New platform enhancements and product innovations help enterprises support new business models, grow revenue and scale globally
BillingPlatform, the enterprise revenue lifecycle management platform for innovative business models, announced its platform enhancements from the past year designed to support innovative pricing strategies, provide seamless onboarding from competitive or homegrown solutions and provide the scale, security and compliance for global deployments.
Recognized as the leading billing and subscription management vendor over the last year in reports by Forrester Research, Ventana Research and MGI Research, BillingPlatform has seen a 170% increase in invoices delivered by its customers and 140% growth in its platform users. Recognizing this growth is based on its market-leading technology, the company delivered on its ongoing commitment to innovation by delivering over 700 enhancements in 2023 – 60% of which were based on customer feedback.
“We continue to see common themes driving more large, global enterprises to our platform, most notably the ability to understand and support their unique business models that mix transactions, usage data, subscriptions, e-commerce and more into a single solution focused on automating and accelerating the entire revenue lifecycle management process,” said Dennis Wall, BillingPlatform’s CEO. “Our market growth and unprecedented recognition from industry analysts is due to the advanced features and capabilities of our platform, which is why we collaborate closely with customers on new ideas and continue to invest heavily in new innovations.”
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As a result, BillingPlatform delivered the following new product innovations in 2023:
- Configure & Sell: BillingPlatform’s CPQ solution enhanced its support for amendments, providing a before & after comparison view, and added support for proration, co-term agreements and other complex use cases.
- Bill & Invoice: BillingPlatform updated the approval process to support more complex approval rules while concurrently improving ease of use and added the ability to include graphs on invoices to visualize usage or other billing data. BillingPlatform also launched its “Mediation Data Lake,” which stores detailed transaction data for increased visibility into details to assist with operational and customer-facing requests.
- Pay & Collect: To increase conversion rates through highly customizable payment options that support any e-commerce model, customers can now utilize multiple payments methods inside the payment wallet feature from the hosted payments page, including out-of-the-box support for all major credit cards across multiple payment gateways. BillingPlatform also added support for EU direct debit payment networks (SEPA and BACS), ACSS (Canada), BECS (Australia) and PayPal, as well as support for 3DS2 Verification, ensuring compliance with EU payment regulations.
- Recognize & Report: BillingPlatform now offers its Revenue Recognition product standalone, independently of the core billing platform. The company added functionality to simplify management of revenue contract changes and delivered new reports to provide additional views of Deferred Revenue over time to support financial reporting and monthly close processes.
- Platform: Enhancements were made to the platform’s security including support for public/private key authentication for securing FTP data sources and OAuth support for API calls and two-factor authentication to prevent unauthorized access. BillingPlatform also added context-sensitive assistance to formula creation and debugging. Additionally, Vertex and Sovos tax engines have improved support capabilities and a new formula assist feature that makes it even easier to tap into the endless flexibility of BillingPlatform.
- Integrations: The company released new versions of integrations to NetSuite and Salesforce.
These innovations come on the heels of BillingPlatform recently announcing significant customer wins with J.P. Morgan, CooperSurgical and Juniper Square. BillingPlatform has also earned many accolades this past year, including being recognized as the Leader in Forrester Research’s “The Forrester Wave™: SaaS Recurring Billing Solutions, Q1 2023,” being evaluated with the highest overall rating in the MGI 360™ Ratings Report for Agile Billing, ranked as the Overall Leader and an “Exemplary Vendor” in Ventana Research’s 2023 Subscription Management Value Index report, named to Constellation Research’s Smart Services Digital Monetization ShortList™ for 2023, positioned as an Automated Revenue Management Market Leader by MGI Research and named a leader in the IDC MarketScape: Worldwide Enterprise-Focused Subscription and Usage Management Applications 2022 Vendor Assessment. The company was also recognized for a fourth year in a row as a fast-growing company on Deloitte’s Technology Fast 500™, honored by Best in Biz Awards for its third consecutive year, listed on the 2023 Inc. 5000 and recognized by SIIA as the Best Subscription Billing Solution in the 2023 CODiE Awards.
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