Merchant Account For SAAS

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Table of Contents

SAAS Merchant Account

Are you a merchant providing SAAS service to your customer? If yes, then definitely you need a merchant account for your SAAS based product. We are here to help you get the best payment processing merchant account for your business. But before that let us understand that what a SAAS is?

What is SAAS?

Software as a Service is a cloud-based service. In this, a merchant offers their application over the internet. Sometimes it is also called web-based or internet-based software. It means instead of installing software in your local PC, you can access it in your web browser via the internet.

Advantages of SAAS?

To use SAAS based application, you need a good internet connection and a computer. You don’t have to pay full for the software, it is a rental based service, pay according to your usage.
The customer enjoys the services as follows:
  • No need to install the software in the local PC.
  • No need to update the software.
  • No specific hardware requirements.
  • No need to buy the software.
  • No maintenance required.
  • Scalability and integration.

Some well known SAAS based products are :

  • Office 360
  • Dropbox
  • Salesforce
  • Qwilr

Why get a merchant account for your SAAS Business?

Millions of business in today’s world rely on SAAS based application for their core business. Every company is switching their service to a cloud platform. It offers them to save massive money on the resources, maintenance. It is highly revenue generated business. In a report, Gartner predicts that by 2021, cloud revenues will total $278 billion.

How to get a merchant account for your SAAS based product?

Whether you are going for a domestic or an offshore merchant account, you must be ready for all documents.
Here is a list of documents needed:
  • Certificate of Incumbency: An incumbency certificate is a legal document. It is issued by the Limited Liability Company (LLC). It lists the names of all its current directors, officers, and principal shareholders.
  • Certificate of incorporation: It is a legal document describing the formation of a company or corporation. It shows details like :
    1. Company Registered Name.
    2. Company Registration Number(CRN).
    3. Issuing Registrar etc.
  • Copies of valid passports with visible signatures for all company officers and owners.
  • A clean past processing history of at least six months).
  • A growing business model.
  • Stable financial stronghold.

Apart from the necessary documents, you must also fulfil some website requirements. These are as follows:

  • Disclaimer page
  • Terms and conditions page
  • Privacy policy page
  • Contact Us page
  • Should have a decent amount of traffic on your website.
  • Clearly specify the products and services you are offering.
If you are looking for a merchant account for your SAAS based business, we as a QuadraPay will help you to get the best merchant account. We will assist you with all the documentation needed and your website requirements.
If you have any query, feel free to contact us !!
Happy Processing!