What are Cloud-Based POS Systems and What are Their Benefits?
By Space Coast Daily // August 12, 2020
Unless you’ve lived under a rock for the past couple of years, you’ve probably heard the term “cloud computing” or “cloud service” tossed around countless times.
If you’re still unsure of what these terms refer to, it’s basically a fancy way of describing two or more devices connected through the internet.
These devices store, manage, and transmit information through a third party’s server (AKA the Cloud).
Using a cloud-based solution brings numerous advantages to many aspects of business and even to personal lives. Today we will be focusing on cloud-based POS systems and how they can help you accept payments and keep track of transactions far more easily than ever before.
What Is a Cloud-Based POS?
Imagine a classic POS that is connected to the internet and that can do much more than just process transactions.
They offer real-time access to stored information, and they present it in a digestible format. A cloud-based POS can offer you access to everything money-related regarding your business no matter where you are. All you need is a browser. Sounds good? Let’s get to the advantages in detail.
Traditional POS terminals often run outdated software that can be compromised fairly easily if a person with malicious intent has some basic hacking knowledge.
Cloud-based POS systems, on the other hand, receive constant security updates and fixes that make it much harder for an attack to succeed.
The high-end encryption and tokenization turn each transaction into a seamless process with complex code that changes every single time.
In short, a brute force attack would require years and years to take place, and by that time, the transaction can’t be modified.
Convenience and Data Storage
Not long ago, if you wanted to upgrade a POS terminal’s firmware, you’d have to call the provider and they would need to either replace the hardware or go through a tedious process that involved wiping most of the data.
With cloud-based POS terminals, things have changed dramatically. Updates get pushed through the internet and you can schedule said updates at whatever time is best for you.
That way, you can run your business as usual throughout the day, and when it’s time to close, the POS will update automatically.
Get In-Depth Analytics from Anywhere
Business people need to tend to their business even when they’re on vacation. As such, having a way to access all the transaction data and see the performance metrics would be ideal.
Fortunately, a cloud-based POS does just that. You’ll no longer require your accountant to work on tedious tasks because the system does that automatically.
It also offers you a look at inventory, allows you to send invoices, and even gives you the ability to accept transactions over the phone.
Since the entire system is connected to the cloud and you can access it from your smartphone, you’ll also be able to contact customer support directly from the platform.
So if any problem occurs, you can rest assured that most times it will get solved until the next business day and you won’t lose any money.
One Device Can Do It All
A simple card reader is all you will need in most cases. Depending on your business model and legislation within your area, you might not even be required to have a cash register.
You can maximize physical space and still allow your customers to pay with debit or credit card, regardless if we’re talking about magstripe, NFC, or EMV cards.
Furthermore, you can even customize the software to accept cryptocurrencies or other payment methods, like PayPal.
The Bottom Line
Small businesses and corporations alike can benefit greatly from a cloud-based POS solution. The world is going digital at a fast pace, and it makes sense to offer customers and yourself all the advantages that cloud computing can offer.
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