SaaS Payment Processing Ten Questions You Should Ask When Comparing Solutions -

What is the reason why businesses choose one SaaS payment processor over another?

When I've had conversations with technical founders, I've heard the complexity of the technology stack choices are.

But, we'd be interested in speaking directly with the technical developers and creators of software about what you would like to find in the SaaS payment processing system.

What is the interface? Optimization options for conversion? Integrations? The API documentation?

We surveyed a panel of SaaS creators as well as software engineers about what they wanted in SaaS as an SaaS service, and received many different answers which included:

• Management of subscriptions
• Payment methods
• Prevention and detection of fraud
• PCI Compliance
• Currency conversion
• Localization
• VAT and sales tax

These are the ten most frequently asked questions that came up over and over again in our discussions.

Test Checklist: 10 Questions to be answered by SaaS Payment Processing

1. Are you sure? PCI is compatible?

According to the 2020 Verizon Payment Security Report only 28% of companies that were surveyed had been fully in compliance with The Payment Card Industry Data Security Standards (PCI DSS) which is a number which decreases every year.

Do you know if the processor you use for your credit cards is PCI-compliant? Lee Grant, CEO of Wrangu suggests asking questions regarding encryption.

"Tokenization is one such standards that erases all card information, providing additional security. Furthermore, secure gateways reduce security risks, and in turn decrease processing expenses."

2. What can the service provider do to guard against fraudulent activity in the payment industry?

"What security precautions do they have put in place to make sure that the site is protected from frauds, scams and other cyber-attacks which could turn customers away?" David Levi, the founder of Cryptoner recommends asking. Also, he suggests seeking out the technology it's using for resolving transaction issues. You might want to ask them what their typical reaction time is for a cyber-security threat.

"These are but a small portion of the issues you have to consider before you decide on an option for payment processing because those are questions your customers are likely to inquire about," Levi says.

3. Does it support a variety of payment methods?

Make sure to include such things as coupons and promotions, custom invoices, refunds and other forms of payment. These are all items that you'll need to maintain the best customer relations and to maximizing conversion rates.

If you're looking at payment solutions for billing, make sure to check out the full list of payment methods they'll accept along with a list of different currencies.

"It's vital to be able to access an array of payment options to help you make payments around the world, and make payments across multiple currencies, and much other currencies," advises Eden Cheng co-founder of PeopleFinderFree. PeopleFinderFree.

4. Have you been aware of the expenses?

Be sure to know what amount you'll need to pay when you choose to use the SaaS payment processing service. Payment processing is a complex procedure. There are various costs associated with different kinds of transactions. Particularly, it's more costly to use the use of a credit card than an ACH transaction. However, it's crucial to be aware of any additional expenses, including charges for the setup of a gateway, or the fees associated with merchant accounts.

"Many processors charge fixed fees for each transaction and some portion of the transaction," Rahul Mohanachandran, co-founder of Kasera elaborates. "Also make sure you check on these charges for greater volumes as they will become less expensive for each transaction."

5. Are they highly customizable?

Along with the billing options for payment and localization, ensure that the system is set up to manage all your current offerings. Are they able to offer recurring billing as well as one-time payments? Are you able to offer usage-based plans or any other membership plans that are more elaborate?

"When there are multiple ways to pay, you'll need an expert on payment solutions capable of cover them all," says Alina Clark who is co-founder and marketing director at CocoDoc. "Being able to customize the payment system to your unique business processes is vital to efficient business."

6. Does it offer dunning management?

"It's difficult to perform this," Dussud admits, therefore, find a firm that will do it for you.
   

7. Does it make sense for employees as well as clients?

The technical team regularly spoke of user-friendliness, and they spoke about the back-end as well as front-end components.

"Your employees must be able to navigate the software to look up unusual charges, payments and refunds. For customers, it's crucial to make sure the program is simple to use to prevent abandoned carts and sudden exits out of the funnel for business," adds Lawmatics founder and President Matt Spiegel.

It's not easy to gauge the ease of use an application can be until you're able to try out every feature, and then connect the application to your current data and technology stack. For this, look for solutions that offer trial periods that are free for extended time.

8. What is the most reliable thing you can say regarding the API?

"Given the developers' efforts and time required in creating the payment system picking an API provider that has a robust and documented API is vital," explains the co-founder of Fox-Listed which operates an online market for auto components that is based in Australia.

9. It is it easy to integrate it with your website?

Alongside having a robust API to accept payments, your platform must also be easily integrated to your current website. Eric McGee Senior Network Engineer, TRGDatacenters. It is important to note that:

"You must select the payment method that can be integrated into your commerce website. In the absence of this, the procedure can be slow, which can affect the quality of your user experience. Select a platform whose directions are easy to follow, and simple, and whose customer service is readily available when you need assistance with the payment process."

10. Does it grow with you?

"Measure your business's capacity for expansion against the capacity of the payment processor that you are evaluating," advises Austin Dowse Aimvein's CEO. Aimvein.

According to Dowse says, "It is important that the company you decide to use can be able to adapt and grow to the same extent that your company does."

Provides SaaS Payment Processing --And Many More

We're there for you when you're in need of a solution that includes:

• Check-out localization as well as tax management for international transactions.
• Flexible subscription management that includes free trial, month-long, annual plans that are paid along with proration, discount management, and more.
• SaaS B2B sales management like electronic invoicing, interactive quotes and integration with CRM.

Nathan Collier Nathan Collier is the Director of Content as well as Community at .

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