New Recurring Billing and Subscription Management Solution Designed for Seed and Series A Startups in the SaaS, Cloud, and Generative AI Space
WASHINGTON, Aug. 16, 2023 /PRNewswire-PRWeb/ -- Ordway, the finance platform for innovative business models, today announced a new billing and revenue automation solution designed for early-stage startups. The solution enables SaaS, cloud, and other technology startups to bill customers, collect payments, report on investor metrics, and recognize revenue using GAAP accounting. Ordway's new package is designed for rapid implementation in just a few weeks and is priced to fit the budgets of seed and Series A companies ranging from pre-revenue to $3M in ARR.
"We've worked with hundreds of companies who adopted Maxio, Chargebee, Recurly, or Stripe Billing primarily because it was cheap, but then quickly outgrew the limited feature sets of those applications," said Sameer Gulati, CEO and founder of Ordway. "With our new startup package, early-stage companies can avoid the typical first-time mistakes and start directly on an enterprise-class platform that they can scale to $100M and beyond."
Ordway's new startup package includes support for:
- Multiple Pricing Models - Launch subscription pricing models based on user counts and feature tiers or usage-based pricing models based on volume or time consumed. Ordway's ultra-flexible product catalog enables rapid experimentation with different packaging configurations, feature entitlements, and payment schedules.
- New Customer Acquisition Strategies - Incentivize customers to adopt with freemium/free trials, percentage discounts, first n months free, cashback rewards, and free credits. Ordway will automatically perform all the complex calculations needed for customer billing, revenue recognition, and ARR reporting.
- Recurring Billing - Generate invoices based upon fixed fee subscriptions, actual consumption activity, or a hybrid of the two models. Ordway enables frictionless expansion with fully automated proration and billing calculations for new products, price increases, term extensions, and other mid-contract changes.
- GAAP Accounting - Transition from cash-based accounting to the accrual model that equity and debt holders will expect. Ordway enables finance teams to migrate away from spreadsheets for revenue recognition and prepare for their first audit with system-calculated journal entries that comply with ASC 606.
- Payment Collection - Accept payments via credit card or ACH/bank transfer with upfront invoicing for annual contracts, monthly billing for pay-as-you-go packages, or quarterly remittances for installment plans. Ordway offers options to automate and simplify recurring billing including auto-pay and "pay now" via email or web link.
- SaaS Metric Reporting - Track key investor metrics such as ARR, new bookings, renewals, churn, ARPU, and net dollar retention. Ordway enables finance teams to help existing investors monitor the health of the business as well as to rapidly respond to new data requests during fundraising efforts.
Ordway's startup package includes a managed implementation led by Ordway's billing and revenue consultants. Ordway helps startups to scope out their existing use cases as well as document the new business processes to be automated. Financial document design experts create customized templates for invoices, statements, dunning, and other customer communications. Implementation specialists help to configure master data for pricing and products, customers and contracts, and the chart of accounts.
Startups can quickly connect their billing with popular applications such as Hubspot CRM and Quickbooks Online accounting as well as various payment gateways and tax automation systems using self-service integration. Before go-live, the implementation team provides finance teams with configuration documents, end-user training, and support transitioning from existing systems.
Ordway is a billing and revenue automation platform that is specifically designed for today's innovative, technology-centric business models. With Ordway you can automate billing, revenue recognition, and investor KPIs for recurring revenue from subscriptions or usage-based pricing models. Using Ordway reduces your dependency on spreadsheets and manual processes, enabling you to run a leaner finance organization. But it's not just about cost savings, Ordway generates more accurate billing and KPI reporting that your customers and investors will love. To learn more visit www.ordwaylabs.com.
Media Contact
Steve Keifer, Ordway, 1 6503860046, [email protected], www.ordwaylabs.com
SOURCE Ordway
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