5 Must-Have Payment Features for SaaS Companies

If you are operating as a SaaS provider, you know the importance of payment processing in your platform. That basic capability used to be enough to set the most forward-thinking software developers apart. Today, though, your clients demand more. To truly compete in this space, you should have—or be developing—these five features. Not only will they set you apart, but they will help you serve your clients better.

1. Expedited Onboarding

Your software solutions don't serve your clients well when they introduce new problems. One of the most common—and most vexing—is delayed implementation. The onboarding process for new merchants can be the biggest source; you sell someone on your software package but have to work through your analysis before they get approved and start taking payments. To work past this, you should build in acceptable parameters for automatic acceptance or denial. This may not capture every merchant, but the more instant approvals you can achieve, the more sales you can make to satisfied clients.

2. Mobile Payments

Accepting payments made to you in person is a starting point. Today, though, more consumers than ever look to the convenience of mobile payment technology for many of their purchases. For this, your SaaS offering has to be able to accept and process payments through a set of mobile applications that continues to grow. Building in that capability is key to being able to serve your clients; without it, your offering will not be competitive.

3. Integration

The best software application is useless to clients who can't use it with their other programs. You need to build a platform that connects to other major service suites that your customers use. Part of this means setting up ready integration with the most common software in use in your market. Beyond this, though, you need to be able to work with your clients to build any necessary patches to get them up and running.

4. Encryption

Running payment processing through your software requires you to build in security measures that protect your clients. Point-to-point encryption helps you secure card data throughout your processes. PCI has a set of standards for you to meet and follow in this regard. The more rigorous your protections, the more your clients can depend on your software for their payment solutions.

5. Ongoing Service Offering

Finally, one factor that applies to every software solution is that clients will have problems. Sometimes these are kinks in the integration or implementation of the products. Other times, it can simply be user error, for which you need to walk new users through your platform. In either case, you need a team ready to take care of your clients' needs.

SaaS providers can benefit from working to ensure their product is not just great in what it does, but effective when used by your clients. Implementing the above features gives you a chance to compete and to deliver the best solutions to your client base.

5 Must-Have Payment Features for SaaS Companies

About the Author

Shannon LeDuff, SVP, Digital Payments

Shannon is responsible for Nuvei's North American eCommerce strategy and implementation. He heads up direct eCommerce sales, ISV-Payfac sales and card not present Partner channels.

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