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Bank debit for SaaS companies

Bank debit helps SaaS companies reduce failed payments and admin and gives them flexibility to upgrade subscriptions or payment plans.

Bank debit helps SaaS companies reduce failed payments and admin and gives them the flexibility to upgrade subscriptions and payment plans.

Software as a Service (SaaS) companies increasingly charge on a subscription basis. Traditionally, the only option available for taking these payments online was credit card. Now, an increasing number of businesses are turning to bank debit schemes, such as ACH payments (US), Direct Debit (UK) or SEPA (Europe).

GoCardless helps hundreds of SaaS companies, from start-ups to established providers, to cut their costs by taking bank debit payments online. 

Three benefits a SaaS company could get by switching to bank debit today:

  1. Gives complete flexibility to upgrade and downgrade subscriptions or payment plans.

  2. Reduces failed payments/churn.

  3. Reduces internal payment and accounting admin.

1. Bank debit gives you complete flexibility to upgrade and downgrade subscriptions

SaaS company customers may, from time to time, wish to upgrade or downgrade their subscriptions. With bank debit you can maximise conversions to upgrades as customers don't need to re-authorise their payments. Your customer gives you a single authorisation on sign up, which allows you to take payments of any amount without asking them to do anything more. 

This flexibility also lets you charge customers depending on how much they use that month without needing a new authorisation every month. 

2. Bank debit helps you reduce failed payments

Traditionally, the only option for taking payments online was to use credit cards. But roughly 5-10% of card payments fail each month due to card expiry or cancellation. This is a bad experience for your customers, creates unnecessary work for them, and worst of all, if they forget, may result in their subscription lapsing. By contrast, bank debit payments use a customer’s bank details, which rarely expire or change.

3. Bank debit reduces administration through automation

Many bank debit schemes can be entirely automated by integrating GoCardless's REST API with your website, CRM and accounts. Payments are automatically taken and tracked each month. This significantly reduces the time required to manage them.

Agent Analytics, switched to GoCardless after looking for a payment method that would help the company grow. Founder Tim Hammond explains:

“Since we moved to GoCardless we’ve grown 10x without needing an accounts department. GoCardless is one of those things that you can set and forget – I know it’s there and I know it’s doing its job. It’s an enabler and I want to keep expanding our business with it.”

How to get started with bank debit

You can start taking payments by bank debit using a bank, bureau or GoCardless. If you would like to find out more about any of these options you may find our 60 second guide to Direct Debit providers helpful. 

With GoCardless you can collect payments in more than 30 countries via 8 bank debit schemes; Bacs (UK), ACH (USA), SEPA (Eurozone), BECS (Australia), Autogiro (Sweden), Betalingsservice (Denmark), PaymentsNZ (New Zealand), PAD (Canada). It lets you automate the whole payment process and manage everything online. It offers:

  • Quick and easy sign up. You can sign up instantly and for free.

  • Easy and efficient management. You can collect recurring and one-off payments automatically or at the click of a button. We manage everything else for you. We are also integrated with many of the most popular accounting packages to enable easy invoicing and payment reconciliation.

  • Simple, low pricing. All it costs is 1% per transaction + 20p capped at £4 (or the local currency equivalent). Scale pricing is also available. Many SaaS start-ups also choose GoCardless due to the absence of set-up costs and fixed monthly fees.

  • Simple online dashboard and REST API. Some bank debit bureaus provide an API which you can plug into. GoCardless offers a simple online dashboard and REST API, which allow you to integrate GoCardless with your website and CRM. 

Next steps

 Watch a short video on how GoCardless allows you to save time and money when collecting recurring payments using bank debit.

GoCardless makes it easy to collect recurring payments

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PreviousDirect Debit for membership organisations

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GoCardless Ltd., Sutton Yard, 65 Goswell Road, London, EC1V 7EN, United Kingdom

GoCardless (company registration number 07495895) is authorised by the Financial Conduct Authority under the Payment Services Regulations 2017, registration number 597190, for the provision of payment services. GoCardless SAS (23-25 Avenue Mac-Mahon, Paris, 75017, France), an affiliate of GoCardless Ltd (company registration number 834 422 180, R.C.S. PARIS), is authorised by the ACPR (French Prudential Supervision and Resolution Authority), Bank Code (CIB) 17118, for the provision of payment services.