Developers can Embed Pricing, Payment, and Subscription Management Features in Just a Few Minutes
WASHINGTON, June 10, 2024 – Ordway, the finance platform for innovative business models, announced today the launch of a new self-service buying experience that customers can use to reduce time-to-market for their product-led growth initiatives. SaaS companies can embed Ordway’s turnkey checkout capabilities in their products to display pricing plans, capture billing details, and collect initial payments for self-service buying experiences. With Ordway’s self-checkout capabilities, customers on free trials can easily upgrade to a paid plan online with a few mouse clicks and no negotiations with a sales representative.
SaaS and cloud companies of all sizes are rethinking their new customer acquisition strategies with an eye toward self-service workflows. Product-led Growth models improve the customer experience with a self-guided buying process and lower customer acquisition cost (CAC) by eliminating sales expenses. The most popular PLG models encourage customers to sign up for a free trial that includes a self-guided onboarding process, a few weeks to experience the product, and ends with an offer to upgrade to a paid plan.
Key features of Ordway’s new self-service purchasing experience include:
- Plan Selection—Embed pricing tables in a corporate website or product application, enabling customers to compare different price points, packaging arrangements, and contract lengths to select the plan that best meets their needs and budget. Ordway supports the most popular models: per-user-per-month, multi-tiered (good, better, best), and pre-packaged usage-based pricing.
- Payment-Linked Activation—Ordway will capture the customer’s billing details, including name, address, and payment method, and then execute the initial purchase. Upon success, Ordway triggers a workflow in the SaaS application to immediately activate the appropriate features and entitlements. The billing details captured can be stored for customers enrolled in recurring billing or auto-pay programs.
- Subscription Management – Active customers can view their account details within the SaaS product’s native interface. Ordway enables developers to embed the details for all active subscriptions, including the plan name, pricing, and contract end date. Additionally, customers see billing frequencies, recent payment transactions, and upcoming invoice dates.
“Ordway’s new self-service buying experience enables developers to embed a rich set of pricing, payment, and subscription management features in their SaaS applications with just a snippet of code and a few minutes of time,” said Subbu Venkiteswaran, SVP of R&D and Operations at Ordway. “The result is a seamless experience that enables new customers to enroll in paid subscriptions and existing customers to upgrade their services – all without leaving the native interface of the SaaS product.”
Once the initial self-service purchasing experience is completed, Ordway’s platform enables SaaS companies to automate the order-to-revenue lifecycle throughout the remainder of the customer lifecycle. Ordway performs the recurring billing and automated collection of payments. In addition, Ordway performs the revenue recognition required under GAAP accounting rules and SaaS metric reporting for investor KPIs such as ARR, TCV, and net revenue retention.
