Are you using different Software as a Service (SaaS) platforms in your business? If so, it’s highly important you manage these several payments the right way. One of the best ways to do this is by implementing SaaS payment management software into your business.
Let’s take you through how this software works and the various ways it can benefit your corporate spend.
What is SaaS payment management software?
SaaS payment management software is an advanced tool that lets you accurately monitor, analyze, and control your various SaaS transactions. Your SaaS subscriptions are certain platforms in your business that operate on a third-party cloud software basis.
In your business, you may have multiple SaaS software across your different teams, for different uses. With the software, you can manage every transaction that takes place for your SaaS platforms.
On top of that, you’ll also receive a range of useful features to help you further increase accuracy and cost-efficiency when it comes to your spend.
Here are some of the ways this advanced software can benefit how your business manages SaaS payments:
1. Full payment visibility
The software can offer you complete visibility over all SaaS payments, so you know the important information surrounding every transaction.
With each transaction, you’ll know how much was spent, when it was spent, what SaaS the subscription is for, the specific card used, and the team that authorized the payment.
This crucial data will give you a clear picture of how your SaaS payments are being made across the business, so you can more accurately determine the right budgets and strategies for your company.
2. Flexible spend controls
You can also implement a range of flexible spend controls for your SaaS subscriptions, which will automatically cap the amount able to be spent for your SaaS payments.
These limits can be tailored to each type of SaaS subscription, different corporate cards, and the specific team the software is used for.
With full control over how your SaaS payments are managed, each transaction can be adapted to suit the wider needs of your business.
3. Expert SaaS insights
SaaS payment management software also provides a range of expert insights that analyze and break down how your transactions are contributing towards your overall corporate spend.
For instance, the software will pick up on any duplicate payments being made across the business and show you any cheaper alternatives to the software you’re using.
This can help you more effectively cut costs in your business and constantly stay on top of your corporate spend by optimizing each transaction.
Also, these insights are provided in real time to give you the most accurate and timely data surrounding your transactions.
Managing several SaaS payments can be tricky, but implementing this advanced software in your business can significantly improve various aspects of your SaaS transactions.
There are many more benefits to be found, so make sure you research the different types of SaaS payment management software available to find the right platform for you.