one. In this digitally fast era, manual billing and unadapted software are simply out of the question.
What you need is software that simplifies your billing process with utmost accuracy, allowing you to focus on what matters most- your business goals. As we approach the end of 2023, the billing software market appears promising.
Our blog elaborates on the five best metering and billing software to power your business in 2024. However, before heading into those details, let’s enlighten you on what you stand to gain from this software solution.
Benefits of Metering and Billing Software for SaaS Businesses
Companies offering Software as a Service face two challenges:
- High transaction volume
- Complex product mix
SaaS thrives on subscription management, upsells, upgrades, add-ons, and tiered plans. The most sensible way to handle this complexity is to invest in a metering and billing software that’s equally capable of addressing recurring and subscription billing and delivers the following benefits:
- Automate your processes and establish specific workflows.
- Keep you consistently on top of your SaaS metrics.
- Establish payment gateways to enable secure payments.
These benefits are only the tip of the iceberg. To gain more help, you need robust metering and billing software to take your business to new heights in 2024 and beyond.
It’s time to unveil the top 5 platforms for metering and billing for SaaS businesses.
Number 1: Togai Monetization Platform
Ruling the list in the first position is Togai, a comprehensive monetization suite for B2B companies. Togai is famous for many reasons:
- Robust and user-friendly pricing, metering, and billing solution that works without any dependency on engineering resources.
- Ability to simulate and customize new pricing models.
- Real-time monitoring and metering of usage.
- Automated internal billing workflows.
- Analytical pricing-related insights.
- Real-time data visualization and reporting
- Easy integration with existing workflows and tech stacks
- Automated metering and billing for accuracy
- Supports usage-based and tiered pricing
- Allows users to meter and bill any event
- Enables the transformation of data into insightful metrics.
- Better transparency and resource control.
In short, with Togai at your disposal, you can eliminate error-prone, time-consuming manual billing and refine the entire process. The platform also boasts two remarkable aspects, such as:
- Event-based architecture is a boon for SaaS businesses. This feature empowers you to implement flexible pricing models.
- Entitlements that enhance Togai’s range of solutions
Togai is also a feature-rich monetization platform offering end-to-end solutions for metering and pricing. Its wide range of features includes:
- Accurately track and store software usage events in real-time
- Visualize and report data instantly
- Flexible event transformations with dynamic filters and custom attributes
- Seamless integration with existing business tools
- Automated and flexible pricing adjustments
- Robust revenue recognition reporting
- Multi-currency and payment provider support
- Integration with Adyen for automated tax processes
- Enhanced usage-based billing experience
- Implementation of new Go-to-Market (GTM) strategies
In a nutshell, Togai is a cost-effective monetization platform that allows you to work with ease and accuracy.
Number 2: Octane Drop-in Metered Billing System
Octane is a monetization tool in the billings and subscriptions category of a tech stack that gives you ample flexibility to bill how you want. Moreover, it is great for usage-based pricing because of its ability to accurately monetize your offerings and services. The platform is packed with features like:
- Automated real-time accounting and billing
- Round-the-clock support from any global location
- Usage-based trials and discounts
- Adaptable pricing plans
- Simple SDKs and APIs
- Easy integration with all popular payment providers
- Detailed invoicing
- Access to a safe Octane Dashboard
By investing in Octane, you stand to enjoy the following benefits:
- Easy tracking and measuring of the duration or volume of usage.
- Optimization of revenue streams and increased customer satisfaction.
- Pricing alignment with actual deliverable value.
- Extensive reporting and analytics to gain actionable insights about customer behavior and growth opportunities.
Also Read: The Best Billing Software for Small Businesses and Freelancers in 2023
Number 3: One bill Metering & Billing Software
Say you want to track the product usage of each and every customer on your list and process the billable events from various vendors. In such demanding scenarios, Onebill could be a lifesaver.
This sophisticated billing platform easily supports multiple billing models, such as recurring, usage-based, subscription, and one-time billings. It also automates your rating and billing processes with precision.
Onebill has all the features you want in metering software:
- Revenue, channel, and subscription management.
- Configuring, pricing, and quoting.
- Service delivery and VoIP billing.
- Service delivery platforms.
- Agent commissioning.
So, what benefits do you gain with Onebill? Here they are:
- Support SMEs and SMBs to reduce billing errors, maintain compliance, and increase efficiency.
- Easy integration with carriers, service providers, CRM and ERP platforms, and multiple payment gateways. Accounting and administration, and taxation.
- Revenue reporting and automation of order provisioning, activation, billing, and invoicing.
Number 4: Amberflo Pricing Platform
Amberflo is a usage-based pricing and metered billing platform designed for any type of infrastructure, event, application, or custom resource. It boasts a meter data structure that allows you to customize your low-impact API payload to set prices.
Amberflo offers the following features:
- Online customized invoicing with history.
- Contingency and project billing.
- Quotation estimation.
Its benefits include:
- Language-specific SDKs and APIs to enable deduplication, flushing, and batching.
- Pre-built usage models to set your own pricing.
- Real-time creation of on-demand metered invoices indicating the usage of a specific product.
- Easy alignment of your customers’ front-end usage with back-end resource consumption and price calculation of the same.
- Check revenue as per the product or customers to evaluate the pros and cons of your monetization strategies.
Number 5: M3ter Metering and Pricing Solution
M3ter serves as an effective metering and pricing software for more operational and security efficiency. The capabilities of this software operate as per the product usage, cost, and spent data. It requires infrastructure to gather, store, and deliver capabilities in real-time as per the need.
M3ter offers a slew of features that include:
- Recurring and usage-based and subscription billing.
- Payment processing and pricing optimization
- Invoice history
- Support for multiple currencies
- Dunning management
- API-oriented
- Price-in code automation
- Ingestion of transform cost data at scale.
- Add-in feature that allows easy integration with existing tools and adapts them to usage-based pricing.
By choosing M3ter, you gain the benefits of:
- Easy deployment and management of usage-based pricing
- Streamlining of your billing, pricing, and selling process.
- Real-time calculation of bill amounts
- Pricing configuration for complex data.
There you have it- The list of the five best metering and billing solutions to implement in 2024. However, how do you choose what’s right for your business? Here are some practical tips for adopting a new billing platform that works to your advantage.
3 Easy Ways to Choose Your Metering and Billing Software
Before shifting from one billing software to the next, you should be aware of the following:
- Switching between software will cost you for the setup and training.
- Retaining the existing software will not facilitate your growth and will still cost you money.
So, here’s what you can do to make the switch easy:
1. Determine your current and future requirements.
What does your existing billing platform lack? What are your expectations from the new one? List your criteria and ensure your choice adapts to your current and future requirements and scales with your growth.
2. Compare with other options.
Short-list the best billing platforms and compare their features, pricing, and other aspects. You should also check how much they charge for each transaction on a monthly or annual basis.
3. Check ecosystem integration.
API integration is a vital criterion to enable easy integration of any software. Check if the open tech ecosystem adapts to your current and future needs, enables real-time centralized data, integrates with your tech stack, and has the flexibility to plan your future growth.
Wrapping up
Choosing a metering and billing solution is a meticulous process that cannot be done overnight. However, our blog should help simplify your task since we have shortlisted the five best platforms in the market.
Or you can make things much easier by choosing Togai, the best Usage-based Metering and Billing Software, the first platform on the list. With Togai, you can implement any pricing ten times faster and on the same day. Schedule a demo today to get started.
