The Importance of Security in Subscription Billing

With booming subscription billing needs across industries, there’s one critical question that’s easy to overlook: is your billing platform trustworthy?

With subscription and usage-based billing gaining ground in every industry—and businesses looking to replace their outdated billing systems to keep up—vendors are popping up left and right, claiming to be the perfect solution for complex billing needs. In fact, the subscription and billing management market is projected to top $15 billion by 2028.

So, with the need growing more critical every day and so many options available, how is a business supposed to choose the right subscription billing vendor? We’ve written about that here, here, and here (for starters), but there's one significant consideration we haven't addressed: trust.

There are two key questions to keep in mind when finding a billing platform you can trust.

1. Is the platform secure enough to keep the company’s data and our customers’ information safe?
2. Is the vendor someone you can trust to work alongside your business leaders and finance teams to establish successful billing strategies—for now, and for the future?

Security in Subscription Billing

First and foremost on consumers' minds when businesses ask them for their personal and financial information: Who else will see this? Is it going to be safe here? Is this company liable to be hacked, leaving my finances vulnerable?

These are all fair questions. In today’s climate, data security is top of mind for most companies and their customers, and rightly so, as data breaches have led to legal and financial nightmares—not to mention broken customer trust. Consumers want to ensure their personal information is kept private at all times, and for companies to earn their users' trust, they need to be sure they're handling that data securely and adequately.

And the ability to keep data safe starts with the billing platform. As you’re searching for the right option for your organization, ask about security and compliance capabilities. Is the platform set up to keep credit card information secure? As multi-tenant SaaS platforms, do they keep customer data separate so one client can’t see another client’s information? Are they equipped to ensure your billing processes remain compliant with the latest security standards?

At Gotransverse, we pride ourselves on helping our clients ensure their data security processes are up to date, and we’re working hard on our end to ensure our own customer’s data is safe at all times. “Compliance and security are vital to Gotransverse,” says chief product officer Geoff Coleman. “It tells us we're managing customers' data in the correct and proper manner, and it gives our customers a level of comfort with the way we manage their data."

Learn more about compliance and security at Gotransverse here.

Billing Vendors as Trustworthy Business Partners

Next, can you trust the vendor behind the platform to work with you to set up the billing systems and processes you need to meet your business goals, or do they view the relationship as a “one-and-done” transaction?

Implementing and configuring a new billing platform is a significant undertaking. So you want to look for a vendor that will be with you every step of the way, providing support and expertise as they work alongside your finance team to get everything set up just right. The alternative—a vendor who hands over the proverbial keys and then takes off—is liable to leave you frustrated, at best.

At Gotransverse, we consider ourselves a true business partner, not just a vendor. Our team of billing and monetization experts provides best-in-class support to all customers, guiding them through the process so that they can get the most out of their investment in the Gotransverse platform—now and as their businesses evolve.

Subscription and usage-based billing models can be a decisive advantage to businesses in a wide variety of industries, but only if those models are backed by a subscription platform both the company and its customers can trust. To learn more about the Gotransverse platform—and why our clients trust us with their most critical customer data—we invite you to take a virtual tour today. Then, when you’re ready, request a demo, and one of our experts will walk you through our platform and processes.