Cloud computing is far from being a fad that will join the likes of the Tamagotchi digital pet or the furby. The benefits of the service have some IT professionals believing it will be ranked along with email and phones as an essential company tool.

Even the retail market is not immune as cloud-based point of sale solutions are picking up speed as a top system for many organizations. The growing use of mobile devices as a cash register have merchants seeking to embrace the cloud.

A recent Entrepreneur article features an interview with Jason Richelson, a New York-based payment industry expert. In the conversation, Richelson laid out the benefits of the cloud, including cost effectiveness and ease of migration.

"The best cloud-based services have iPhone apps with live sales data at your fingertips, and all of them run web-based reporting that lets you manage your store's POS from anywhere," Richelson said. "Next are instant upgrades. Your cloud-based POS provider keeps you on top of new technologies and of security requirements you'll need to implement over the next few years."

He also added that loyalty programs, gift cards, payments and rewards are all easily integrated into a company-wide system that can be accessed at multiple locations from a variety of devices, keeping everyone on the same page.

With the help of a payment solution provider, any merchant can implement the latest solutions and improve the options they present to their customers, while taking their operations to a new level..