SaaS Merchant Account
The SaaS, or Software as a Service industry, is continuing to skyrocket in growth with the advent of social media and smartphone technology. Providing software as a service or SaaS payment processing is a way to attract more customers with the use of microtransactions. Getting involved with the SaaS industry may not be easy as a startup, but it can be extremely lucrative and successful once you have identified the right audience to target.
If you provide a SaaS subscription billing service or if you offer software for rent for your users to rent, you need to accept various forms of payment. When you do not allow users to pay for a SaaS service via credit or debit card, you will likely miss out on generating sales. Before you can truly expand your SaaS, or Software as a Service company, obtaining a merchant account is necessary to conduct business without risk.
SaaS Subscription Billing is High Risk
Managing a SaaS subscription billing company is considered high risk to standard payment processors due to the sheer number of transactions you process simultaneously.
With a SaaS payment gateway, gain peace of mind knowing you have the ability to run your subscription-based business without issue. A payment gateway and merchant account provider that specializes in SaaS businesses understands the industry risks. As a business continues to grow and amass more paid subscribers, there is a much greater risk of chargebacks and fraudulent claims.
A standard payment processor is not likely to rule in favor of the merchant or business owner, which is not ideal for those representing high risk industries. Choosing a payment processor that welcomes SaaS businesses is a way for you to avoid mishaps such as account warnings, flags, and terminations.
Benefits of SaaS Payment Processing Services
Using a SaaS credit card processing service is imperative when you are providing users with rented software or a subscription service. With a SaaS payment processing solution, continue to generate sales and acquire new customers without fear of losing your account or ability to conduct business. Some of the benefits of using a SaaS billing solutions service for your merchant account include:
- Increased Security: Process and accept payments with increased service using a reputable high risk payment processor. Protect the information and data you receive and transmit on your website with a trusted payment processor.
- No Account Terminations: Avoid having your account terminated with a high risk SaaS merchant account provider. A merchant account provider is already informed of the risks of providing merchant accounts to SaaS business owners.
- More Freedom and Flexibility: Take advantage of additional freedom and flexibility with your SaaS business with a high risk
Applying for a SaaS Merchant Account
Once you have made the decision to seek out a payment processor that welcomes SaaS, there are a few bits of information you should gather and prepare. While submitting your application for a high risk merchant account for your SaaS business, you will be required to submit the following:
- Basic Details: Your full legal name, address, telephone number, and even the address of your physical business (if possible) is required. You may also be required to share your SSN, or Social Security Number along with our company's EIN (Employer Identification Number) or Tax ID if possible.
- Financial Information: Sensitive financial details such as your bank name, account and routing numbers, and statements may be requested. You may be ordered to provide at least 3 months of personal and business bank statements before receiving approval. The more information you are able to provide, the easier it is to expedite your case.
- Established Business: Depending on the market and industry you are representing, you may need to show proof of your company's existence online. Providing proof of an official website and a social media presence online can help with the approval process for your merchant account. Individuals who are unable to show a virtual presence for their businesses may find it more difficult to obtain a merchant account. Once your preferred payment processor has reviewed all of the submitted information, you will then receive your approval or denial notice.
Using SaaS billing solutions and merchant account providers is a way to scale your SaaS business without feeling hindered or held back. When you have the right SaaS payment gateway, broaden your business horizons, expand your clientele, and spread the word of your software or subscription packages without fear.
Utilize the Best SaaS Payment Gateway Provider
PaymentCloud is fully equipped for subscription businesses such as SaaS. With recurring billing options, CRM integrations, and fraud prevention best practices, we make sure that you accept card payments safely and easily.
Each of our dedicated account managers take the time to understand the needs of your business and work on your behalf with the bank to get you the very best. Take the time to get to know us. We will get your company up and running with SaaS credit card processing solutions that will help protect you and scale with your business for years to come.
Let us show you how easy it is to get started.
Contact us at 1-800-988-2215 or by filling out our simple online form