Choosing a B2B SaaS Payment Gateway: 6 Key Considerations
The evolution of e-commerce has led to the innovative integration of futuristic payment solutions that no one had thought of before. The same can be said for B2B SaaS payments.
Modern payment gateways are the perfect solution for B2B SaaS business owners who want to provide their customers with convenient and secure payment options.
There are several parameters that a payment gateway must meet in order to gain the trust of customers. When dealing with repeat customers, you don’t want hiccups of any kind.
But with so many B2B SaaS payment gateways available with different features, choosing the right one can be overwhelming.
Here are 6 vital factors to consider when choosing.
Let’s ride.
6 Important Factors to Consider When Choosing a B2B SaaS Payment Gateway
Pay attention to these 6 key factors when listing payment gateways for your B2B SaaS business.
1. Top level security
Security is a critical requirement in any monetary transaction and it becomes even more important when we talk about online payments.
When choosing the right gateway for your B2B SaaS business, make sure it matches Data security standard for the payment card industry.
Whether you use a payment gateway to accept annual payments or recurring payments through automatic subscription billing, make sure your service provider prioritizes the security of your customer’s personal information.
Use the right subscription management system can help you manage your subscription data more securely.
2. Compatible with mobile payments
This is an important feature that you should look for in a payment gateway. With a little research, you will be able to identify the most popular payment methods that customers use these days to pay a service provider.
While a debit card, credit card, or PayPal may be the obvious choice, mobile payments are also rapidly gaining popularity. You must ensure that the payment gateway provider you choose is compatible with all kinds of payment methods.
Thus, you allow customers to make payments in a hassle-free and convenient way.
3. Compatible with various devices and currencies
One of the important SaaS startup tips It’s not just about making your site cross-device compatible, it’s also about choosing a payment gateway that allows you to make payments from any device.
At the same time, your customers can make payments while in the office or on the go. It will also go a long way in improving your Customer Experience and reducing arrears.
When choosing a payment solution, keep in mind that you will have B2B SaaS customers from all over the world. The payment interface should allow accepting payments in different currencies.
With a multi-faceted gateway, you will be able to serve a wide variety of customers and thus grow your business.
4. Nominal transaction fees
Different B2B SaaS payment gateway providers may price transaction fees differently. They can either charge a fee for each payment received or set a monthly fee.
Some may even charge extra for setting up a merchant account or any additional features you subscribe to. Fees may vary depending on the category of merchant your customers belong to.
Now you have to consider all these factors when choosing a payment gateway interface for your business.
Even a tiny difference of 1% in additional fees can soon add up to a significant amount. These minor differences can make a big difference in customer loyalty, adding to the cost to the customer. Alternatively, if you take on these additional costs, they can quickly affect your bottom line.
You should take some time to compare the fees and choose the one that suits both parties best.
5. Smooth integration
Integration and compatibility with your e-commerce platform are key factors when using third party payment gateways. Like it or not, integrating a payment gateway into your website or app can be a tedious process.
When choosing a payment processing solution for your B2B SaaS, you should have a good understanding of their integration process. It also shouldn’t slow down your website or app and shouldn’t ruin your UX.
This should be done as quickly and smoothly as possible to avoid any disruption to your workflow.
6. Insightful reporting
The payment gateway you choose should serve a purpose other than payment processing. One of these features is the creation of valuable reports.
We have understood the value of customer data and how it can be used to deliver better products, improve pricing, and improve customer experience. By analyzing this data, you can not only influence purchases, but also increase your ROI.
Thus, you should choose a payment gateway provider that extracts valuable data for you and helps you grow. To do this, you can integrate your payment gateway with your accounting software such as Book of Zoho. This integration helps you manage your accounting and billing data more efficiently.
Be prepared to choose the right B2B SaaS payment gateway
It’s safe to say that choosing the right B2B SaaS payment gateway for your business will require some research and understanding. Since your income and reputation are somewhat dependent on the interface, you want to choose the most secure and convenient one.
Use the checklist above to get you started in the right direction and select the payment gateway solution that best suits your requirements.
Author biography — Rina Aggarwal
Rina is the Director of Operations and Sales at Attrock, a results-driven digital marketing company. With over 10 years of sales and operations experience in e-commerce and digital marketing, she is an industry expert. She is a social person and considers human resources to be the company’s most valuable asset. In her spare time, you’ll see her spend time with her brilliant near-teenage daughter and watch her grow up in this digital, fast-paced age.
