SaaS Payment Processing Ten Questions to Ask While looking at solutions

Why a business chooses the one SaaS payment processing provider rather than another?

When I've had conversations with developers of software and tech chiefs, over the years, I've observed how complicated this tech stack choice is to choose.

However, we would like to speak directly with technical leaders and software developers about the things you need to think about when selecting for the SaaS payment processing services.

What's wrong? Optimization options for conversion? Integrations? API documentation? API documentation?

We asked a small group of SaaS creators and software engineers about what they're looking for when they are looking for many different solutions that include:

• Management of subscriptions
• Payment options
• Preventing and detecting fraud
• PCI Compliance
• Converting currencies
• Localization
• Sales tax, VAT, and VAT

These are the ten most frequently asked questions that were asked over and over again in our conversations

Assessment Checklist: 10 questions to be asked by SaaS Payment Processing

1. Are you sure? PCI Compliant?

Based on the report for 2020, the Verizon Payment Security Report it is revealed that only 28% of companies that were surveyed met The Payment Card Industry Data Security Standards (PCI DSS) -- a figure that continues to drop every year.

What can you do to determine if the processing firm for credit cards is PCI-compliant? Lee Grant, CEO of Wrangu suggests asking questions about their encryption methods.

"Tokenization is among the standard that totally erases card data, offering an extra security layer. In addition, safer security measures reduce the possibility of fraud and consequently, lower processing costs."

2. What can the service provider do to guard against fraud?

"What actions does your company do to protect itself from fraud, phishing scams and other cyber-attacks which could scare possible customers off?" David Levi, the founder of Cryptoner suggests to seek out. Also, he suggests asking the company about what tools it uses for resolving problems that arise from transactions. Consider asking what their average response time in the event of a cyber-security threat.

"These are only a few of the issues you have to consider when evaluating the payment option you're considering as those are questions your customers will surely have," Levi says.

3. Do you think it is possible to accept a variety of payment options?

Be sure to keep the things you need to remember, such as coupons and promotions custom invoices, refunds and other forms of payment -all the items you'll require to maintain a positive relationship with your customers and for maximizing conversions.

If you're looking at options for bill payment, be sure to know the full list of payment options they'll accept, and the currencies they accept.

"It's essential that you are capable of accessing variety of payment options that will let you facilitate international financial transactions and also accept payment in different currencies, as well," advises Eden Cheng who is co-founder of PeopleFinderFree.

4. Are you aware of the cost?

It is important to understand how much you'll be required to pay to use an SaaS Payment processing service. Payment processing is a complex procedure. There are certain fees that come with various types of transactions. It's for instance, much more costly processing the credit card rather than the ACH transaction. However, you must keep an eye out for additional fees like fees to set the gateway, or for merchant charge to account.

"Many processors will charge you a choice to charge a fixed fee per transaction , in addition to a percentage of the transaction" Rahul Mohanachandran, co-founder of Kasera clarifies. "Also be sure to look over these charges when looking for large quantities as they will get cheaper for each transaction."

5. Is it highly customizable?

In addition to the option of payment and localization for billing ensure that your service provider is set up to take care of all the existing services. Do you offer recurring billing as well as one-time payments? Do you offer usage-based or other advanced membership plans?

"When there are multiple options for payment, you'll need the services of a provider of payment solutions that covers all of them," says Alina Clark who is co-founder and marketing director of CocoDoc. "Being capable of customizing payments systems for your specific company's needs is essential to the efficiency of your business."

6. Does it provide dunning management?

"It's painful to see this happen," Dussud admits, therefore look for a business that will handle the task for you.
   

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

Technical founders talked a lot about user-friendliness as well as user-friendliness, speaking about front-end and back-end components as well as back-end components.

"Your employees need to easily navigate the system for problematic charges, transactions or refunds. In terms of the customers, it is essential for the system to be user-friendly to avoid abandoning carts or abruptly exiting the funnel of business," Explains Lawmatics founder and CEO Matt Spiegel.

It's not easy to judge how user-friendly an application will be until you've been able to try every function and then integrate the program into your information and your existing technology stack. In this regard, search for software that offers trial periods that are absolutely free.

8. How reliable can you be regarding the API?

"Given the level of development time needed to establish your payment method, selecting an API provider with an extensive, well-documented API vital," explains the co-founder of Fox-Listed, the marketplace online for auto parts in Australia.

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

Apart from having a strong API, the payment system needs to easily integrate to your site. Eric McGee Senior Network Engineer, TRGDatacenters. reiterates how important this is:

"You need to choose a gateway system that is easily compatible with the functionality of your eCommerce website. If not, the processing time is slow, and it affects the quality of your website's user experience. Choose a payment platform that's integrated instructions are clear simple and easy to follow and one that has customer support can be reached immediately for assistance with the payment process."

10. Does it grow with you?

"Measure the capacity of your own company's expansion against that of the payment processor you're considering," advises Austin Dowse the chief executive officer of Aimvein. Aimvein.

In the words of Dowse says, "It is important that your payment processor can adapt and expand with the same speed as the company you work for."

Offers SaaS Payment Processing and Much More

You may require solutions that include:

• Global processing of payments, including check-out localization, as well as international tax management.
• Flexible management of subscriptions, which includes trial period, no-cost trials Annual plans that include paid subscriptions, proration and discounts management.
• SaaS B2B sales administration, with electronic invoicing and interactive quotations and CRM integration.

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

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