As more and more industries make the shift in droves from one-time purchases to subscription and consumption-based pricing models, customers are growing accustomed to the flexibility, transparency, and low barrier to entry these models provide. Subscription and consumption-based models can really tax legacy on-premises billing solutions. As a matter of fact, according to Research and Markets, the market for financial technology is projected to reach $679.9 billion by 2023, putting the challenge of scaling FinTech organizations front-and-center.

But in the FinTech industry, heightened data security concerns make the switch to cloud-based solutions feel particularly daunting. After all, when it comes to managing and protecting customers’ financial data, the stakes are higher in finance than perhaps any other industry.

One of the biggest challenges involved in making the switch? Identifying, adopting, and configuring a billing system that can manage the new, more complex business models with the same level of transparency and accuracy as the current systems — without creating additional legwork for team members or compromising regulatory compliance.

Here at Gotransverse, we understand that the switch can seem impossible. But we also know that, with the right partner in place, adopting an intelligent billing platform can make the shift to a SaaS model seamless, simple, and secure.

Three Ways FinTech Companies Seamlessly Transition to Intelligent Billing

Within the highly regulated, highly secure finance industry, any change in operating procedures can be a huge undertaking. But with Gotransverse, the change from legacy platforms to intelligent billing enables seamless coordination with existing systems, heightened visibility into each step of the quote-to-cash process and increased accuracy at every level.

1. Systems Integration

Thanks to our numerous integrations, including Salesforce and Workday, the Gotransverse platform is designed to play nicely with other systems your organization already has in place, from your CRM to ERP. While adopting new systems often leads to confusion, duplication, and even loss of customer, performance, and process data, the Gotransverse platform integrates with existing platforms to ensure all your information remains accurate and accessible. And the same is true in day-to-day operations. There’s no need for your accounting team to spend their limited time and energy transferring and translating data from one system to another; that process is automated, optimized, and transparent.

A key part of the integration is that you need to have a clear visibility into every step of the quote-to-cash process, so you can catch and eradicate bugs and errors before they become major issues. Giving customers visibility into the billing process — how their invoices are calculated and how their payments are processed—is critical to earning and keeping their loyalty. Learn more about the power of transparency in intelligent billing.

2. Compliance

In FinTech, it’s important that you stay audit-ready. Gotransverse is PCI DSS Level 1 and SOC 1 Type II compliant and retains security measures including minimum 256-bit encryption for all data transmission, hardened networks and firewalls, and ongoing vulnerability checks by an independent auditor.

3. Accuracy

And, of course, the chief concern for any system is its accuracy. The power of the right intelligent billing platform is that, once you’ve worked with your vendor to implement and configure it to your organization’s needs, the platform streamlines and automates processes that were once largely manual. The result is the elimination of human error and the confidence that rating processes, customer information, invoicing, reporting and any other data the platform manages and delivers is accurate and compliant every single time.

Is your FinTech organization ready to make the switch from legacy, manual billing to cloud-based intelligent billing? To learn how Gotransverse can help you ensure a smooth transition by providing an intelligent billing platform designed to keep your data and processes accurate, transparent, and in sync, take a tour of our platform and check out its capabilities. If you like what you see, schedule your complimentary, personalized demo today.