Why you should invest in cloud based payments this financial year

Cloud computing technology connectivity concept Businessman using mobile phone connect to cloud network.

If you’re looking to take your business to the next level in the 2018-19 financial year, now is the time to get your operations sorted and invest in business tools that are going to get you there.

A point of sale (POS) system is key to the growth and management of your business. Not only does it let you check out customers, record sales, accept payments, and route funds to your bank account, but the right POS should also help you move through transactions faster, make smarter decisions about your business, and address issues in real time.

Here is a low down on everything you need to know about cloud based payments, and why it could be beneficial for your business to transition to a cloud POS this financial year.

What is a cloud based POS?

A cloud POS is a web-based point of sale system that lets you process payments through the internet – without the clunky and expensive servers, or pricy software that makes you buy a new version to upgrade. Cloud POS systems process all payment transactions and updates online, rather than on your local computer.

Cloud POS software also stores your transaction and sales history securely in the cloud. And, instead of being tied to a countertop setup like a traditional POS running on a desktop computer, cloud POS systems can run on any device – including mobile tablets and smartphones. This makes it an ideal choice for businesses that need to be mobile (such as food trucks, pop-up stores, and tradies).

What are the advantages of using the cloud?

With distinct advantages over traditional server-based payments systems, it’s no coincidence that so many small and medium-size businesses are now choosing to use a cloud POS. Traditional server-based POS systems can be costly, due to their hefty setup and licensing fees. Then add in the expensive hardware and monthly maintenances fees needed to maintain the security and software of back-office servers, and your bill is getting steep.

But newer POS systems are cloud based, lowering the costs of the system while improving security, scalability, and uptime. There are generally no annual maintenance or support fees associated with cloud based POS software either – and because software updates are as easy as updating the app on your phone, you can rest easy knowing you’re taking payments with the most current version.

Is it secure?

Having solid security measures in place is crucial to keeping your business and your sensitive customer information safe. That’s why running a cloud-based POS is as simple as it is secure, with logins tied to your own self-nominated credentials. Advanced security features, like two-factor authentication and employee access controls, can also be enabled so you’re always in control of who has access your business account at any given time.

Operating a mobile cloud based POS provides small business owners with unparalleled mobility and simplicity. And great systems don’t have to cost you a tonne of your hard-earned money either!

Ben Pfisterer, Country Manager, Square Australia