Payments for SaaS Applications
Benefits of a Processing Platform
Deciding which payment processing platform (also commonly referred to as a gateway) to add to your SaaS application can be overwhelming and time-consuming. Payments for SaaS applications are not necessarily a feature that developers look forward to adding as many gateway integrations are complex and timely. Here are a few things to consider when exploring different payment platforms for your SaaS application.
What to Look for in a Payment Gateway
These critical factors boost your business and protect your reputation. Pairing with the right integrated payments partner produces both short- and long-term benefits.
- Uptime: Dependability is crucial for end users and customers alike. There is nothing worse than having to tell a customer “Sorry, our system is down, we are unable to complete your transaction at this time”. When exploring providers ask for their uptime and data redundancy plans.
- Tokenization: To offer subscription services with recurring payments or card-on-file billing, tokenization is a must. Merchants that use tokenization can easily and securely capture repeat sales without having to continuously re-enter cardholder data. If your customer base relies on subscription services, tokenization is a must have.
- PCI Compliance: Only accept top-level PCI DSS compliance. When vetting out different platform providers check to make sure they have all the PCI scope-reducing technologies such as Hosted Payments, P2PE, and Tokenization. These technologies simplify compliance for merchants and allow software providers to remove applications from scope. Focus on growing your business while letting payment experts handle the security detail.
- Reporting: Make sure your payment integration offers detailed reports for both you and your customers. Access to transaction data allows you, the software provider to more efficiently serve and support your customers, it also empowers merchants to quickly manage expectations and better understand their business.
- Mobile: Having a mobile app is imperative to your competitive edge. Make sure your app mimics your full-service solution by adding payments. Adding a mobile payment option will make you more valuable to your customers.
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