The evolution of eCommerce has resulted in the innovative integration of futuristic payment solutions that once were never thought of. The same can be said about the B2B SaaS payment getaways too.
The modern-day payment gateways are the perfect solution for B2B SaaS business owners who want to provide seamless and safer payment options for their customers.
There are several parameters the payment gateway needs to meet to win the trust of customers. When dealing with established clients, you wouldn’t want hiccups of any kind.
But with so many B2B SaaS payment gateways available with a variety of features, choosing the right one may feel overwhelming.
Here are the 6 vital factors you need to consider while making a choice.
Let’s get rolling.
6 Important Factors to Consider During B2B SaaS Payment Gateway Selection
Take note of these 6 key factors while shortlisting payment gateways for your B2B SaaS business.
1. Top Level Security
Security is a critical requirement in any monetary transaction and it becomes all the more important when we are talking about online payment.
When you are selecting a suitable gateway for your B2B SaaS business, make sure that it complies with the Payment Card Industry Data Security Standard.
Whether you are using the payment gateway to accept yearly payments or recurring payments through automatic subscription billing, make sure that the service provider prioritizes the safety of your customer’s personal information.
Use the right subscription management system can help you to manage your subscription data in a more secure mode.
2. Mobile Payment Compatibility
This is an important feature you should look for in a payment gateway. With some quick research, you should be able to figure out the most popular payment modes clients use these days to pay a service provider.
While a debit card, credit card, or PayPal could be the obvious choice, mobile payment is rapidly gaining popularity too. You should ensure that the payment gateway provider you select is compatible with all kinds of payment modes.
That way you are allowing the clients to make their payments in a hassle-free and convenient way.
3. Compatible with Different Devices and Currencies
One of the important startup SaaS tips is to not only make your website compatible with different devices but choose a payment gateway that allows payments from any device too.
With that, your clients can make the payment while they are in the office or on the go. This will also go a long way in improving your customer experience and reducing delayed payments.
When you are selecting the payment solution, remember you will have B2B SaaS customers from different parts of the globe. The payment interface should allow you to receive payments in different currencies.
With a multifaceted gateway, you will be able to cater to a wide variety of clients and thus grow your business as well.
4. Nominal Transaction Fees
Different B2B SaaS payment gateway providers may assess transaction fees in different ways. They might either charge you for each payment received or set a monthly fee.
Some may even take additional fees for setting up the merchant account or any additional features that you subscribe to. The charges may vary based on the merchant category your clients fall into.
Now, you should take all these factors into consideration while selecting a payment gateway interface for your business.
Even a tiny difference of a 1% additional fee may soon add up to be a considerable amount. Those marginal differences can make a big difference to customer loyalty by increasing the costs on the customer side. Alternatively, if you shoulder those additional costs yourself they can quickly impact on profit margins.
You should take some time to compare fees and choose the most appropriate one for both parties.
5. Smooth Integration
Integration and compatibility with your eCommerce platform are key considerations when you are using third-party payment gateways. Whether you like it or not, integrating a payment gateway into your website or app can be a tedious process.
When selecting a payment processing solution for your B2B SaaS, you should keenly understand their integration process. Neither should it slow down your website or app nor should it botch up your UX.
It should be done as quickly and smoothly as possible to avoid any hiccups in your workflow.
6. Insightful Reporting
The payment gateway you choose should serve other purposes apart from processing payments. One such feature is generating valuable reports.
We have understood the value of customer data and how it can be leveraged to deliver better products, improve pricing, and boost customer experience. By analyzing this data, you can not only influence purchases but also boost ROI.
Thus, you should opt for a payment gateway provider that fetches valuable data for you and helps you grow. For this, you can integrate your payment gateway with your accounting software such as Zoho Book. This integration helps you manage your accounting and billing data in a more effective way.
Get Ready to Select the Right B2B SaaS Payment Gateway
It is safe to say that selecting the right B2B SaaS payment gateway for your business will require some research and understanding. As your revenue and reputation depend on the interface to some extent, you want to choose the most secure and smooth one.
Use the above checklist to get started in the right direction and select a payment gateway solution that best meets your requirements.
Author Bio – Reena Aggarwal
Reena is Director of Operations and Sales at Attrock, a result-driven digital marketing company. With 10+ years of sales and operations experience in the field of e-commerce and digital marketing, she is quite an industry expert. She is a people person and considers human resources as the most valuable asset of a company. In her free time, you will find her spending quality time with her brilliant, almost teenage daughter and watching her grow in this digital, fast-paced era.