Cloud Payments: What This New Era Means for Your Business

Cloud solutions have taken the world by storm recently. In light of the remote work and online shopping trends gaining popularity, cloud payments just make sense. However, each business has its own unique challenges.

As cloud payment processing gains momentum, it’s important to take a step back to assess. Here’s what cloud payments can do for your business.

Cloud Payments Make Scaling Easy

Few corporate-level solutions are feasible for small and medium-sized businesses. But that seems to be where all the benefits lie: bulk orders mean bigger discounts; huge workforces mean high volume production and revenue. The list goes on. But with cloud payment integrations, your business – regardless of where it falls on the spectrum from multinational corporation to mom-and-pop business – can take advantage of payment solutions that will expand, contract, and change just as your operations do.

The global real-time payments market value was $10.6 billion in 2020, with an expected growth of 33% between 2021 to 2028. Contactless cards and account-to-account transactions are leading the pack post-COVID.

And your business’s success depends heavily on the payment systems you choose. With cloud payment processing, you can easily take advantage of dynamic scaling: the process by which payment and transaction volumes can be accommodated in a flexible manner.

Streamlining your payment systems is an important part of your continuity strategy. Having your payments spread out across multiple apps, websites, software, and financial institutions isn’t likely the targeted approach you’ll need to maintain the ability to scale dynamically. Year over year, you navigate peak seasons, slow months, and other events that affect your profitability.

Cloud payments can make this process easier and less involved for you and your staff.

Cloud payment processing systems can also handle many different types of transactions. With the rise of these contactless and account-to-account transactions, the focus is less on credit and debit cards and more on hands-off and automatic payments.

Involves Less Hardware

Many industries are experiencing supply chain shortages because of the rolling COVID shutdowns that took place in 2020 and 2021. That includes certain hardware and computer chips.

Cloud payments don’t need a bunch of new hardware for you to get started. You can forgo these costs and use that to bolster other business ventures.

The payment trends that were started during COVID are sticking around. Contactless payments are still going to be the preferred payment method for 74% of US consumers, even if the pandemic ended tomorrow.

Outsourcing Made Easy

Fintechs are another hot topic in the payments industry right now. Partnering with them to create streamlined payment solutions for your clients, suppliers, and even your business’s expenses can help with scaling and efficiency.

Companies like ReliaFund already have systems created for you to take advantage of – you can process payments that range from ACH to credit cards and even checks.

Just because you or your partners are in business for yourselves doesn’t mean you have to do everything alone. Outsourcing your payment system o a central software like ReliaFund can create easier processes for your business, while still allowing you to keep track of real-time transactions,  payment trends, and other analytics-based insights that will benefit you in the long run.

Real-Time, Secure Payments Through Cloud Integrations

The obvious advantage we haven’t touched on yet is the speed of real-time cloud payment processing. The fast, frictionless process creates lower barriers to entry and allows for more accurate account information day to day and minute to minute.

Offsite data storage via cloud integrations also means that your payment information is stored securely. ReliaFund’s security and storage features ensure that you have access to free automatic product upgrades. We also utilize tokenization to securely store your customer account information.

Fraud and ransomware attacks are becoming more frequent as everyone moves their processes online. Keeping your customer data safe not only helps your bottom line but also improves your business’s reputation. The safer your processes, the more comfortable your customers and vendors are doing business with you.

Cloud Payment Systems Lower Costs – Boosting Innovation

Transitioning your payment system to the cloud also means more room for innovation.

Cloud integrations are cheaper than building and maintaining your own digital system. And that means it will be easier for you to pivot some or all of your business offerings and build them into an online store or digital marketplace.

Even if most of your primary business dealings are offline, having an online presence is essential to reaching customers quickly and serving them well. And by outsourcing your payment platform to an established one like ReliaFund, you can save money while still capitalizing on the best payment solutions platforms available.

ReliaFund – Your No-Sweat Cloud Payment Provider

With ReliaFund, you can integrate a payment gateway API into your website and accept any type of payment online. Our platform integrates both with common platforms as well as custom applications.

Here at ReliaFund, we also pride ourselves on our service. As your payments partner, we want you to feel comfortable reaching out any time you call. We have a highly-skilled member of our team ready to answer all your questions.

Schedule a consultation today to learn more.

Cloud Payments: What This New Era Means for Your Business