SaaS Payment Processing 10 questions to think about when choosing between different payment processing solutions

What are the factors that can lead a company to choose to utilize a SaaS payment processor instead of comparison to another?

Through my interactions with software developers and also tech entrepreneurs, I've seen how difficult to decide on these options in regards to tech stacks to consider.

We'd like to discuss directly with technical creators and the founders of software on the capabilities you are looking at when using SaaS Payment processing services.

What's wrong? Strategies for optimizing conversion? Integrations? API documentation? API documentation?

We spoke to a small group of SaaS creators, as well as software engineers on what they're looking for in the SaaS service. We got many different opinions, which include:

• Subscription management
• Payment options
• Identification and prevention of fraud
• PCI conformity
• Converting currencies
• Localization
• VAT and sales tax

Ten subjects which were discussed over and over again throughout our discussions

Evaluation Checklist: 10 Questions to be asked to SaaS Payment Processing

1. Does it meet the standards of being PCI compliant?

Based on the The 2019 Verizon Payment Security Report the report shows that less than 28% of businesses that were surveyed had a complete compliance with the Payment Card Industry Data Security Standards (PCI DSS) -- a percentage which has decreased every year.

What do you need to determine what processor you can use for credit card transactions is recognized as being PCI-compliant? Lee Grant, CEO of Wrangu is an excellent source to inquire about the security practices they employ.

"Tokenization is one" of the ways which erases all card data completely which provides extra security. Additionally safe gateways reduce the possibility of fraudulent transactions andconsequently lower cost of processing."

2. What's the most effective way to safeguard yourself against scams in the world of payment?

"What actions does your organization implement to guard itself from fraudulent scams, phishing as well as other hacking attacks which might turn customers off?" David Levi, founder Cryptoner and founder of Cryptoner suggests asking. The Cryptoner founder also recommends to ask a business what types of equipment it is using to deal with issues related to transactions. Think about asking them what their standard response time is for a cybersecurity-related security threat.

"These are but a small portion aspects you'll need to be aware of when evaluating a payment service solution since they're the same as ones your clients will have to know," Levi says.

3. Does it accept a variety of payment methods?

Make sure you include things like coupons, coupon codes, discounts, personalized invoices refunds and other forms of payment that are essential to establish strong relationships with your customers in addition to maximizing the rate of conversion.

To evaluate the billing system It is essential to check all the methods of payment they accept, as well as the currencies they can accept.

"It's important to be equipped to use a broad array of payment choices that enable you to pay across the globe and take payment in multiple currencies as well," advises Eden Cheng who is co-founder of PeopleFinderFree.

4. Do you know the costs?

Be sure to know how much you'll be required to cover to get a SaaS Payment Processing System. The process of processing payments isn't easy. There are various fees that come to various kinds of transactions. In the case of ACH, it's, for example, much more costly to process credit cards in comparision to the ACH transaction. Additionally, you should remain alert for additional costs like gateway fees, or setup fees for gateway accounts.

"Many processors can avail of a fixed cost per transaction. They also offer some portion of the transaction," Rahul Mohanachandran, co-founder of Kasera, says. "Also be sure to look at the costs when you shop for larger quantities, since they will cost less for transactions."

5. Can they be made to be highly adaptable?

In addition to the payment options and localization of billing, make sure that the provider you choose to go with can manage all existing services. Does it offer regular billing, in addition to single-time payments? Can you offer use-based plans, or any other types of membership plans more advanced?

"When there are several payment options, you'll require an expert in payment solutions who is capable of covering all," says Alina Clark Co-founder of CocoDoc and Marketing Director. CocoDoc. "Being able to customize the payment method to match the business's requirements is crucial in running a profitable business."

6. Have they got dunning controls?

"It's challenging to finish this job," Dussud admits, thus you have to locate an organization that can handle the task.

7. Does this seem to make sense to employees as well as the customers?

The original members on the team's technical staff frequently talked about the experience of users, and this referred to both front-end and back-end elements.

"Your employees must be able to utilize the system to determine whether they have any issues regarding chargebacks, payments, or refunds. In terms of the client they must design the system in a way that's user-friendly, so they don't risk leaving carts, or abruptly removing them out of the business funnel." Explains Lawmatics founder and CEO Matt Spiegel.

It's not easy to judge the ease of use an application is likely to be until you've had the chance to explore every feature and then integrate the system to your current technology and information. For this, you should look at the products that have free trials.

8. What's the best level of security for the API?

"Given the time it takes to develop an API needed to establish the payment method you wish to utilize, picking an API provider with a highly robust, well-documented API will be vital," explains the co-founder of Fox-Listed, which is an online market for auto parts and accessories within Australia.

9. Can it be easily integrated with your website?

In addition to having a reliable API and a payment gateway, your payment method should be seamless integrated into your website. Eric McGee Senior Network Engineer, TRGDatacenters. TRGDatacenters emphasizes the importance of this:

"You must select an online payment option which is simple to connect to the features of your eCommerce website. If this is not the case it can slow down the processing and could affect the user experience. Select a platform whose procedures for integration are easy straightforward and easy to use, as well as the customer support team is accessible should you need assistance regarding your payment method."

10. Are you sure it can increase in line with your needs?

"Measure the company's capacity to expand versus that of the processing firm you're considering," advises Austin Dowse the CEO of Aimvein. Aimvein.

As Dowse declares, "It is important that the payment processor you choose to work with can be modified to evolve and adapt to what your company's needs are."

Provides SaaS Payment Processing and More

You may require a solution that incorporates:

• Global payment processing , such as check-out localization and international tax management.
• The flexibility of managing subscriptions, like free trial plans Monthly, annual and even annual plans with paid subscriptions, discounts and prorations management, and lots more.
• SaaS B2B sales management with online invoices, along with interactive quotes and integration with CRM.

Nathan Collier Nathan Collier is Director of Content and Community for .

Article was posted on this site

This post was posted on here