SaaS Company Merchant Accounts
An Overview
SoarPay offers credit card processing solutions for SaaS companies.
Why We Proudly Offer Solutions for SaaS Businesses (Even When Many Processors Don’t)
Software as a Service (SaaS) companies are one of the fastest growing business types out there. Unfortunately, many merchant services companies do not work with SaaS businesses, for three primary reasons:
- Many SaaS companies sell their products primarily through Internet distribution. Internet sales are often perceived as “high risk” within the merchant services industry because the card and cardholder are not present when the transaction is processed.
- Many SaaS companies have a moderately high chargeback rate, due to recurring billing models, technical glitches, and other software delivery and implementation challenges that can arise.
- Third, a few “bad apple SaaS businesses” within this sector have given the industry a bit of a black eye (in the context of merchant services).
Due to these three risks, many merchant services providers decline to accept any SaaS business, whether they operate by selling software they’ve created, selling SaaS solutions with trusted partners, or other methods.
Soar Payments, by contrast, has consistently offered solutions for the SaaS industry since our founding. Our extensive relationships with credit card processors and sponsor banks who have the capability to underwrite regulated industries, in addition to our integration of chargeback and fraud prevention software, uniquely positions Soar Payments to provide eCommerce and virtual terminal SaaS companies with stable, effective, long term credit card processing solutions.
Frequently Asked Questions
Here are common questions specific to SaaS company merchant accounts:
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What types of SaaS companies do you service?
Soar Payments offers merchant processing solutions for a wide range of businesses that sell software as a service. These days there are quality SaaS offerings for all kinds of businesses and individuals. Whether your SaaS company provides HR management offerings, accounting, inventory, gym software, scheduling software, or any number of helpful solutions, we should be able to help you get a merchant account!
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Is Soar Payments compatible with my website checkout?
Soar Payments works with most major payment gateways (including Authorize.net, USAePay and NMI), so our SaaS company merchant accounts integrate with most popular software suites. We strive to make integration just as simple as our application process!
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Do you accept SaaS companies that are based outside the United States?
Unfortunately at this time we can only work with companies that are based in the United States. Furthermore, ownership must also be based in the United States with US issued identification and credit history. We can work with businesses who have a significant number of international transactions (however a majority of transactions must still be US based).
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Types of SaaS Company Merchant Accounts
Soar Payments offers a full-array of merchant accounts to online, brick-n-mortar, and other businesses in the SaaS industry. These include:
Retail Payments
A retail merchant account for SaaS companies enables them to accept face-to-face debit and credit card payments via a traditional credit card machine or point of sale system.
This is traditionally not used by SaaS businesses, but may have some application. Retail SaaS credit card processing accounts typically have the lowest chargeback and fraud risk and as a result are afforded the lowest credit card processing pricing.
Mobile Payments
A mobile merchant account for SaaS companies enables your business to accept face-to-face credit and debit card payments via a swiper (included with each account) that plugs into your mobile phone or iPad.
Again, typically not used for businesses selling SaaS products online, mobile accounts are priced similarly to retail, due to their lower chargeback risk.
Virtual Terminal Payments
Also called a payment gateway merchant account, a virtual terminal enables businesses to accept payments over the phone, via mail, or typed into a computer (without needing outside equipment). They also have invoicing solutions which allow the merchant to email an invoice to the customer, which they can pay online.
A SaaS business payment gateway account is ideal for businesses that accept payments over the phone, or via mail order. Virtual terminal payments are particularly vulnerable to fraud, therefore Soar Payments offers integrated chargeback protection.
eCommerce Payments
An eCommerce SaaS merchant account allows you to accept credit card payments via your website’s online shopping cart.
Our eCommerce credit card processing accounts integrate seamlessly with most major payment gateways and shopping cart software, making setup simple. Online SaaS company payments are vulnerable to fraud and chargebacks, consequently, we offer pre-integrated fraud protection technology.
Maximizing SaaS Revenue Via Payments With Spartak Buniatyan
SaaS companies have some of the strongest outlooks when it comes to revenue generation and growth. This outlook can become even brighter when a SaaS business improves their payments stack.
Spartak Buniatyan, CEO and founder of PayEngine, joined the podcast to explain how SaaS companies can maximize their revenues via payments technology.
Our podcast explores the fast-changing world of payments and fintech through interviews with thought leaders around the world. From credit card processing to bitcoin, and digital banks to finance software… we cover it all!