The SaaS (software as a service) model is driving the software industry to new heights, resulting in a surge of various applications available in the marketplace.
With ongoing services, there is a need for regular billing to handle daily sales.
As people around the world use these easy-to-access mobile and desktop apps, NetSuite helps manage these transactions. It generates invoices based on the subscription agreements, all thanks to SuiteBilling!
What is SuiteBilling?
NetSuite SuiteBilling is a comprehensive billing platform to bill recurring subscriptions.
This billing could be for any type of contract a company is entering into using the NetSuite Subscription Billing model.
SuiteBilling offers three pricing models—Flat, Volume, and Tiered—for non-inventory and service items, which can limit flexibility for leading industries in various sectors.
NetSuite Subscription Billing for Top Industries
- Computer Software and IT Industries
The most prominently used SaaS concept, software companies are selling their valuable services like user training, license subscription, warranty and renewal cycles, change management and much more which is backed by the NetSuite SuiteBilling model for software and computer industries.
- Internet and Mobile Services
The industry having products selling data plans along time and volume timelines, have a place with SuiteBilling Volume and Tiered Based pricing.
Regular mobile carrier changes with call plans too have a start and end date which is easily tapped in SuiteBilling.
- Financial Services
Financial services like subscriptions to financial newsletters, share market trading apps, subscriptions to financial and banking apps for using the platform services are supported by SuiteBilling.
- Transportation Services
These come handy while providing discounted rates to their loyal customers. Presenting a unique rate of travel – based on the seat numbers available, the volume of tickets booked in a particular period, SuiteBilling can be flash used here with enabling its Usage and Volume based billing.
- Hospital, Healthcare Industries
Providing online consultations at flat prices, delivering medicines at doorstep, hospitals and health care are not far back from subscription listing for their patients.
This can be supported by SuiteBilling too.
- Accounting Firms
Several companies today offer to provide tax filing and regular accounts maintenance cost for per day transactions. These companies follow volume-based pricing for their customers which can be tracked by SuiteBilling to regularize the income and avoid revenue leakage in manual processes.
- Telecommunications and Entertainment Platforms
Apps like Spotify, Netflix and Prime are few to count on hand which have a subscription start and end date to provide valuable binge services on their platform. Similarly all telecommunications applications can be accommodated on the SuiteBilling Platform making billing easier.
Thus, SuiteBilling which comprises of Subscriptions and Subscription Plans is a great boost to existing Oracle NetSuite functionalities, giving its users a chance to subscribe to this billing model, which not only overcomes the problems of manual billing but guarantees smooth revenue recognition throughout the subscription tenure with its flexible pricing plans.
Are you a Business Technology Consultant looking to freelance?
