Here's the lowdown on the typical pricing strategies used by expense management platform providers, so that you can figure out which one works best for your organisation.
Expense management solutions are critical for businesses to effectively manage their budgets, and make your employees (and financial controllers) happy.
But, the cost of these handy expense management tools can be confusing.
So, here's the lowdown on the typical pricing strategies, so that you can figure out which one works best for your organisation:
1. Subscription-based pricing:
Lots of expense management tools work on a 'pay us every month or year' kind of deal. The more users or transactions you have, the more you might pay.
This one's a good fit for small-to-medium businesses. It's the pricing model we use here at Budgetly, so our customers always know what they'll pay each month.
2. Per-transaction / unit pricing:
Some platforms ask for a fee for every transaction you put through. This could be a set fee per transaction or a chunk of the transaction amount. It could also be on top of a subscription model.
This model might work for companies with a few transactions, but the costs can pile up as the transactions do. We've had customers move to us from this pricing model, telling us it's tricky to keep track of in real-time. So, it's hard to predict the total cost. To avoid a nasty surprise when the bill rolls in, they'd have to take a day to add up all the transactions.
3. Custom pricing:
Big businesses with bespoke needs might get a custom price. This usually means a chat with the service provider to work out a tailored pricing plan. This model is a good fit for enterprise businesses.
Other things to consider, besides pricing
Price isn't everything.
When choosing an expense management tool, here are some other key considerations worth weighing up—especially if you're comparing options that include a Visa card in Australia:
- Level of Support: Take a close look at the kind of help the platform offers. What are real users saying about it? Reliable, responsive support can have a huge impact on your day-to-day experience. If you run into issues with reimbursements or card usage - particularly with a Visa card Australia solution - you’ll want a team that’s there when you need them. At Budgetly, our customer support is consistently mentioned as a standout in our Capterra reviews.
- Flexibility in Managing Budgets: Have a think about how much the product can bend to your business's needs. The more flexible the solution, the easier it will be to make it work for your business.
- Software Usability: Finally, think about usability. A tool that’s hard to navigate will cost you more time than it saves. Look for something intuitive and easy for your whole team to pick up—whether they’re submitting receipts, approving expenses, or using their Visa card Australia-wide.
Like any business choice, it's all about weighing up what your company needs and what it can afford.
By getting to grips with the different pricing models out there, you can make a savvy decision that's a good match for your organisation.
Want to understand if Budgetly’s the best fit for you? Have a read of our ebook to find out.