SaaS Payment Gateway| A Checklist for Choosing a Recurring Payment Gateway

A payment gateway is a technology that facilitates the integration of credit card and debit card payments into websites and mobile applications. It collects customer data securely and sends it further to a payment processor to complete the transaction. For example, a credit card gateway sends a request to the customer’s bank for the transaction. 

If your company sells software as a service, you need a SaaS payment gateway since you’d most probably be getting recurring payments every month from your customers. A recurring payment gateway will allow you to accept monthly subscription payments easily. 

But how do you choose the best app payment gateway or website gateway for your SaaS business? Below, we have a checklist of questions you should ask before selecting a payment service provider. 

How to Choose a SaaS Payment Service Provider?

When you’re narrowing down your options for payment processing providers, here are a few things to consider. 

PCI Compliance 

One of the reasons some people are still hesitant to shop online is the lack of trust in online security. Customers don’t want to share their personal or financial data unless they’re absolutely sure that their information is safe. 

PCI DSS compliance is among the cornerstones of online security provision. 

The Verizon 2020 Payment Security Report showed that less than 28% of ecommerce companies in the survey pool were in full compliance with PCI DSS (Payment Card Industry Data Security Standards). Quite alarmingly, this number seems to have gone down with every subsequent year.

When choosing a credit card gateway service provider, ask the company about the encryption methods they use. 

Variety of Payment Methods

One of the easiest ways to grow your business online is to offer multiple payment options. Your customers should have the option to checkout through ACH, credit cards, PayPal, and whatever else they prefer. 

Besides, you should also ask the service provider about their provisions for accepting custom invoices, promotions, coupons, etc. After all, you need to offer all these incentives to your customers to keep them from shopping from your competitors. 

While you’re at it, also ask the service provider about currency conversion, payment processing, and cross-border tax management policies. 

Fraud Protection

Along with customer safety, you also have to ensure your security when accepting payments online. Although SaaS companies are not common targets of payment fraud, there’s always a risk of it happening. 

You should check the fraud protection features the payment service provider has in place. Ask them about their measures against phishing, scams, and digital hacks. You should also ask the company how long they take on average to respond to a cyber threat situation. 

Cost Breakdown

When using a recurrent payment gateway, make sure you know how much payment processing will cost. The cost of payment processing is often complicated since there are a number of different fees, such as gateway set-up fees and merchant account fees. 

Make sure you’re clear about the fees you’ll be paying beforehand. 

Customization 

As a SaaS company, you’ll likely be offering different payment plans to your customers. For instance, you may have recurrent payment plans or usage-based plans, depending on the customer’s membership. 

When you offer a variety of payment options, you need to ensure that the payment solution you choose covers them all. Not all payment service providers have this level of versatility, so it’s important to ask these questions. 

Robust API 

A payment gateway API helps connect your store’s current checkout system with a payment acquiring network to streamline digital processes. 

It’s important to have a robust API in a payment gateway since it will come with webhooks and documented extensions, making it easy for you to integrate payment processing with your CRM or ecommerce store. 

App and Website Integration

The payment system you choose should seamlessly integrate with your app or website. Otherwise, the payment process will take longer, declining the user experience for your customers. 

Opt for a website or app payment gateway service provider who has straightforward and clear integration instructions. Also, make sure their customer service is always available in case you require assistance for integration. 

Partner with a Global Payment Solutions Provider

Providing a comprehensive variety of payment options to your customers is no easy feat, especially considering the technical aspects of it. Fortunately, you can let Oceanpayment do the heavy lifting while you focus on other things to improve and grow your business. 

Oceanpayment provides global payment solutions to SaaS companies in a single platform, allowing them to meet the international standards of B2B and B2C business models. 

Here are some reasons to choose Oceanpayment as your payment solution provider: 

• Custom Solutions: Since every business has unique needs, Oceanpayment provides custom tailor-made solutions to meet your requirements. Even better, these solutions are available for your offline and online stores. 
• Business-to-Business: For B2B business models, Oceanpayment offers a variety of payment systems in one platform. In doing so, the company covers all facets, such as data analysis, payment, reconciliation, and order processing management. 
• Business-to-Customer: Oceanpayment also provides payment processing services to B2C companies along with global payment acquiring and reliable technical support. 
• PCI Compliance: As discussed above, PCI compliance is a necessity in today’s time, where customers are becoming increasingly concerned about the safety of online transactions. Oceanpayment’s PCI Level 1 Gateway ensures safe and smooth global payment processing. 

Get in touch today to learn about the company’s solutions and services. 

Conclusion:

If you’re not offering multiple payment options to your customers, you’re missing out on the simplest way to increase your consumer reach. With an app payment gateway, you can allow your customers to make in-app purchases. Likewise, a recurring payment gateway on your website lets customers pay for their monthly memberships and subscriptions without a hassle. 

Since Oceanpayment offers over 500 payment methods, you should partner with the payment service provider to attract customers from all around the globe.