SAN FRANCISCO: NetSuite is to introduce a new billing service designed specifically for software-as-service (SaaS) vendors to help them better manage the complex requirements of charging for online services on a subscription basis.
The Recurring Billing tool was unveiled by the firm's chief technology officer Evan Goldberg at the firm's SuiteWorld event on Wednesday. He said it would form a new module within its wider Billing Suite offering, which he revealed is now in use by 800 dedicated SaaS customers.
Goldberg explained that as the delivery of software is increasingly moved to the cloud, the requirement around billing, such as usage policies and caps, payment dates and contract renewals require a dedicated system beyond generic billing software tools.
"This will make it easier for customers to create different subscription systems so billing can be set on set dates of a month, or specific anniversaries, and it can be used to mix and match offerings so you can set tiers, cap and floors for different usage and models," he said.
No specific information on when the tool will available was given, though.
Gartner's lead analyst for enterprise resource planning software, Chris Pang, told V3 that NetSuite had identified a clear gap in the market with the offering and it would be of particular interest to multi-nationals.
"At the moment firms often have to develop work-around systems to ensure they meet the requirements of all the financial regulations in place in different countries, and this issue has been somewhat underestimated," he said.
"While some partners of NetSuite may be providing similar solutions already, these would be more industry specific, whereas this offering should be more widely applicable."
Goldberg also provided some brief information on some other new functions the firm was working on, that appear to be introduced later this year.
Firstly, he explained that a new Dynamic Merchandising tool, similar to Amazon's ‘you may also like' feature. Firms using NetSuite to host their websites will be able to use the tool to introduce a recommendation feature online. This can promote alternative or additional products to customers based on their purchase history.
He also gave details of a new NetSuite Work in Progress (WIP) tool that he said would help manufacturers to more easily track the order, delivery, production and shipping of parts and completed goods, to have a better insight into these processes within their organisation.
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