According to a report by NASSCOM, SaaS businesses are all set to grow in India. With the Indian SaaS market worth $407 million in 2016, experts estimate its growth to increase by 3x by 2020 alone. Market industries such as healthcare, BFSI, and e-commerce are the ones benefitting from SaaS solutions the most at the moment, with CRM being a huge market for these solutions too.
So, granted that SaaS is the next big technological change to impact the Indian market landscape, where do payment solutions fit in and how? Let’s find out.
What is SaaS and where do online payments feature in it?
SaaS refers to Software as a Service. In this model, consumers looking to use a certain software that’s high in demand, such as SAP or Oracle, can do so by simply subscribing to it from their website.
Think of this as a magazine subscription. You go online, agree to have the magazine delivered to your inbox every month for a year, and you pay. Similarly, you go online, agree to use the software for your business for a year, and then pay. This is where payment gateways come into play.
As most SaaS payments are bulk ones, with organizations requiring the technology on all systems, these payments must be secure, reliable, and quick. Moreover, they must allow for a subscription format, as businesses are not likely to change their software providers every time the contract expires â€“ especially when they are happy with their services!
How can your SaaS business benefit from reliable payment gateways?
Most payment gateways like Razopay go beyond just offering a means to conduct payment transactions. They offer a range of additional services that help you customise your payment plans, create subscriptions, send invoices and more.
As a result, you can carry out a host of billing and payments related functions all at once. Now, where can you find such products?
Razorpay Subscriptions is the ideal solution for SaaS businesses in India as it helps you set up a recurring payment plan with total ease. As a business, you must only link the plan with the customer, while the automated nature of Subscriptions handles everything else.
The following are a few benefits of using Razorpay Subscriptions for your SaaS business:
Customise payment plans per customer and share links
Each business has its own unique requirements. One may want to leverage every single product that you can offer while others may only need specific variants of what you offer.
By using your Razorpay dashboard, all you have to do is follow three simple steps:
- Create a plan: Name your plan add the billing frequency (such as monthly, weekly, and so on), and the billing amount
- Share the link: The app then generates a unique subscription link that you can then share through email, chatbot or SMS with the client
- Accept payments: As and when they are madeU
Multiple billing models to create your own plan, as per your needs.
For instance, a fixed payment model can be used for recurring payments made according to a predetermined schedule, a quantity based model can be used to charge customers on the basis of the number of users subscribing to your SaaS product, and a usage based model is where you only charge the customers on the basis of what they have used during a billing period.
Enjoy the benefits of automation and additional features
By using Razorpay Subscriptions, you open a world of possibilities for your business without having to do much. For instance you can:
- Let your payments run on autopilot, and decrease the cost of manpower and resources used while handling this side of the business
- Track subscriptions through the comprehensive dashboard and use built in reporting systems to observe patterns in sales and subscriptions
- Receive webhook notifications every time a payment is made, so that you don’t have to worry about feeling out of the loop after automating everything
- Personalise the customer experience to the point where each communication adheres to your brand’s identity
- Let the app handle issues like declined cards, retries on transaction failures, the change of a client’s card or details, and so on
A gateway that supports multiple payment modes
Razorpay Subscriptions lets you enjoy using multiple payment modes to accommodate as many of your clients as possible. Additionally, it also offers multi-currency support for 100 foreign currencies.
So, if you are working with global clients, you do not have to ask them to route payments through their branches in India, if the head office is generally responsible for these transactions!
Razorpay Subscriptions allows the following modes of payment:
- Credit cards
- Debit cards
- UPI payments
Of course, there are additional benefits too such as the fact that you can set up trial periods for your customers, charge one-time fees that are made upfront before they subscribe to any of the plans, the ability to add charges based on any features used apart from the ones highlighted in the plan, and the ability to upgrade or downgrade the subscriptions being used.
With a platform that’s specifically built for automation, SaaS businesses can really benefit by using Razorpay Subscriptions!