Due to the advanced innovation in technology, digitization has progressed to a large extent in India. As a part of that, the growth can be seen in the SaaS industry. So, these platforms need to accept payments through online modes. This blog discusses the characteristics of the best merchant account provider in India for SaaS and IT Platforms.
What is SaaS?
SaaS means Software as a service. SaaS offers products and services through the cloud computing platform and it delivers applications through the internet. Instead of installing the standard software in the business environment, the users could build the server, and install and configure the application.
In the financial year 2020, the SaaS revenue in India has reached US$3.5 billion as per the NASSCOM data. The demand for SaaS products has been growing tremendously. The market is expected to reach in revenue of US$18 billion to US$20 billion by 2022.
Thus, such platforms would need to have a suitable payment partner for smooth payment processing. This develops the need for an ideal merchant account provider that provides smart payment solutions.
The examples of the SaaS and IT platforms include software sellers for Customer service management and Marketing Automation, Content Management, Sales, Finance and HR Management Softwares, Office Communication Tool, IT services, Marketplaces for third parties, etc.
Some of the drawbacks for SaaS:
The selling and distribution are done totally online through the internet. As the card and the cardholder is not present during the transaction, the sale is considered to be of high risk. Also, the chargeback risk is higher due to technical reliability and delivery challenges. Also because many opt for the recurring billing model.
The Merchant Account Provider for SaaS
SaaS providers could have a global reach through global sales. Thus they need to be able to accept international payments. Also, the merchant account provider must have the best security, reliability, and a good reputation to make sure that the online sales grow. The security breach or the lack of reputation can affect the trust factor on the SaaS providers.
PayKun merchant account provider has been offering the payments processing service for the SaaS platforms. Due to the type of services provided by these platforms, they need to have complete automation in their operations and PayKun helps in bringing this automation.
Why choose the PayKun merchant account services?
Getting the merchant account with PayKun would be advantageous for your selling platforms. It supports international and domestic transactions, provides multi-currency support, could be integrated easily, and enables secure payments.
PayKun has tie-ups with the reputed banks and financial companies to enable smooth online payment processing.
PayKun could be easily integrated into your website or mobile application with our ready plugins and SDKs for various platforms supported by it. Its robust APIs, developer-friendly technical documentation, and free integration assistance are the add-ons.
Multiple payment modes
Getting a merchant account with PayKun would facilitate your customers with 120+ domestic payment methods including UPI, credit cards, debit cards, net banking, mobile wallets, single-QR code, EMI, etc.
The international activation would enable the card payments with multiple currency support. Also, the settlements are made in INR after the real-time currency conversion.
PayKun merchant account services offer the lowest TDR (per-transaction fees). It has no other charges apart from the per-transaction fee.
The maintenance, setup, and hidden charges are zero. You can even have a customized pricing plan as per your business requirements.
As discussed earlier security is an important aspect to consider in the merchant account provider.
PayKun has great security features such as it is PCI compliant, follows strict encryption standards, and has fraud prevention measures in place.
With one PayKun merchant account, you can register multiple websites or apps of the same business model. You need not get registered with multiple online merchant accounts.
Never miss an order with the PayKun dashboard. It has various smart inbuilt features and functions. It provides analytics, records, and graphical representation of the transactions with clear status.
It gives the records in terms of customers and orders too. You can download the reports for the customized periods for various purposes. Other functions include settlements, refunds, settings, etc.
If you do not use a website or app, you can accept the payments through the Payment links offered by this merchant account provider.
Your merchant account provider needs to be highly responsive and reachable through various channels. SaaS platforms functions on automation and thus the payment partner needs to be ready for any support required by them to ensure their smooth service delivery.
PayKun provider supports through multiple channels and assigns the dedicated account manager for each activated account.
The payment checkout with the opted merchant account must provide the smooth processing of payments, high transaction success rate, clear failure message, and payment retry option.
PayKun provides these and the option to customize the checkout page as per the platform and brand.
Future Products for SaaS
The subscription model is important for these platforms for accepting periodical recurring payments. PayKun has been working on it to facilitate the complete solutions to these platforms.
Another launching soon feature is Payouts. This would make the systematic payouts to the vendors, partners, and the third party possible.
Dynamic routing is one of the future products which will provide a smoother payment experience and the highest transaction success rate.
Get your SaaS and IT platform a suitable merchant account provider to ensure sales growth and repeat customers.
Start with PayKun by getting its merchant account through its smooth onboarding process.