Paddle, a payments infrastructure provider for SaaS companies, has introduced Paddle Billing, a suite of APIs and features designed to enhance billing capabilities.
The announcement was made at the Paddle Forward 2023 product event, signifying an advancement in Paddle’s core Merchant of Record (MoR) offering.
With the SaaS industry entering a new phase after a period of rapid growth, driven partly by the pandemic, effective retention strategies have gained prominence. According to Paddle’s data, SaaS businesses are experiencing growth, but higher churn rates due to cost-cutting and tighter budgets highlight the need for smart retention strategies. In this context, Paddle Billing aims to streamline operations for SaaS companies.
Amid these challenges, Paddle Billing offers developer-friendly APIs to seamlessly integrate Paddle’s platform into payment stacks.
SaaS companies can:
- Accept and manage payments more efficiently through real-time payment updates and a unified API compatible with CRM, ERP, and accounting software.
- Implement tailored billing plans for various customer segments, including multi-product subscriptions, intricate pricing models, and custom discounts.
- Opt for hyperlocalised payments with region-specific pricing options, setting pricing at regional levels rather than currency-based plans, setting Paddle apart as the sole provider offering this feature.
Paddle Billing not only enhances efficiency for SaaS businesses but also prioritises frictionless integration and complete customisation. It facilitates hybrid billing, allowing SaaS companies to charge subscriptions via both credit card and invoice, offering a cohesive customer experience.
Jimmy Fitzgerald, Paddle’s CEO, stressedthe need for strategic revenue capture and retention in the evolving SaaS landscape.
“In this ‘new normal’ for the SaaS market, growth may have slowed but there is still significant demand and plenty of growth potential for businesses of all sizes. However, the ‘growth at all costs’ era is over and businesses must be strategic about how they capture and retain revenue. Billing and payments should be a fundamental part of any sustainable growth strategy, but it can be extremely complex and resource-intensive for SaaS businesses to build and manage at scale.
“Our priority at Paddle has always been to turn payments into a true growth lever for SaaS businesses, which is why we’re enhancing our Merchant of Record offering and making it easier than ever for sellers to integrate into our platform with the launch of Paddle Billing.”
Paddle Billing will be accessible to new and existing Paddle customers.