Being engrossed in simple payment methods, it seems that we have forgotten how the transaction mode has changed and affected our daily lives. Initially, the process was a trending aspect that maintained the ongoing business processes. However, the upgrade was exceptionally fast that brought a remarkable change in the payment medium – the transition from physical currency to digital payment mode.

If you look back at the past decade, the growth of cloud technology has been astounding. The year 2019 saw a growth of approximately 17.5%, which configures a total of nearly $215 billion. Despite such an emerging trend that is perceived and used by almost everyone, the cloudification of payment systems have not sat fit with most businesses.

The skepticism is seen as a tangible element due to a number of vague ideas and myths. Let us take a look at some of the prominent myths that exist as roadblocks in the gateway to this advanced payment system.

Breaking 5 Misconceptions of Cloud Payment System

1. Cloud Kills IT Jobs

It is no doubt a pervasive myth that the inclusion of the cloud payment system removes the IT people from their respective jobs. Although the switch from an on-premise system to a cloud-based system is a huge changeover, we need to keep in mind that it is not responsible for the downfall of the people working in the IT department.
They can easily upgrade their knowledge and manage data center and network security, hand in hand with the cloud provider. This ensures that the IT staff members can direct their focus on projects of utmost priorities, driving the business forward.

2. Breach Is Easy In Public Cloud Platform

One of the major hurdles halting businesses from choosing cloud payment platforms is the belief of easy breaches. The pre-conceived notions generally point out to substandard security and data protection advances. Such lingering thought abstains those doubtful corporations from attaining cloud-based payment systems.
However, the reality is completely different from the misconception of an insecure cloud platform. If seen through comparative grounds, cloud-based payments platforms are safer than the generic on-premise installations. On-premises are that software, which runs on the systems (computers, laptops, etc.) on the organization’s premises. The rate of cyber threat is higher in the case of on-premise platforms. Contrary to that, cloud-based data storage systems have a number of security controls and frameworks. Authentic cloud service providers ensure that the data is encrypted for both transit and rest. The best thing about a cloud-based payment system is that they provide the encryption keys to the customers and working on dedicated private lines.

3. Maintaining Cloud Is A Wallet Burner

Contrary to this belief, the ownership cost of the cloud is way less than the anticipated amount. Added to this, the hardware cost related to a cloud system is also less if companies opt for subscription-based models. One of the attractive features of inculcating cloud systems is the elimination of individual investments made by different corporations.

In simple words, with the help of cloud service providers, companies can easily spread their investments over several clients without burning their pockets.

4. Cloud Migration Consumes Ample Time

Relied on certain aspects like outdated servers, this theory can be considered true. However, almost every organization working with real-time software support won’t be facing such issues. The current cloud servers are not the only expert in imparting excellent service but are efficient in migrating data smoothly and with the lowest possible downtime.

5. Payment Transition Is Difficult Via Cloud

This is one of the absurd myths regarding the cloud payment system. Where most of us use online services to book a cab or order food daily, this myth has no place in reality. The payment transition to the cloud is quite easy with a software connector. Deployment of cloud-based payment solutions requires a fraction of time compared to on-premises systems. Cloud technology ensures that the payment automation for every sized business is adaptable and scalable.

With the ongoing digital transformation that is evolving on a daily basis, the cloud is constantly proving itself to be a fundamental pillar. The present-day consumer expects nothing but the best and the most secure system for their transactions. Apart from following the latest Accounting Practice with Cloud for better accounting growth, it is advisable for organizations not to fall for such misconceptions and try the cloud payment system to increase a fast-growing consumer base.