Online payment solution provider Stripe, which processes credit card payments, has launched a new product — Billing — to simplify recurring billing for SaaS (Software as a Service) and other subscription-based products. The first of its kind, the new platform is designed to help businesses increase recurring revenue.
According to the analysts, SaaS subscriptions and recurring revenue business models have been on the rise over the past 2 years and no end to this growth is anticipated. Unfortunately, up to recently, most of these businesses relied on subscription systems which can be both laborious and costly. Stripe Billing solves this problem by providing enterprises with a new set of tools to build and scale recurring business models.
Here’s what you need to know about the Stripe Billing platform.
KEY BENEFITS OF STRIPE BILLING
Today’s businesses want flexible billing systems that allow customers to make their payments with ease and in the fewest steps possible. Stripe billing is a simple billing system for small businesses. Stripe Billing guarantees:
• Fast integration and even faster iteration
The platform’s elegant abstractions simplify adding or changing billing models. Even better, you get a powerful interface to test and quickly roll out new pricing models.
• Flexible billing and payment
With Stripe Billing, you can bill customers automatically on a recurring basis or instantly with a one-off invoice. The choice is yours.
• Optimize for growth
Want to grow without extra effort? Stripe’s recovery tools reduce payment declines by 45 percent while boosting revenue by 10 percent.
EASY SET UP. END-TO-END BILLING
The platform works excellently for both developers and businesses teams. For developers, its API integrates seamlessly with existing websites, mobile apps, and CRM Systems. Moreover, your developer can use out-of-the-box functionality or composable API building blocks to design a customized pricing model ideal for your business.
After you’ve set up a fitting pricing model, you’re able to manage subscriptions and invoices, as well as view detailed financial reports, directly from the dashboard. Better still, Stripe allows you to add an infinite number of team members and supports granular roles and permissions for secure access.
ACCEPT MODERN INVOICES, HOSTED BY STRIPE
The other standout feature of the new Billing platform is simplified invoicing. In addition to one-off invoices, Stripe Billing fully automates recurring invoice management while adding unique invoice features to get you paid faster. For instance, you can add a logo and select a color pellet to customize the look and feel of your invoices. This should remove security jitters and encourage customers to pay invoices without delays.
To further encourage faster payment, Stripe hosts billing invoices so customers can conveniently pay whenever they’re ready. Additionally, you get a detailed dashboard to help you track payment status, as well as payment reminders and overdue notices to ensure that you’re not missing out on scheduled payments.
• Safely store customer details
Stripe collects payment details of all customers and securely saves the information for future use. Sensitive data will never leave Stripe’s servers.
• Accept wire transfer and ACH
ACH and wire transfers often require tedious manual effort to complete. Stripe fully automates both payment methods without compromising client privacy or transaction security.
• Automatically update cards
Nearly 25 percent of churn is caused by missed payments or declined cards. Stripe solves this problem by working directly with card networks to automatically update card details.
• Smart retry logic
To help you track unpaid invoices, the Billing platform uses machine learning algorithms that use data from the across the network to optimize retry logic.
• Global payments built-in
Stripe Billing supports multiple global payment methods and currencies. Even better, you get to accept payments without additional integration or separate contracts!
In a nutshell, thanks to Stripe Billing, you can now focus on your product and customer experience while Stripe delivers on all your billing needs for your small business.
Mike Gingerich is President of Digital Hill Multimedia (www.DigitalHill.com), a Goshen web design and marketing agency. He is also a co-founder of TabSite.com and Waftio.com, leading software tools for contests and lead capture, and author of the book Game Plan for Social Media Lead Generation. Find out more at www.MikeGingerich.com/book.