Last editedAug 20222 min read
Payment solutions refer to the technology involved in accepting payment from customers. It’s basically all the electronic equipment and software required to process payments.
Finding the best payment solutions for your SaaS business can be tricky. That’s why in this post, we’ll take you through some of the things to look for in a payment solution, plus offer some suggestions for the best SaaS payment solutions on the market.
SaaS payment facilitation solutions: What to consider
The type of payment solution your business requires will depend on the nature of your operations. If you’re an online business, for example, then you’ll need an online solution that can manage credit and debit purchases. If you’re a SaaS company that has a subscription-based model, on the other hand, you will probably require solutions for taking prorated and recurring payments as well.
Below are some of the additional payment solutions your SaaS company may need:
Accounting and payroll - Some payment solutions will offer in-built reconciliation services . Alternatively, they may integrate with your existing accounting software.
Payment analytics - It can be a great benefit to have reporting and analytic solutions as these can help you offer insight into sales and revenue data.
Customer relationship management (CRM) - Some payment solutions offer CRM features which can help you understand your customers on a deeper level. CRM stores customer records and transaction information meaning companies can reach out to customers with a very clear idea of their profile. This can make communication and marketing more targeted and segmented, which often leads to increases in sales.
Online payment processing - One of the key payment solutions you’ll need is payment processing. This will provide you with a payment gateway and a merchant account for accepting online payments.
SaaS payment solutions: what to look for
There are a couple of handy features all payment solutions should come equipped with. These are outlined below:
Customer support - When choosing a payment solution, it’s advisable that you check out what technical support they offer. When you’re starting out, you may need a lot of additional customer support, so look for solutions that have good customer reviews referencing the quality of the support.
SaaS specific features - As a SaaS company, you might want to seek out solutions that specifically cater to your industry.
Payment card industry (PCI) compliance - Ensure that all payment solutions you use are reputable and meet PCI compliance standards.
Top 5 SaaS payments solutions
Now that you know the kind of features you’re looking for, let’s delve into the top 5 SaaS payment solutions available today.
Braintree is designed chiefly for mobile users and is owned by PayPal. It’s used by digital giants such as Airbnb and Uber and comes equipped with tools for fraud detection. It supports payments by credit and debit and card, as well as e-wallets like Google Pay and Apple Pay.
Available in 202 countries,PayPal is a household name. With funds available to withdraw in 56 different currencies, it can be used as a SaaS cross-border payments solution. Plus, it comes with the major perk of being immediately recognisable and trusted by customers worldwide.
Stripe is a user-friendly payment platform that can be fully customised to match a company's own branding. It also comes with advanced fraud-management features and employee expense cards (physical and virtual).
Due is a payments solution company that provides a suite of products, including invoice management, time tracking and e-wallet and credit and debit card payment processing.
GoCardless is an ideal payment solution for SaaS companies that collect recurring payments from customers.
GoCardless enables businesses to collect payments directly from customer bank accounts, placing them in full control of the amount and frequency of payments. This helps eliminate late payments, saves time and money and has a positive effect on cash flow.
We can help
GoCardless is a global payments solution that helps you automate payment collection, cutting down on the amount of financial admin your team needs to deal with. Find out how GoCardless can help you with one-off or recurring payments.