{"id":20503,"date":"2022-10-04T16:17:29","date_gmt":"2022-10-04T10:47:29","guid":{"rendered":"https:\/\/open.money\/blog\/?p=20503"},"modified":"2023-07-05T12:30:36","modified_gmt":"2023-07-05T07:00:36","slug":"how-can-virtual-cards-help-you-in-saas-subscriptions","status":"publish","type":"post","link":"https:\/\/open.money\/blog\/how-can-virtual-cards-help-you-in-saas-subscriptions\/","title":{"rendered":"How can Virtual Cards Help You Manage SaaS Spends"},"content":{"rendered":"

Regardless of their size, businesses today show a clear preference for adopting SaaS (Software as a Service) options in favor of infrastructure ownership and its financial as well as logistical burdens. According to <\/span>a Statista report<\/span><\/a>, in the last seven years, i.e. since 2015, the global SaaS market has grown more than 5X, from just over \u00a323 billion in 2015 to nearly \u00a3131 billion in 2022. In parallel, the global Virtual Cards market is expected to grow at a CAGR of 21.3% from 2022 to 2031.\u00a0<\/span><\/p>\n

Small businesses and startups especially find SaaS subscriptions to be a great option because they don\u2019t require a huge initial investment of capital, offer automatic updates, and are more flexible than traditional alternatives such as physical servers.\u00a0<\/span>Moreover, with SaaS subscriptions, businesses don\u2019t have to worry about housing expensive infrastructure and constantly upgrading it to compete with larger competitors. Managing the expenses of different SaaS subscriptions can pose various challenges for businesses, however, and Virtual Cards can prove to be of great help in overcoming these challenges. Before deep diving into it, let\u2019s take a brief look at what we mean by SaaS, especially in day-to-day business operations. <\/span><\/p>\n

What is SaaS?<\/b><\/span><\/h2>\n

Software as a Service, known popularly as SaaS, is a model in which cloud-based software and applications, developed by third-party providers, are offered to be used on a subscription or pay-as-you-use basis. For businesses, this means 24\/7 access to essential services from any place that has an internet connection, a much better scenario in most cases than onsite machines and fixed business hours. Popular examples of such services for businesses include AWS, Hubspot, Jira, Salesforce, etc.<\/span><\/p>\n

What are the challenges in SaaS spend management?<\/b><\/span><\/h2>\n

The major challenges faced by businesses in managing their SaaS spends are as follows:<\/span><\/b><\/p>\n