Do you know the pillars of your SaaS (News - Alert) startup? Many would answer—it’s offering customer support, optimal security, or enhancing the user experience.

Would it surprise you to know that there’s one underrated thing that most SaaS startup founders overlook? That’ll be the payment process.

With recent technical advancements, you no longer have to make manual changes to your local and international recurring payment options. The business software market is expected to grow at an 11.4% CAGR, reaching over eight hundred and thirteen billion USD by 2028. It proves that you’ll find technical support that’ll help you manage intricate payment elements and fast-track growth.

That’s where MoR software comes in. This tool can help your company stay tax-compliant, regain business focus, and optimize payment processes. However, you’ll need to consider a few things to find the best MoR service partner for your company.

In this blog post, we’ll discuss a few ways to choose a service provider offering the best features of MoR software.

#1. Tax Management Abilities

When selling your digital goods locally, you must be aware of the financial and legal laws in that area. Being a startup, it can be hard to manage the global corporate tax for each transaction. That’s where MoR tools come in.

When choosing this software, remember to pay close attention to the following:

• Understand the sales tax management opportunities it offers by going through testimonials and analyzing previous experiences.
• Choose a scalable tool to help you with seamless payment processes, easy integration, and global tax handling.
• MoR should also take all the tax liabilities and handle the legal obligations to reduce any hefty fines for your SaaS startup.

Moreover, choose a tool that can calculate, remit, and file taxes on your behalf. The software should also help you with country-specific tax registrations.

#2. Highest Payment Security

Cyberattacks target all digital payments, especially the ones happening on a global level. Forbes reported 2,365 data breaches in 2023, proving a 72% increase. Over the years, fraudsters have become quite adaptive and creative with their threats.

That’s why you’ll need to choose MoR software providers that offer the most stringent and highest level of security. Hence, collaborate with a company that prioritizes meeting international and local compliance standards. These will benefit your SaaS business by enhancing payment security, reducing cyber threats, gaining customer trust, etc.

According to PayPro Global, the software providers any startup founder chooses should hold a PCI (News - Alert) DSS level 1 certificate and be GDPR-compliant. The former offers the highest payment security, while the latter ensures your company meets all regulatory or legislative requirements. These are necessary to secure the following things:

• Transaction processing
• Tokenization and encryption
• Credit card data storage

#3. Global Reach

Did you know the international SaaS market will grow from USD 317.55 billion (2023) to USD 1,228.87 billion (2032)? If you want to take advantage of this market growth, you’ll have to ‘go global’ with your SaaS brand. With that, you’ll get to sell your products to a wider audience and skyrocket your revenue growth.

In this situation, MoR tools can help facilitate your SaaS brand’s international growth. However, you must find a software provider capable of catering to an international audience. These can be achieved by offering country-specific currencies, local payment methods, etc.

Remember to find a company that offers a global reach to inadvertently ensure the management of tax complications and access to unique payment channels. With these features, you can test out new markets to understand whether your SaaS product is a good fit.

#4. Localized Payment Channels

Statista reports that mobile wallets took over half of the international eCommerce payment channels. Similarly, credit cards came in second and took over twenty-two percent of the market share. This proves your customers will only be comfortable when you offer various payment transaction methods based on their demographics and country.

That’s why you should find MoR software providers to increase payment authorization across various channels throughout the world. This way, you’ll get the highest revenue generated from completed orders, regardless of their country. You’ll get to boost customer satisfaction and minimize payment disputes.

All you have to do is choose a software provider that offers local payment methods and currencies. This tool also offers customized interfaces in native languages, depending on your customer’s location. With localized payment processing, your SaaS company can reduce delays and errors in meeting international regulations or currency conversions.

To wrap it up, the SaaS market is growing. Even with this, many businesses struggle to sell their products. One of the main reasons could be improper payment infrastructure.

Thankfully, there’s a solution for this. MoR tools can help deliver smooth purchasing experiences to every customer. As a result, your company won’t have any ‘lost’ revenue.

However, to get the best software, you must keep a look out for certain features. Examples include offering localized payment channels and global reach abilities. You should also consider the type of payment security and their tax management process.

All these will help you find a tool that’ll allow your brand to connect with shoppers, ensuring frictionless customer journeys.