Chargify - Billing and Subscription Management Simplified
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Chargify - Billing and Subscription Management Simplified

By CIOReview | Thursday, January 27, 2022

The importance of recurring revenue can not be overemphasized for fast-growing B2B SaaS businesses. As customers increasingly prefer subscriptions—as well as usage and event-based billing models, businesses must streamline financial functions or risk falling behind. But that’s only the beginning. To truly stand out in the marketplace, these businesses must also utilize their internal financial data to boost revenue and better serve customers. However, managing billing and subscription requirements, especially for complex models like events-based billing, is often a daunting task. This is where Chargify—a globally recognized leader in the recurring billing and subscription management space—makes a difference. 

Founded in 2009 with a focus on recurring revenue business models, Chargify seamlessly removes billing bottlenecks, helping businesses grow faster. Today, the company specializes in providing complex usage and events-based billing, subscription management, payment collections, and data management tools. Chargify’s billing and revenue management platform is built specifically for fast-growing B2B SaaS companies, equipping them with the flexibility to create, optimize, and adapt their billing as needed. 

Barrow Hamilton, Chief Product Officer at Chargify, explains that companies often struggle with scaling quickly due to limited subscription plans or inflexible pricing models. In particular, businesses that started with a fairly straightforward recurring billing model now must transition to usage-based pricing in order to best serve their customers. However, they need the necessary tools and systems to effectively implement this strategy. Chargify provides the solution. Through continued innovation, they have equipped customers with the features, tools, and industry-leading strategies they need to employ and manage any pricing model—from simple subscriptions to complex usage. “Over the years, we have evolved our platform according to the shift in the market toward complex usage-based pricing models, including multi-attribute models,” states Hamilton. In 2020, Chargify launched its Events-Based Billing product which allows clients to create multidimensional billing models with real-time data streaming and analytics. This model enables businesses to utilize the customer data they’re already collecting to directly link their customer usage to the price they pay.

From customer acquisition, invoicing, and revenue collection to final reporting and accounting—Chargify streamlines the entire subscription management process. The platform also effectively addresses the complexities of the complete subscription lifecycle: recurring billing, subscription management, revenue retention, prepaid subscriptions, and more. In addition, the platform comes with a set of modules and functionalities tailor-made to help B2B SaaS businesses operate more effectively, including tools to help clients administer and retain their subscribers, manage customers’ integrations with other software applications, and automate notifications and alerts for improved customer relationships.  

Finally, all of the data generated through this process is fed into Chargify’s recently released Business Intelligence (BI) solution, which empowers clients to make solid, data-backed decisions more quickly than ever before. Users can gain real-time, custom insights into any area of their application, product, or business development with just a few clicks. Moreover, Chargify BI allows users to create and share custom dashboards, leveraging data from not just Chargify but relevant third-party sources as well.

Every day, Chargify helps businesses manage offers that drive billions in annual revenue. For instance, Lawpath, a leading legal software solution provider, approached Chargify in 2014 as they prepared to launch their new platform.  Lawpath had ambitious growth goals and knew they would need a billing partner to automate their product-led growth model. They also needed visibility, accuracy, and reporting in order to clearly understand and optimize their fast-growth business. Chargify was able to solve these pain points for Lawpath with its specialized billing and data management tools. Fast forward to early 2021, and the growing company needed a better way to draw quick, actionable insights from their data. They became one of the early adopters of Chargify’s Business Intelligence solution and consequently solved their operational pain points effectively. Chargify Business Intelligence empowered Lawpath to significantly reduce the time their financial operations team spent creating critical reports by turning a weekly project that once took hours into a mere dashboard refresh. “We not only helped them scale their business operationally but also made the process of gathering the information they need to make critical business decisions much more efficient,” comments Hamilton.

In April 2021, Battery Ventures, a global, technology-focused investment firm, announced a combined growth-equity investment in Chargify and SaaSOptics, a leading cloud-based subscription management platform provider that automates financial operations for growing B2B SaaS businesses. 

Hamilton highlights that this recent investment is going to further accelerate Chargify’s ability to innovate. “We’re combining the industry-leading automated billing and subscription management platform and the business intelligence capabilities in Chargify with SaaSOptics’ unmatched financial operations management capabilities. Bringing these platforms together will provide unparalleled value to customers, as they will have a single solution to power both their subscription billing and their financial operations,” notes Hamilton. 

Steering ahead, Chargify continues to innovate, empowering B2B SaaS leaders to streamline their subscription management and leverage their billing for growth.