SaaS setting/option not available during product setup in Stripe

In your Stripe integration instructions:

Make sure you select Software as a service (SaaS) as the product type.

I cannot find the SaaS setting/option during product setup in Stripe. I'm using a pre-existing Stripe account as a test which was never associated with SaaS products previously but rather hardware products. I don't know if I have to get some special type of Stripe account for SaaS specifically?