Having worked with SaaS providers for years, we understand the challenges of creating and launching a new SaaS product. However, leaving a payment integration out of your product can leave money on the table. Today’s businesses expect an all-in-one solution when they choose their SaaS provider.
Adding a payment integration feature can add value to your end-user by making their life easier and keeping them from having to get one more application or software to run their business. It can also boost your earnings because you’ll get a high-margin revenue share on every dollar processed through your software. Here are 5 motivations when considering integrated payments:
1. Security and encryption
Data security threats are rising, so protecting customer data is more important than ever. The best integrated payment providers are PCI DSS-compliant – meaning data entry, processing, and data storage meet all requirements set by the Payment Card Industry Data Security Standards.
Furthermore, you can reduce your PCI-DSS burden by using payment forms that your integrated payment partner hosts to collect payments on your website or application. For example, PaySimple’s forms allow payment information to be transmitted to PaySimple’s servers using secure tokenization for each transaction. By using your partner’s servers, you keep these transactions from ever touching your servers, so sensitive data is kept secure to minimize risk and ensure your transactions stay PCI compliant.
2. Easy onboarding
Choosing a partner for the payment integration of your SaaS is a big decision. As experienced business owners know, the right partner can make or break a SaaS product. The best partners will become your trusted payments advisor and do everything they can to make onboarding easy.
You’ll want to look for a provider that will provide personalized support every step of the way with a dedicated partnership team that gets to know you and your business for continued success. The best partners will aim to be an extension of your organization, representing your values and blending seamlessly into your organization.
You’ll also want to ensure you find a partner to assist with training and onboarding your customer-facing team. Unless you’re an expert in integrated payments, you’ll want a partner that will train your customer service and sales teams to be payment experts, so you don’t have to. It’s also important to ensure you have dedicated resource partners to collaborate with on your go-to-market strategy.
For example, they should provide training that demos your payment experience, covers how to talk about payments and benefits, shows how the API works, teaches how to overcome objections, shows how to pass over leads, helps with onboarding, and more.
3. Customer Support
Nothing can sour your product like poor customer support. When you’re working on adding integrated payments to your product, you’ll want to make sure you have an internal integration team at each stage of your process as well as following implementation. The best integration partners will provide you with a dedicated payments expert that will get to know you and your business.
From one-off solutions to continued growth, they will be there to help you at every step of the way to ensure a successful payments program. You’ll also want to make sure the support extends to every partner and merchant they work with.
4. Integration with other systems
The best payment solutions will have flexible APIs with offerings ready to fit the unique and varying needs of many SaaS products and mobile applications. For example, you’ll want to look for omnichannel payment solutions that facilitate payment processing in-person, online, through mobile devices, and by recurring billing. Additionally, you’ll want a partner to provide an expansive developer resources center to assist both SaaS and mobile application integrations.
5. Fully remote capabilities
The world moves fast, and people value having multiple options when conducting business. It’s important to look for a partner that offers fully remote capabilities so that you can do anything from anywhere. For example, you’ll want to look for a payments API that allows you to process payments directly within your software application or website and that can complete both card and ACH transactions.
You also want to ensure you can manage payments, customers, and service offerings from wherever you are on your mobile device. And depending on your business, you may want to have a payment solution that can facilitate on-the-go transactions and enable businesses to take in-the-field payments.