Why is Cloud Payment Processing Gaining Popularity?

Banking CIO Outlook | Friday, February 28, 2020

By moving to a cloud-based payment system, businesses can offer more flexible payment options while achieving compliance.

FREMONT, CA: Electronic credit card payment processing debuted long back. In the early years, when consumers used their credit card for payment, the merchant would call to make sure the card had available funds and get authorization for transaction approval. But today, the means of verification gradually progressed from telephone authorizations to immediate responses via the internet for transactions at the point-of-sale. The latest step in the evolution of payment processing is cloud payment processing. When used in payment systems, the cloud is used to accept and process payments over the internet. This method has several benefits for those who perceive payments in terms of both security and customer experience.

A Top 10 Payment and Card Solution Companies - 2019 significant advantage of using a cloud payment processing is that it offers more flexibility than traditional point-of-sale technology. This is important for customers, who now expect easy-to-use technology that is responsive. Cloud-based systems can allow, and then you can save paper and help with record-keeping as receipts from transactions can be sent directly to a customer's device or email account payments to be made from mobile devices or via bank transactions over the internet.

Compliance with the Payment Card Industry Data Security Standard (PCI DSS) is the most crucial discussion regarding payment processing. Security is the customers' top concern when it comes to using internet-based payments. Cloud payments are more secure than physical systems. The reason is that cloud-based payment systems have robust security measures in place to ensure they maintain compliance.

Cloud payment processing requires less cost to implement than physical systems, and they are scalable to meet the changing needs of the business. Payment data is managed and stored in a data center. Data integration is vital for maintaining a seamless, friction-free transaction process for customers. Cloud payment processing can also be used to integrate payment systems with reward programs and other loyalty programs to greatly enhance the customer experience.

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