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 where a merchant offers his application over the internet. Sometimes it is also called web-based or internet-based software where 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 just need a good internet connection and a personal computer and 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 requirement.
- No need to buy the software.
- No maintenance required.
- Scalability and integration
- Some well known SAAS based products are : Office 360, Dropbox, Salesforce and 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 which offers them to save massive money on the resources, maintenance, up-gradation etc. 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 the documentation process and website analyzing process.
Here is a list of kyc documents required for SAAS payment gateway:
- Certificate of Incumbency: An incumbency certificate is a legal document which is issued by the limited liability company (LLC) that lists the names of all its current directors, officers, and, occasionally, principal shareholders.
- Certificate of incorporation: A legal document describing the formation of a company or corporation shows the details like registered company name, company registration number(CRN), issuing registrar etc.
- Copies of valid passports with visible bearers signatures for all company officers and owners.
- A clean past processing history of a minimum of six months).
- A growing business model.
- Stable financial stronghold.
- Apart from the necessary documents, you must also fulfil some website requirements, which are as follows:
- Disclaimer page.
- Terms and conditions page,
- Contact Us page.
- Should have a decent amount of traffic on your website.
- Clearly specify the products and services you are offering.