Electronic payment systems may incorporate cloud technology in the future
June 19, 2013

Companies across the country look to integrated payment systems to offer customers several purchasing methods. As technology advances, small- and medium-sized enterprises may start to see cloud-based software begin to merge with electronic payment systems. Many purchasing platforms already offer cloud-based accounting software, but a recent study found more companies are adopting the cloud. With SMEs moving toward a digital future, retailers that accept credit card payments should think about how they can integrate their platforms to maximize their revenue stream.

SMEs invest in cloud technology 
North Bridge Venture partners, a venture capital firm, and GigaOm Research, a cloud technology company, surveyed 855 businesses and information technology professionals on the future of cloud computing.

The cloud is a network of servers and is often used as another term for Internet storage. The technology allows organizations to archive and access information outside of traditional hardware. According to EBN Online, the cloud is set to transform electronic payment solutions because of its infinite potential to track customer transaction history and monitor check payments.

Seventy-five percent of participants said they employ a cloud platform in their business. Last year, only 67 percent said the same. Taking previous projections into account, the study estimated the market for the Internet feature will reach $158.8 billion by 2014.

With the continual rise of cloud use in business, SMEs are using the technology in various ways. The survey reported one of the main drivers of the platform's adoption is being able to manage the delivery of services. The technology also provides mobility for SMEs, as smartphones and tablets with Internet access are able to access the cloud. 

David Card, vice president of research at GigaOm Research, said the innovation may generate more business for users as the technology becomes more affordable and may allow them to integrate software into one portal.

"Technology buyers expect cloud adoption will make managing IT increasingly complex, yet the plurality also expect overall better cost of ownership," Card said. "That's either wishful thinking or an intriguing opportunity for suppliers and systems integrators."

SMEs may be able to merge their electronic payment systems with the cloud in the near future if they have not done so already. As companies leverage the cloud's benefits, the online platform may offer enhanced opportunities for companies to integrate their software into one portal, such as Sage Exchange.

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