Cloud technology revolutionized computing with its unique scalability, cost efficiency, security, flexibility, and unified architecture. As of 2023, 94% of enterprises use cloud services with 67% of enterprise infrastructure being cloud-based.1 Despite the ubiquity of cloud computing across the board, the payments space has failed to adapt.
Probably the biggest issue for most traditional payment processors is the age and complexity of their systems. Most were built on pre-internet infrastructure and hardware. This infrastructure is still carrying a significant computing load, making it extremely difficult for traditional payments players to adapt. The expertise required to simply run this old tech is diminishing. And the cost of converting that tech to a modern system is prohibitive.
But, that doesn’t change the fact that cloud payment processing could bring huge benefits to businesses who are already leveraging cloud technology for their enterprises.
Top Payments Challenges
In the modern competitive landscape, most businesses don’t have extra time to muck about with an ancient payment processor. Executives want plug-and-play solutions that just work. They also want solutions that can continue to evolve and innovate.
A recent PayiQ-sponsored independent study asked ISOs what their top challenges in payments were. Here’s what they said:
- Multiple application processes (43%)
- Increasing costs (38%)
- Lack of automated features (36%)
- Scalability (35%)
- Slow boarding process (34%)
- Inefficient to manage (31%)
The features these ISO leaders have come to expect are not earth-shattering. They’re simply asking for the payments space to get its engines in gear and offer the kind of solutions they’re used to getting from other solution providers.
The Benefits of Cloud-Enabled Payments
There’s immense value to utilizing cloud infrastructure for payments. First and foremost, the cloud is the gold standard in modern computing. Many of the best computing solutions available today are cloud-based—and more solutions will be built on the cloud in the future. But, outside of the obvious benefit of utilizing the best computing environment, the cloud also offers benefits specific to payments.
Unparalleled Scalability
For starters, the cloud offers unparalleled scalability. That means it’s easy to use more or less computing power as needed. This flexibility means that businesses with fluctuating payments needs can mold the processing solution more fluidly to their evolving business.
Being able to track this natural ebb and flow more consistently is a huge cost-saving center. And it’s not only valid for your business but for the processor as well—who may utilize more or less cloud space as needed and pass those savings on to the customer.
Unified Architecture
Another huge benefit of the cloud is its unified architecture. This unified cloud architecture allows complex processes like onboarding, risk assessment, and application management to be standardized. That means you can use one application for all clients and take everyone through the same onboarding process.
Not only does this save an immense amount of time, but it also significantly cuts down on technical headaches and operational complexity. The savings you recover from both time and technical difficulties are significant.
Automation of Back-Office Tasks
Finally, the unified cloud payment system has another huge benefit—it enables the automation of many essential payment management tasks. Because the onboarding process is simplified, it’s easy for a machine learning engine to automate it completely. This is true across many back-office processing tasks.
You can automate onboarding, risk assessment, chargeback management, agent residuals, fraud prevention, and more. Cloud-enabled payments make applying automation easy. This application of automation is yet another way that cloud-based payments technology saves businesses time and eliminates technical frustrations.
And—because cloud tech is the most sophisticated computing environment—the machine learning and AI tools that are leveraged in these systems are the most advanced available. Put simply, cloud-based payment processors are built on technology that’s innovation-ready. It’s an architecture that can keep up with modern business needs.
PayiQ Delivers Modern Cloud-Enabled Payments
PayiQ’s modern cloud-enabled payment processor was designed from the ground up to deliver on the promise of cloud technology. We’ve left no stone unturned and built a full-stack processor with rails to all the major card brands.
Our processor was designed with automation at the core. We automate onboarding, risk assessment, fraud prevention, chargebacks, and agent residuals. Each of these systems can be tailored to your unique clientele and their processing needs using our rules-based system.
As a true end-to-end cloud payment processor, we have unparalleled access to the payments flow. That means we can offer unparalleled real-time access to merchant data.
Our merchant dashboard lets you see payments as they happen across your whole portfolio. If a series of payments start to look a little suspicious, you’ll be able to track and watch the event in real-time. This gives you an extra measure of security and allows you to manage your portfolio more efficiently.
For ISVs, our system was designed with a simple cut-and-paste API that makes adding payments to your software service a breeze.
So, if you’re ready for the payment processor of the future, PayiQ has your bases covered. Our system will help you slash operational overhead and deliver the simplicity and usability that modern businesses have come to expect.
What are the main features of cloud-based payments?
The biggest gains that the cloud brings to payments are scalability, unified architecture, automation, and data access. But these features can only see their full potential if they’re being put to use by a full-stack processor. That’s why PayiQ is an end-to-end solution with rails to the card brands.
What is a hybrid cloud?
A hybrid cloud is a computing environment that combines both public and private cloud services. Many businesses utilizing the cloud today are building their system utilizing multiple environments. For example, they may have their data management system in Azure, a private server room for managing secure data.
PayiQ is designed to work with any business, no matter what kind of computing environment they’re currently using.
Embracing Cloud-Enabled Payments with PayiQ
Cloud-enabled payments are emerging as the future standard. The advantages of adopting cloud-enabled technology for payments are undeniable. Cloud solutions offer unmatched scalability, streamlined processes through unified architecture, and the automation of critical tasks.
PayiQ is leading the charge into this new era with a cutting-edge cloud-enabled payment processor designed to simplify operations, reduce overhead, and provide the agility and user-friendliness demanded by modern businesses.
Embracing cloud-based payments is no longer an option but a strategic necessity for enterprises aiming to thrive in this evolving payment landscape. Ready to get started? Reach out today to see how PayiQ can help you grow your business with our advanced payment processing platform.
Sources:
- “25 Amazing Cloud Adoption Statistics [2023]: Cloud Migration, Computing, and More.” Zippia, June 28, 2023. https://www.zippia.com/advice/cloud-adoption-statistics/.
