Grace periods in SaaS billing: A recipe for customer delight

Today, every SaaS (software-as-a-service) platform offers paid subscriptions to their customers. However, they often have to deal with customer churn due to payment failures. In fact, companies lose 20-40% of their customers because of payment failures.  These failures occur during subscription renewals due to multiple client-side errors such as insufficient funds, card declined errors or an expired card. This is one of the significant reasons for involuntary churn in the industry. This not only impacts the company revenue flow but…