For many businesses, software-as-a-service (SaaS) payments are a crucial component within the company, especially when it comes to managing finances.
Therefore, it’s important to have the right business tools in your arsenal that can help you manage these payments more efficiently, and in a way that optimizes SaaS payments throughout the company.
The answer to this – SaaS payment management software.
In this article, you’ll learn what SaaS payment management software is, as well as the pros and cons of implementing it in your business.
What is SaaS payment management solution for your business?
SaaS payment management solution is an expert software that allows you to monitor, review, and control all of your SaaS payments in your business.
Many businesses rely on the use of SaaS subscriptions to carry out certain roles for the company – such as Dropbox or Slack, for example. These are software which aren’t installed on the business servers, but are accessed through a cloud-based system, from a third-party provider.
This way, you can benefit from the software without needing to handle any of the setup or maintenance issues, as these are managed from the cloud-based provider of the SaaS.
Therefore, it’s crucial to have SaaS payment management solution in your company, as all these SaaS payments need to be effectively tracked by your finance team, as well as reviewed to see if they’re suited to your company’s budgets and goals.
Not only will your software provide extensive data surrounding every SaaS payment, but you’ll also have a range of features to control and tailor exactly how these payments are carried out and processed.
What are the pros and cons of SaaS payment management solution?
There are a variety of both pros and cons when it comes to incorporating SaaS payment management software into your business. Here are a few:
- Complete visibility on SaaS payments
With SaaS payment management solution, you’ll gain full visibility for every SaaS payment. Whenever a SaaS transaction takes place, your software will record the data in real-time, and provide all the information straight onto your centralized platform.
This means you’ll aways have a full picture of how your company is managing SaaS spend, and every transaction will be clear for you to access.
It’s worth noting that not all SaaS payment management solutions are equal. If you want a 360-degree view of your payments, it’s crucial to find a platform that’s designed for product-led growth. The best platforms, such as Stax’s payment processing solution, offer advanced features, such as custom enrollment options, adaptable revenue opportunities, and white-label functionalities. You can visit this page to learn more about the features you should look for when choosing a solution for SaaS payments.
- SaaS payment spend controls
The solution can also offer you a range of spend controls for your SaaS payments, which helps you determine exactly how you want your payments to be executed. For instance, you can apply spend limits to your SaaS payments, so any transactions exceeding a specified amount will be prevented.
This helps you keep all your SaaS payments within your determined budgets, and have more control over your subscriptions.
- Insights into SaaS spend
You can also receive a variety of spend insights for your SaaS transactions. These will give you useful information to help you spend more efficiently on SaaS payments. For example, you can receive suggestions for cheaper alternatives to certain SaaS subscriptions you’re paying for.
This can help you maintain optimal cost-efficiency when it comes to SaaS payments, and avoid unnecessary spend.
- Doesn’t cover other aspects of corporate spend
One of the drawbacks of having SaaS payment management solution is that it only covers spend on SaaS subscriptions. Your business is likely to have various other payments taking place throughout the company, and your solution won’t factor these in when conducting analysis.
Therefore, you should also consider implementing spend management software, as this will cover your entire corporate spend, not just your SaaS payments.
- Performance is reliant on the software provider
Another challenge with SaaS payment management solution, is that the effectiveness of the software is dependent on the provider you choose. If you choose an inadequate provider, you can end up paying high costs for a software that doesn’t fully optimize your SaaS spend.
Thus, make sure you research for the best SaaS payment management solution on the market, to give you a superior service that expertly manages your SaaS payments.