For most businesses, payment processing is essential for taking payments and running their operations. However, it can be expensive and time consuming to set up and maintain a secure onsite payment system. That’s why more businesses are turning to cloud-based payment processing systems.
This technology offers several advantages over traditional payment methods, including increased security, reduced costs, and streamlined transactions -
Let’s take a closer look at what is cloud based payment processing, and how it can be used to benefit your business...
What is cloud-based payment processing?
Cloud-based payment processing is a type of technology used to facilitate the secure transfer of money between buyers and sellers. It enables businesses to handle payments online, without the need for specialized hardware or software.
As its name suggests, cloud-based payment processing uses a secure cloud platform to store customer information and process payments.
This means that customers do not need to enter their credit card details each time they make a purchase, as the information is stored securely in the cloud. Customers also have the ability to manage their accounts online and view past purchases or update their personal information.
Benefits of cloud-based payment processing
Eventually, cloud based payments will become the norm for most businesses due to its increased security and convenience for customers -
The cloud-based system works with existing systems like websites, shopping carts, invoicing programs, and accounting systems. This type of payment processing has become increasingly popular in recent years due to its convenience, flexibility, scalability and cost savings.
Cloud-based payment processing simplifies many aspects of running a business by streamlining the entire process from start to finish. With this technology, merchants can accept payments from anywhere in the world in real-time and securely store customer data. Additionally, merchants have control over who sees their customers’ sensitive data, and can easily track payments and refunds.
How does cloud-based payment processing increase security?
The biggest benefit of using cloud based payment processing is enhanced security. All customer data is stored on secure servers, which are monitored 24/7 by trained professionals who can quickly identify any suspicious activity or potential threats.
Additionally, all transactions are encrypted which makes them virtually impossible to decode without the right key or password. This level of encryption ensures that customer data remains safe from prying eyes and malicious actors alike.
Finally, cloud-based payments are processed through trusted third parties such as WisePay or Stripe, which further adds an extra layer of security to protect your business from fraudulent activity or cybercrime.
How can cloud-based payment processing reduce costs?
Another major benefit of using cloud based payment processing is its ability to reduce costs for both businesses and customers alike. For businesses, there are no additional fees associated with setting up or maintaining a secure payment system since all transactions are handled directly through the cloud platform provider.
Further to this, businesses no longer have to pay for expensive hardware or software solutions since all the necessary tools are already included in the service provider’s package.
For customers, there are no added charges for making purchases online since all transactions occur directly through their bank accounts rather than via third-party services like credit cards or money orders which typically include extra fees for handling charges.
Looking for a cloud-based payment processing solution?
If you're looking for ways to increase your business' efficiency while keeping costs down, then exploring cloud-based payment processing solutions should be at the top of your list!
WisePay offers a cloud-based payment processing solution that integrates with your existing accounting or ERP system to automate invoicing and collections processes. Our cloud-based solutions enable merchants to get paid faster, increase customer satisfaction and improve cash flow management.
Plus, our secure encryption technologies guarantee that every transaction is safe and secure. Start taking advantage of this cutting edge technology today with WisePay.
