What Merchants Need From Their Payments Company

There’s much to be done when it comes to business management and ownership. Between managing inventory, balancing books and overseeing payments, the financial side of business management can be overwhelming for many, let alone customer service.

Luckily, there are tools and services available to help business leaders effectively manage these business aspects and ensure that cash continues to flow in the right direction. Software as a Service (SaaS) solutions are typically offered by payment companies as a supplement to merchant services in order for payments to be cohesive and streamlined. Additional value-added products can integrate into SaaS solutions for quicker turn times to deliver an enhanced customer experience.

Find out what to look for in your merchant provider’s SaaS suite and how it can help you succeed in your business by reading the information provided below.

What is SaaS?

SaaS describes the method of delivery for the software you’re using. A SaaS solution is hosted and operated remotely, enabling its users to access it via a connected network. When using a SaaS solution, the customer typically pays a fee to access the software instead of buying the rights to install it. However, when working with a payments company, SaaS is generally included with payment processing services.

Payment Processing and SaaS

When you get started with your payments company, you’ll be set up with a terminal and software for in-store and eCommerce electronic payments. The software that you use to process transactions and access payment management functionality is considered your SaaS, and while the features provided by each payment company vary, most will provide you with extra functionality to help make business management a lot easier. That includes being easy to integrate with other vital business programs, such as QuickBooks or SalesForce.

That being said, there are differences in SaaS models and while some solutions are versatile and can work across varying industries, others are more exclusive to specific industries.

Horizontal SaaS Solutions

Horizontal solutions work within a broad range of industries and cater to more common business needs.

Vertical Solutions

Vertical solutions are targeted to specific industries. These SaaS solutions are tailored to businesses that require purposeful solutions for industry pain points.

The Benefits of SaaS Solutions

SaaS is quickly becoming the mainstream in the small and midsize business world. SaaS is changing the face of business, making managers and employees more productive when it comes to financial management and operations management.

Here are a few of the most notable benefits of SaaS integration for businesses.

Reduced Costs

Whether you’re receiving SaaS solutions from your payments company as a complimentary service or you’re paying for external solutions, the cost of using SaaS solutions is generally far less than the cost of purchasing installed software. Additionally, because SaaS programs are hosted via network servers, you’ll save money on the hardware upgrades that are typically required to host your own solutions.

Scalability

SaaS solutions are almost always scalable. Some payment companies may provide you with the option to upgrade your SaaS solution to another tier for a nominal fee while others may provide you with solutions that are scaled to suit the needs of your business, regardless of volume and size.

Accessibility

Because SaaS solutions are web-based, you’re able to easily log into your account from anywhere in the world to view payment data, manage settlements and monitor transactions.

Compatibility

While installed software is generally only compatible with certain operating systems, SaaS solutions are generally developed to be compatible with everything from Windows and Mac OS to Android and iOS tablets and smartphones.

Finding a Payments Company That Gives You the Solutions You Need

Finding the right payments company goes beyond SaaS solutions. While looking for solutions that are scalable and suitable for your business is important, it’s also necessary to find a payments company that can accommodate the volume and industry your business operates within.

For information about PayDiverse’s solutions for high-risk merchants, contact us today