Subscriptions have simplified the customer buying process in recent years, making it easier for companies to generate revenue. However, many companies are opting for usage-based pricing instead of flat-rate pricing lately as it can lead to more attractive, client-oriented services that ultimately drive revenue growth. The rapid growth platform providers want to increase their revenues and are pushing for more complex pricing, bundling, and payment requirements. IoT, Communications, Cloud, and Software platform providers need to handle multiple recurring and one-time payments, made by millions of customers using different devices worldwide. This necessitates the adoption of usage-based billing models. 

A billing system migration process does not have to be as hard as people are making it.  It’s typically one of the riskier projects a company will embark on - and hopefully, only go through it once - but it can be easier.

You've hit a breaking point with your current billing system, maybe you've outgrown it completely, or maybe you are fed up with manually entering items in a spreadsheet. You may already have built an internal billing system that just isn't cutting it anymore. 

In today’s ever-changing marketplace, consumers’ demand to maximize the benefit they derive from using a product is driving change in the way companies price and sell their products. The subscription and sharing economy put a greater emphasis on transparency, customized pricing, and real-time tracking. This has quickly seeped into the B2B SaaS industry which is witnessing a pricing disruption like never before. Increasingly customers choose to pay only for what they use as it is affordable and requires a lower initial commitment. 

The evolution of the Internet of Things (IoT) and maturing underlying technologies are giving businesses new and unique ways to communicate, connect and collect data like never before. With businesses bringing in unique offers and contracts to tap into and attract their customer base, there is an ever-increasing need to capture and monetize this data effectively. 

With the ever-growing popularity of subscription and usage-based products and services, more and more software businesses are choosing recurring billing over one-time purchases. Even online retailers like Amazon are not left behind allowing you to set up recurring purchase items based on your chosen schedule. A recurring payment is a repeating transaction that reoccurs on a specific date range, and it enables businesses to automatically charge their customers’ accounts periodically on an agreed schedule. Businesses first obtain permission from the customer to charge their account, after which these payments are automatically processed until the customers cancel their service or opt-out of recurring billing. Accepting recurring payments accelerates your sales and augments the cash flow in the business.