Payment SaaS, or payment software as a service, is a cloud-based computing platform that provides users access to vendors. This is a preferred alternative to standard software installation which is the more traditional method. Accounts exist on a remote cloud network and it’s usually set up as an ongoing service where users pay as they go. SaaS is now mainstream, and in 2020 was the largest market segment within the global cloud solutions industry. So, adopting this for your payments, which is already a high-tech industry, has many advantages.
The transitional software installation method is an often time-consuming, complex process. So, by comparison, payment SaaS is a far more simple and quick way to access and manage your payments. You can avoid complicated configurations and lengthy integrations and instead you can access a cloud-based system within a couple of hours of an easy setup. This not only saves your hours on the installation, but the ease of the financial technology often means the software itself is adopted by your team much quicker.
Payment SaaS is typically a shared or multi-tenant environment, which comes with many benefits. Rather than paying for your own system, by sharing the costs of a larger, shared software, you have access to multiple payment gateways to get the best price and lowest transaction fees. There are also no maintenance costs, so you can focus your money on scaling your use based on your unique needs. For example, a small or medium business may not be able to afford the level of technology that a shared payment SaaS platform can provide, particularly with no upfront costs. Having a service allows your business to upgrade or downgrade your use for a more flexible, risk-free experience.
As mentioned above, the flexibility of a payment SaaS provider allows your business to instantly access upgrades. As a shared service, rather than multiple companies paying for the same software, and integrating each payment gateway individually, you can all stay up to date with the payment industry. With a payment SaaS provider, you can save the time, money, and hassle of manually installing payment software updates. This means you can avoid new version discrepancies, which often leads to wasted time on complex compatibility issues.
A payment SaaS is a user-friendly option, with access to customer support, users can simply log on and easily control or manage their payments without issue. Reporting features with customisable features means that understanding your online payments is finally a simple, easy process. According to WePay, small businesses can improve customer satisfaction and expand their product line with payment integration. So, making the most of your payments can have a positive impact on your business performance. For example, many aspects of your account can be automated, from reporting, billing, retry failed payments and email notifications.
With a payment SaaS account, your transactions will benefit from built-in security and maintain PCI compliance without requiring you to go through the complex and costly red tape by yourself. While industry-standard requirements are met, a payment SaaS will go a step further. The multi-tenant architecture provides superior performance and maintenance to ensure customer and merchant satisfaction.
A payment SaaS platform will provide you with a choice of payment gateways and allow you to create a bespoke service, whereby you connect to as many PSPs as your business requires. With cloud-based software, you can access your account from any location, provided you have an internet connection, and often “try before you buy’” with free trials, test software and samples. A payment SaaS can also provide flexibility in your personal plan to be non-committal with a ‘pay as you go’ payment plan, or scale your use based on the seasonality of your business transactions.
To see how your business can benefit from a payment software as a service platform to: connect to multiple payment service providers, access global payment ecosystems, and manage all of your transactions securely, get in touch with Imburse Payments today.