How Cloud-Based Payment Processing Platforms Derive Success
This “How Cloud-Based Payment Processing Platforms Derive Success ” originally published March 21, 2022 by Scott Dickens.
As many industries have started their digital transformation journey to lift and shift their systems to the cloud, the payment industry is no exception. Major players within the payment ecosystem are leveraging cloud infrastructure for complete payment processing solutions.
Adopting cloud payment processing solutions enables the payment industry to cope with substantial increases in payment volumes and handle the inevitable peaks of transaction flow across multiple timescales.
This blog highlights how cloud payment processing is a game-changer in a digital payment landscape. And why the payment industry should look for a future-proof, Cloud-based payment solution.
Speed to Market
Higher flexibility means that companies can deploy payment technologies much faster comparatively using their traditional IT system. However, integrating payment technologies into traditional infrastructures is a long and expensive process.
Furthermore, these integrations simply aren’t speedy enough to keep up with the emerging technologies, competition, customer demand, and the market itself.
A cloud-based payments system enables you to deploy any payment technology, in any market, within weeks.
Flexibility and Scalability
A critical advantage of using a cloud-based payment system is that it is fully flexible and easily scalable to meet evolving business needs. Upgrading traditional IT systems requires considerable time and resources, restraining companies from scaling up quickly.
Businesses can also install payment software whenever it is required to gain a competitive advantage. This mainly benefits customers, who now expect easy-to-use and responsive technology.
More Secure
Today security is the biggest customer concern for using internet-based payments. Therefore, compliance with the Payment Card Industry Data Security Standard (PCI DSS) and data security is critical for payment systems.
Cloud-based systems are much more secure than data stored on physical systems when it comes to cloud-based systems. The reason is that cloud-based payment systems have invested in robust security measures to ensure they maintain PCI DSS compliance.
PCI DSS compliance can be complex for businesses to achieve on their own. In addition, it takes expertise and resources to implement some of the required measures that cloud-based payment systems can provide.
Easier Data Integration
Data integration is critical for maintaining a seamless, friction-free transaction process for customers. Cloud-based payments systems allow seamless integration with external accounting and management software essential access data and ensure faster payment transactions.
Most of these systems will provide you access to live sales and data reports through mobile devices. Even you can update prices and place orders remotely. All of these functions offer greater efficiency to your business.
Lower Cost
Traditional IT infrastructure requires investing in the actual hardware that includes upfront costs.
Since business needs constantly changes, it becomes difficult for companies to predict what technologies they want to install before purchasing the hardware. This leads to either need a lot of unused space or needing extra space urgently.
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With cloud computing, businesses only pay for the space they are using. This flexibility allows them to avoid unnecessary hardware and space costs that aren’t being used.
What to Look For When Moving Payment Platforms to the Cloud?
Moving payments to the public cloud is viable and transformative if done correctly.
Here are three factors to consider before moving payments to the public cloud.
Select a cloud-agnostic payments platform
The first step is to select the platform. Moving your core payments infrastructure to the public cloud requires a multi-cloud native, cloud-independent solution that allows you to leverage most of the cloud’s benefits.
Choose a Partner With Extensive Cloud Infrastructure and Deployment Experience
No matter how good is your payments platform, it will fall short without the right experience for deploying it. Choose a partner with rich cloud infrastructure expertise in implementing related cloud processes.
Ensure your prospect partner possesses in-depth knowledge about mitigating risks, reducing costs, and business disruption during deployment.
Embracing cloud Payment Processing Solutions is a New Normal
So, by shifting to a cloud-based payments processing system, your business leverages the benefits of offering comprehensive payment options while meeting PCI compliance.
Frequently Asked Questions
What is the cloud-based payment?
A cloud-based payment system enables you to make payment transactions on any digital device, free of the limitations of a traditional POS system. These payments can be contactless credit card purchases, online orders, and everything in between.
What is the feature of cloud computing when it comes to payment?
In cloud computing, the user has to pay only for the space they have employed. There is no hidden or extra charge for using cloud space. Therefore, the service is economical and feasible.
What are some benefits of cloud storage?
Here are a few benefits of using cloud storage