As a business owner, you’re likely always on the lookout for technology that can help you to grow your enterprise with ease. When it comes to payments, you needn’t look any further than the cloud for endless payment expansion opportunities.
In this article, we’ll take you through what exactly cloud payments are and how they can benefit your business. Plus, we’ll give you some insight into how these types of payments promise to change the face of global ecommerce in years to come.
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What Are Cloud Payments?
Before we jump into what cloud payments are, you need to understand what the cloud itself is. You’ve likely heard the term before, but what does it actually mean?
The cloud is the name given to the global network of servers that host data. So, when we say that data is stored in the cloud, we mean that it’s being stored on a remote server.
This setup means that you’re able to access your data from anywhere in the world, provided you have a stable internet connection. This is why the cloud is so useful for payment systems.
Cloud payments allow you to take payments on a variety of digital devices without the need for the seller or buyer (or their credit card) being in the same place. The nature of these payment systems mean that they’re convenient, flexible, and offer a seamless experience for buyers.
What Are the Benefits of Cloud Payments for Ecommerce?
The flexibility and seamless experience that cloud-based payment systems offer mean that they meet your customers’ payment needs. The party that receives the biggest benefits from cloud payments, however, is merchants.
1. Scalability
Most cloud-based payment systems are built using payment APIs (application programming interface). This means that they’re highly flexible and scalable. The building blocks that are used to create the payment systems allow them to be customized and expanded to suit your business needs.
Pay.com’s REST (that’s representational state transfer) API uses modular components that allow you to break the function down into various elements. You can then choose which resources you need on your website and easily adjust the setup as your needs change.
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2. Data Integration
As they’re remote and always on, cloud payment systems allow you to access and track sales and payment data in real time. Plus, many of these systems can also be integrated with your existing accounting, CRM, and other software. Both of these factors can help you to make more informed business decisions.
Data integration is also useful for designing a friction-free transaction process for customers. Understanding how and when you buyers shop is invaluable for making decisions that drive optimization and enhance the customer experience.
3. Built-In Security
Payments security is a major concern for merchants and customers alike. Although it may seem counterintuitive, cloud-based payment systems are actually more secure than physical systems. This is because most cloud payment networks have robust security in place to ensure that they comply with PCI DSS and other digital data security standards.
A further benefit here is the reduced burden of compliance. Adhering to PCI DSS and other standards can be difficult for individual businesses to achieve on their own. Enforcing the measures is often resource intensive, requiring specialist expertise and financial investment to execute.
How Do Cloud Payments Affect the Global Market?
The combination of technological advancements and global social developments over the past few years have driven major changes in the payments landscape.
Exponential increases in ecommerce shopping and a rising demand for contactless payments have accelerated the uptake of cloud payments by customers. This, in turn, has opened up new opportunities for entities of all types and sizes.
The rise of online buying means that businesses now have access to international markets. Cloud payments reduce the processing time involved with global payments, making cross-border remittance easier and more efficient for buyers and sellers alike.
What’s more, many cloud-based payment systems often boast strong security measures. This helps to protect businesses from fraudulent transactions and gives customers peace of mind that their financial information remains safe.
Cloud payments give businesses the ability to offer goods and services to a wider audience. On the plus side, this has created unmatched opportunities for global expansion and given buyers more choice in the products they buy.
However, there are some challenges. Although they can access more consumers, companies now have an ever-expanding list of competitors and need to invest more time in monitoring various markets.
Why Choose Pay.com as Your Payment Service Provider?
Pay.com offers a full-service payment infrastructure that’s based in the cloud. Our robust system allows you to accept online payments from customers across the globe via a variety of payment methods and track those transactions in real time.
Our features help you to accelerate your ecommerce growth:
- Multiple payment methods: Whether your customers prefer to pay with credit or debit cards, ACH transfers, digital wallets, or other payment methods, you can easily add these options to your checkout page.
- Customer insights: Our Pay Dashboard allows you to track every customer transaction so that you can make better business decisions that improve the customer experience and keep buyers coming back for more.
- Robust security: Pay.com has Level 1 PCI DSS compliance. What’s more, we use 3D Secure 2.0 to authenticate transactions to ensure that your business is protected from fraud and the costs that come with it.
- Seamless experience: Our developer-friendly API allows you to choose the resources you’d like to add to your website to ensure optimal performance and a frictionless experience that builds customer confidence.
The Bottom Line
Global trading is an excellent way to grow your ecommerce business and boost revenue. Cloud payments have paved the way for entities to sell their goods and services on an international scale without the hassle of drawn out cross-border remittance processes.
To ensure your business has the best chances of success in the global market, it’s important that you choose a functional cloud payment system that speaks to your commercial needs.
Pay.com is a powerful cloud-based payment system built with a modular API that allows you to customize the infrastructure to suit your needs. We’ve baked in robust security measures that will protect your business from fraudulent transactions no matter what payment methods your customers use.
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