Many Australian entrepreneurs have created amazing SaaS platforms, for example, Canva, Campaign Monitor and Culture Amp. These top-rated SaaS platforms have motivated many other entrepreneurs to also create new products; they all need a way to accept payments from customers and businesses. To fulfil that requirement, Australia-based PSP partners of ours offer SaaS payment gateways and merchants.
A SaaS payment gateway for an Australian business is a specialised credit card processing solution that meets the transaction processing requirements of SaaS companies. Some Australian SaaS companies may struggle to have a stable payment processing system. Such entrepreneurs and companies can connect with SaaS merchant account providers like QuadraPay.
What Australian SaaS Businesses Need From A Payment Gateway?
1. Saas Merchant Account
A Saas merchant account is the bank account that allows your SaaS business to accept credit card payments from customers. Your business cannot process transactions without a merchant account. You will require a dedicated subscription billing merchant account in Australia for stable payment processing.
2. Saas Payment Gateway
A payment gateway acts as a bridge that connects your website with the acquiring bank. A SaaS payment gateway in Australia manages various things, such as storing card details in token form and supporting subscription billing.
3. Payment Processor
A payment processor is the system that actually moves money between the banks during the transaction process. Whenever a customer enters the card details while buying a SaaS product or service, the payment processor sends the request to the customer’s bank for checking whether there are enough funds for the transaction. If the customer bank approves, then the money is transferred to the acquiring bank. SaaS businesses require a reliable payment processor to have fewer failed payments and a better customer experience.
4. Recurring Billing And Subscription Management
Recurring billing is one of the important features of SaaS payment gateway. The gateway system should handle automatic billing on a particular schedule, i.e., weekly, monthly or annually. It should even retry payments automatically if the payments fail. A secured SaaS payment gateway in Australia reduces churn and improves the cash flow of the business. You can connect with QuadraPay for recurring payment processing in Australia.
5. Tokenisation And Card Updates
A reliable SaaS payment gateway in Australia stores card details of the customer in the form of tokens. This prevents customers from entering card details again and again. Tokenisation saves card details of customers securely and prevents fraud.
6. AUD Settlement
AUD settlement means you receive payments in Australian dollars. If you receive payments in some other currency, then your business will lose money due to conversion fees.
7. Multicurrency Billing
Many SaaS businesses sell their products globally. Their SaaS payment gateway should support multicurrency feature. It allows customers to pay in their local currency, like USD, AUD, NZD, EUR or GBP.
Why Some Australian SaaS Businesses Struggle With Standard Processing
1. Conservative Local Banks
Low risk processors in Australia may sometimes be quite cautious when approving a SaaS merchant account. Many traditional acquiring banks and low-risk payment service providers consider SaaS businesses in the high-risk category because of higher chargeback ratios and subscription billing.
2. Reliance on Stripe and Paypal
Many Australian SaaS businesses rely first on Stripe and Paypal they are easy to set up and do not involve much scrutiny. But with such solutions your SaaS company will share a common account with other companies. Shared accounts are fine for low risk Saas companies but for High volume and high risk saas merchant profiles a dedicated account is a better option.
3. Currency And Settlement Challenges
Australian SaaS businesses receive payments in various currencies like AUD, USD, EUR and GBP. Managing these payments without a proper payment system can create confusion in accounting and financial reporting.
How Does QuadraPay Help Australian Businesses?
1. Assessment
QuadraPay first tries to understand your business model. Our team carefully reviews your website, product or service, billing cycle, refund policies and location of your customers. If there are any issues, then our team fixes them to get quick approval for the Australian SaaS merchant account.
2. Application Preparation
QuadraPay then prepares your merchant account application. This includes business documents, registration details, and clearly explaining your SaaS model.
3. Acquirer Matching And Submission
QuadraPay sends your application to the acquirer that truly understands your SaaS business. This avoids unnecessary rejections and speeds up the approval process.
4. Gateway Configuration
QuadraPay helps to set up a SaaS payment gateway in Australia. We even support your business after you get approval for merchant accounts.
Related questions
1. How long does it take to get a SaaS merchant account in Australia?
If you provide proper documents to the acquiring bank and you have low chargeback ratios and fewer refunds, then your merchant account can gets approved within 5-10 business days.
2. What is the difference between a saas payment gateway and a saas payment processor?
A payment gateway connects your business with the acquiring bank. It collects customer card details, sends payment requests, and manages subscription features. A payment processor moves money between banks.
3. What should I look for in a Saas payment gateway?
A good SaaS payment gateway in Australia should support recurring billing, multicurrency and various payment methods and should store card details securely.
Are you doing a SaaS business and struggling to have a secure payment gateway? If yes, then you can connect with QuadraPay. Our payment processing partners offers secure SaaS payment gateway and merchant accounts in Australia/New Zealand that supports multicurrency transactions and different payment methods.