SaaS Payment Processing 10 Questions to be asking when looking at solutions

What is the reason why a business chooses to use a SaaS payment processor instead of another?

In my conversations with developers of software and tech-related founders throughout the years I've seen how complex selecting the right tech stack is.

We would however like to receive immediate feedback from tech entrepreneurs and software developers on the things you must think about when choosing the right SaaS payment processing provider.

Why is this happening? Options for optimization to convert? Integrations? API documentation? API documentation?

We surveyed a group of SaaS creators and developers about the things they're considering when they're searching for a range of solutions, including:

• Controlling subscriptions
• Options for paying
• Detection and prevention of fraud
• PCI Compliance
• Converting currencies
• Localization
• Sales tax, VAT, and VAT

Ten subjects that were discussed repeatedly again in the course of the discussion.

Checklist for Assessment: 10 Questions to be asked of SaaS Payment Processing

1. Are you sure? Are you PCI compliant?

Based on the data of the 2020 Verizon Payment Security Report, This report indicates that less than 28% companies surveyed had been in complete compliance to The Payment Card Industry Data Security Standards (PCI DSS) -- a number which continues to decrease each year.

Do you know if the credit card processing business is certified PCI compliant? Lee Grant, CEO of Wrangu is an excellent source to inquire about their encryption methods.

"Tokenization can be one of the methods used to totally erases the data stored on the card, and offers the added security of protection. Furthermore, secure gateways decrease the risk of fraud and consequently reduce processing expenses."

2. What can the provider do to protect itself from fraudulent activities within the industry of payment?

"What precautions do they put in place to protect themselves from scams as well as other attacks on hackers that can scare customers off?" David Levi, creator of Cryptoner suggests asking. The website also suggests asking the business what resources they have available to address issues that relate to transactions. You might want to ask what is the average response time is for a cyber security attack.

"These are only a tiny selection of the questions to think about when looking at the possibility of a payment solution since these are the kinds of questions your clients will have to inquire about," Levi says.

3. Accepts a variety of payment options?

Keep in mind things such as discounts and coupons, customized invoices as well as refunds, and other forms of payment -all the items are essential for successful client relationships, as well as maximizing your conversion rate.

In assessing billing systems, be ensure to check every method of payment they will accept and also the currencies they will accept.

"It's imperative that you are equipped to use a vast variety of payment options that enable you to conduct international financial transactions, and accept payment from many currencies," advises Eden Cheng co-founder of PeopleFinderFree. PeopleFinderFree.

4. Do you know the price?

It's important to understand the price you'll have to pay to purchase the SaaS Payment processing software. The process of processing payments is an intricate process. There are certain fees that apply to different types of transactions. For instance, it's much more expensive to manage any charge card as opposed to the cost of an ACH transaction. Additionally, you should be aware of other costs including gateway and gateway as well as merchant account set-up costs.

"Many processors offer a set fee per transaction, as well as the amount that is specific to the transaction," Rahul Mohanachandran, co-founder of Kasera clarifies. "Also, make sure you search for fees with higher quantities since they will lower the price for every transaction."

5. Can you create it to be extremely flexible?

Furthermore, as well as bill localization and payment options, be sure the software is set up to manage all of the offerings you have. Are they able to offer automatic bill payment or one-time payments? Do you have usage-based or other plans for advanced members?

"When there are multiple payment systems it is important to work with experts in solutions for payment that cover them all," says Alina Clark Co-founder and Marketing Director at CocoDoc. "Being adept at customizing the system of payment in order to fit the specific requirements of your organization is vital to ensure the efficiency of your company."

6. Does it offer dunning management?

"It's difficult to perform this." Dussud admits, therefore look for a business to do the job for you.

7. Is it user-friendly for both the employees and the clients?

The tech team frequently discussed the user's experience and the user's comfort and convenience in relation to the front-end and back-end components.

"Your employees need to have the ability to utilize the system to find difficulties with chargebacks or other transactions or even refunds. Regarding clients, it's vital to design the system to be user-friendly to avoid the abandonment of carts and sudden departures from sales funnel" says Lawmatics President Matt Spiegel.

It's hard to determine how easy a software is to use until you're able to try every function and then connect it to the existing technology and data stack. In this regard, search at solutions with a trial period that is cost-free.

8. What is your confidence level in regards to the API?

"Given the time needed by developers in setting up the payment method, and the amount of time needed to set up it, selecting an online marketplace that has an established and well-documented API is crucial," explains the co-founder of Fox-Listed, an online marketplace that sells car components in Australia.

9. Can it be easily integrated on your site?

Apart from being a reliable interface, your payment method should be able to easily integrate seamlessly into your website. Eric McGee Senior Network Engineer, TRGDatacenters. TRGDatacenters reiterates the significance of this:

"You must select an online gateway that can be compatible with your website's functions to facilitate commerce. If not, the process is slower and can affect the quality of your website's user experience. Pick a payment processor with integration methods that are clear, simple and straightforward, and the support team can be reached quickly for assistance with the payment procedure."

10. Think it could scale up with your needs?

"Measure the ability of your organization to grow against the capacity of the processor of payment you're evaluating," advises Austin Dowse Aimvein's CEO. Aimvein.

In the words of Dowse states, "It is important that the payment processor you choose to use can be adapted and grow to grow in the same manner that you run your business."

The SaaS Payment Service provides Payment Processing and Many More

You may require solutions that include:

• International payment processing, which includes the localization of check-outs and international tax administration.
• The flexibility of managing subscriptions, including free trials, monthly annually, year-round, or annual plans, discount management and much more.
• SaaS B2B sales management, with electronic invoice Interactive quotes, as well as CRM integration.

Nathan Collier Nathan Collier is the Director of Content and Community at .

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