The ability to have payments processed is vitally important to modern businesses. Without it, we would be back to the days of old-fashioned cash registers and first-generation credit card transactions that didn’t involve electronics. The advent of swipe technology and the growing payment processing industry has helped both business and consumer flourish. As with any growing business, the payment processing industry has gone through many breakthroughs in technology in recent years. The newest breakthrough is the cloud and how its’ impact has helped the industry grow even faster.
The biggest threat to a payment processor is threats to its’ security and data. In the days of old, anyone could look at a receipt with the card imprinted onto the receipt (rolled through ink) with the numbers showing for anyone to copy down. The advent of the digital world has cut down on this behavior by removing all but three of the last numbers on the receipt. But with modern technology comes modern ways for thieves to capture these numbers digitally by breaching data at the source. This is where the cloud’s security features comes in with everything being stored on the cloud. Data breaches are virtually eliminated with no way to hack into the source.
A payment processor is only as good as its security and by using a cloud-based model to control things, utilizing the cloud is paramount for a payment processor to succeed in today’s business world.