With more and more functions and features being provided by SaaS solutions, it’s getting harder for businesses to manage their subscriptions. This means more of those recurring payments you set up may slip through the cracks, leaving you paying for services and products that none of your team is using.
The average 200-person startup spends nearly half a million each year on excess, unused, and wasted SaaS subscriptions. Here’s the breakdown:
- Excess licenses or usage: $236,000
- Wasteful contracts: $119,000
- Unused or redundant services: $74,000
- Overpriced Vendors: $53,000
We’re guessing that those numbers might seem a little shocking. So, to help your team cut back on those costs, here’s how you can manage and track subscriptions (without signing up for another subscription that you pay for).
How subscription management works with Divvy
Subscription management with Divvy starts with our virtual credit card. Simply set up a different virtual card for each product or subscription. You can set up as many virtual cards as you want, and you can create them directly from the web or from your phone. Each card offers you total control. You can control spending amounts, limits, and expiration dates. You can view all of your cards from a single dashboard. You can even shut down cards with the click of a button.
When you set up your cards, make sure you have the necessary controls in place for the card in question. If you don’t want to be overcharged on a particular purchase, set the appropriate spending limit. If you need flexibility for a variable expense, leave some breathing room. Similarly, set an expiration date that ensures you don’t get charged for payments you don’t want to make. All of this is possible and easy to do with Divvy virtual cards.
This system gives you better visibility because each purchase is made with a separate card, and it protects your bank account information since there’s no bank transfer. You’re less exposed to fraud or identity theft, and you can resolve either instantly by shutting down the card in question. Best of all, the expense management is automated, so all you have to do is sit back, and let spending happen.
So, what are you waiting for?
With Divvy virtual cards, it’s easy to identify and terminate subscriptions that are no longer in use. It’s easy to prevent overcharging or recurring charges when only one payment is intended. It’s easy to tell what’s being paid for, and how much, and it’s all in one easy to understand dashboard.
And did we mention Divvy is completely free to use? So go ahead: give us a test drive, and see what all the hype is about for yourself.