What are the Benefits of Cloud-Enabled Processing?

By Tom Byrnes, SVP, Marketing, PayiQ

Cloud architecture has made complicated database computing tasks more accessible and unified for everybody. But, until recently, it’s been an open question for many whether the cloud can be a disruptive force in the world of payment processing.

Most big processors that are active today were designed and built in the pre-internet era. For these players, their outdated infrastructure has become a significant barrier to innovation—often requiring significant capital investment and specialized expertise to update.

With the rise of cloud technology, computing capabilities have taken a huge leap forward and businesses can leverage data architecture and computing services that are optimized for scalability and security. That means a new processor that utilizes a cloud-enabled design has a more powerful, secure, and future-proof platform upon which to build their system and services.

That’s why PayiQ is building a cloud-enabled processor. The PayiQ platform will live on a distributed network designed to bolster uptimes beyond the capabilities of other processors. If one node in our system fails, we don’t lose any connectivity or the power to process.

PayiQ is also utilizing cloud technology to provide immediate access to all the information and data passing through the system. That’s because the PayiQ system doesn’t just process payments, it processes the whole order. We capture all elements of the transaction, including every line-item on the receipt.

This data capture changes the game for payments resellers and merchants alike. For the first time, it can be leveraged in real-time with our user-friendly dashboard that displays payments being made at merchant locations as they trickle in throughout the day. This gives both resellers and merchants an entirely new way to view their data, make it instantly actionable, and optimize the way they operate.

Having instant access to this data changes the game, but only when the data is properly secure. That’s why PayiQ has built its systems using the advanced security protocols available on the cloud. All data that contains personal information is automatically converted into a secure and anonymous token. This allows the reseller or merchant to freely move their data across all internal channels without security concerns.

But data is not the only big innovation we’re building. One of the most promising aspects of cloud architecture are machine learning, AI, and automation systems that can be used to accelerate and optimize the efficiency of outdated processing procedures. This includes combining real-time data with machine learning algorithms to build an automated system that detects potential fraud and makes real-time decisions determined by a rules-based engine.

We’re also automating merchant onboarding on the cloud to improve revenue generation by ISOs and ISVs. The computing architecture is unified and modernized, so it’s much easier to build an onboarding system that’s automatic and streamlined without sacrificing a reseller’s ability to mitigate risk. Additionally, we’re using automated systems to fight chargebacks and calculate agent residuals—which means no more wasted resources on manual residual calculation.

The sky’s the limit with the unified architecture, real-time data, and automation enabled by the cloud. That’s why PayiQ is working to be the industry leader in processing innovation.