What is a SaaS company?
Software as a service (SaaS) has exploded onto the market in the last few years continues to expand rapidly. According to HubSpot, there was a $104.7 billion growth forecast for the industry. Most businesses now require some sort of cloud technology and are becoming increasingly reliant on SaaS companies.
SaaS companies provide their customers with a product that is essentially a service, in the form of software. These products distribute data online while the SaaS company hosts the software and can provide their customer with support.
What is B2B SaaS?
B2B SaaS refers to companies that sell their software to other businesses as a service. Instead of just providing software to an individual, such as Webflow to an independent blogger, it supplies those services to another entire business. This is to primarily help other businesses run smoother and help optimize their own services.
How to integrate payment for a B2B SaaS company
All B2B SaaS companies need a payment process and nowadays payment is accepted on a monthly basis due to a subscription approach to billing.
Payment systems used to be complex and difficult to integrate, especially for an industry that is still growing so quickly. But now there can be seamless integration between the two, providing problem-free payment processing.
Choosing a payment processor - what to look for
Security
Even though online shopping has become part of the norm, people still worry about their privacy and security, especially in regards to their credit card details. B2B clients may be even more hesitant in trusting a SaaS company because their job could be on the line if their data is breached, so it's better to ensure you are choosing a payment processing system that is secure and trustworthy.
Price
One of the leading payment processing providers is Stripe, so it is typically a go-to when choosing a company despite its high fees. These fees may seem small but as your business grows, they will begin to make a larger impact on the finances of your business. We suggest that you research more than one payment processing company, as there are some out there with much lower transaction fees such as Penni.
Accepted payment methods & currencies
Make sure that whichever payment processor you choose will accept payment methods and the currencies that your clients are likely to use.
Why it’s beneficial for B2B SaaS companies to integrate payment
Simplicity
Enabling easy payment options for your customers will help remove some obstacles that may cause your business to lose a sale. Choosing a payment processor with software that enables easy customer payments will result in stronger retention of clients. It has been found that increasing payment options can increase revenue for a business by 30%.
Build a payment revenue stream
As a SaaS company, you can begin generating revenue just from your payment processing. Penni Payments can handle all operations, setup, and customer support for your payment processing needs. Each month, the software business can take a percentage of the payment processing revenue which can grow into a large and profitable new revenue stream.
Integrating payment for your B2B SaaS company will make the transaction process much smoother. When choosing is a payment system you will want to keep in mind the experience that your customer will have, as it will often affect whether they come back again or not.
If you want to ensure a simple payment process, choose Penni. We provide premium customer support to SaaS companies that integrate our processing system.
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