Cloud POS Solutions: Benefits and Importance for Data Security

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In a world that’s going digital in every way, cloud-based POS solutions are the next logical step in facilitating convenient and secure transactions between consumers and businesses. Traditional or “legacy” POS systems store data on a local server and require a technician to set up the hardware, firmware, and solve any other issues that might pop up – but with the power of the cloud, all of this has changed significantly:

Data Security Is Key

To understand cloud-based POS systems you need to know how data is handled by machines and software. Card transactions are encrypted through complex algorithms and processed between the cardholder and the bank or service provider.

However, this software needs constant updates to stay afloat and prevent the rising number of ways that hackers can decrypt and obtain your card information. Traditional POS terminals can’t be updated over the internet. Instead, you need to call a technician and update everything manually. It’s a tedious process and you can lose money during this time where you can’t process payments.

This is why cloud-based POS systems are much better. You can get all the updates instantly over the internet. And you can also schedule those updates to your needs. Let’s say your shop is open until 10 in the evening. You can set the terminal to update itself after hours so that you won’t lose customers while the software isn’t working. It’s the one key thing that makes cloud-based solutions much more secure than traditional means.

Access from Anywhere

Any entrepreneur knows that problems can arise even when they’re on vacation. Or that you might need to look over stocks, transactions, and other data to help your team make level-headed decisions. Fortunately, a cloud-based POS allows you to access all of that data from anywhere in the world with only two things: an internet connection and a reliable web browser. It doesn’t matter if you’re on your phone, laptop, or tablet. As long as you know your username, password, and login token, you’re good to go.

Payment Flexibility

With the rise of blockchain and cryptocurrencies, people are getting used to the idea of paying however they want. Classic POS terminals only accept debit or credit cards, and some only accept one currency. Cloud-based POS terminals, on the other hand, can be configured to accept a wide variety of payment methods. Add to that the layer of security that we’ve discussed earlier, and both you and your clients will have a better time knowing that both your data’s safe.

Ease of Use

With classic keypad POS terminals, navigating the menus isn’t hard, but it is tedious. New cloud-based systems feature touchscreens with a well-designed UI that makes navigating through all the options seamless. They even allow you to input credit card details manually in case one of your customers wants to make a payment via the phone. Also, in case of an error, you have the option to contact support straight from the terminal, so you don’t need to waste time waiting for a technician to come over unless it’s strictly a hardware-related issue.

Final Thoughts

The future looks bright when it comes to payments. Convenience is the key to keeping customers satisfied and making them come back to your store more frequently. Cloud-based POS solutions are here to stay, and some experts claim that they might replace legacy POS terminals entirely within ten years or so.