Metronome achieves SOC 1 Type 2 certification

Feb 21, 2023
 • 
0 MIN READ
Gold share tray icon
Suyog Rao
Head of Engineering
Get updates into your inbox
Sample Metronome billing dashboard
Share

I’m excited to share that we've received our SOC 1 Type 2 certification. Metronome is a critical part of our customers’ financial operations and this milestone demonstrates our continued commitment to the security, reliability, and accuracy of your financial data. This certification also enables us to be stronger partners to our customers who are public and planning to go public. 

Why SOC 1 Type 2 

SOC 1 evaluates that we have the internal controls and systems in place to provide accurate financial reporting and financial operations for our customers. 

Given that we work closely with our customers’ billing and revenue data, we chose to move forward with the SOC 1 Type 2 certification, following our SOC 2 Type 2 certification, to ensure the highest integrity of the financial data we collect and process. 

What’s the difference between SOC 1 Type 1 and Type 2? 

  • Type 1 evaluates the design of a system’s controls at a point in time 
  • Type 2 is a more rigorous audit that evaluates the design of a system’s controls over a period of time. It requires a more comprehensive investigation into a system’s design and processes and documents the testing performed and the results.  

Streamlining the financial audit process for our customers 

One significant benefit of our certification is simplifying the financial audit process for our customers. This is particularly helpful for pre-IPO or public companies undergoing annual financial audits. For public companies, the Sarbanes-Oxley Act (SOX), requires a mandatory annual independent audit to attest the effectiveness and correctness of their overall financial controls. Public or pre-public companies can now leverage Metronome’s SOC 1 certification to demonstrate appropriate internal controls to meet their SOX compliance obligations.

If you’ve been at a company that has built an internal billing system, you’re likely familiar with the engineering lift required to undergo annual financial audits. When I was running the billing team at Elastic, it took hours of engineering time, every year, to verify we were SOX compliant each time we went through an internal or external audit.

With Metronome as your billing platform, this no longer needs to be a painful exercise that your engineering team manages on a recurring basis. Metronome is designed from the ground up to allow for testing of financial correctness, at scale. As a key part of your financial operations, we’re consistently monitoring and investing in the security, reliability, and accuracy of your financial data and ensuring we’re aligned with industry best practices.

Get in touch 

If you’re interested in learning more about Metronome, you can reach out to us here. Visit our security page here for more information on our security practices and contact your Metronome representative to access a copy of our SOC 1 Type 2 report.  

‍

Company Industry Outcome-Based Pricing Model Key Metrics for Pricing Notable Features
Salesforce (Agentforce) CRM / AI Customer Service

$2 per conversation handled by Agentforce (AI agent)

A conversation is defined as when a customer sends at least one message or selects at least one menu option or choice other than the End Chat button within a 24-hour period.

Number of support conversations handled by the AI agent

First major CRM to adopt a "semi"outcome-based pricing for AI; aligns cost with actual support volumes (clear ROI)

Addresses inefficiencies of idle licenses by charging only when value (a handled conversation) is delivered

Intercom (Fin AI) Customer Support Software

$0.99 per successful resolution by "Fin" AI chatbot - clients pay only when the bot successfully resolves a customer query

Fees accrue based on AI-solved issues

Count of support conversations resolved by the AI agent

Early adopter of AI outcome-based pricing in 2023

Lowers adoption risk by charging for resolved queries instead of a flat rate; combines usage- and value-based pricing to tie cost directly to support effectiveness.

Zendesk (AI Answer Bot) Customer Support

Per successful AI chatbot-handled resolution

No charge if the bot fails and a human must step in

Number of customer issues or tickets auto-resolved by the bot

Aimed at cost-conscious customers wary of paying for unproven AI

Aligns price with realized automation benefit; part of a broader industry shift from per-agent pricing to value-delivered pricing in support

Chargeflow Fintech (Chargeback Management)

Charges a fraction of recovered funds on chargebacks

Example: ~25% fee per successful chargeback recovery

No fees for chargebacks lost

Alert service charges $39 per prevented chargeback

Value/count of chargebacks recovered (disputes won) and chargebacks prevented (for prevention alerts)

4Ă— ROI guarantee on recoveries

No contracts or monthly fees

Revenue comes only from successful outcomes; pricing directly aligns with merchant's regained revenue, meaning Chargeflow only profits when the client does (win-win model)

Riskified*

(source: https://www.chargeflow.io/blog/riskified-vs-forter)

E-commerce Fraud Prevention

remain fraud-free

PAYGO, 0.4% per transaction

Only charges for transactions it approves that

Number or value of approved transactions without fraud (i.e. successfully processed legitimate sales).

Provider shares financial risk of fraud with clients; pricing tied to outcome of increased safe sales

Incentivizes vendor to maintain high accuracy (they only profit when fraud is stopped)

Foster continuous improvement in their fraud-detection algorithms

Subscribe

Keep up with the latest in
pricing and packaging