Integrated payment systems are becoming common among software providers. Some companies are now starting to find innovative and new ways to make their business services stand out from their competitors.
For instance, using payment data is an excellent opportunity that can help you grow your business and position it among the top in your industry. Moreover, payment data and the update frequency can also improve your insights and reporting.
So let’s find out how you can use this to grow your business.
● Identification of payment trends among several locations and channels
When a business has an Omni channel presence, it has multiple locations and thus has more data that needs processing. This will further signify the benefits of data consolidation and payment analytics.
You can use this data to create heat maps that identify trends by region, store, in-store versus online, and others. For instance, you might discover that your customers in some locations prefer mobile payments while those in other places like contactless credit cards.
With these insights, you will be able to make informed decisions on the types of equipment you need to purchase for each location. It will also ensure that your customers can use their preferred payment method.
You can find an example of such services at HPS-Worldwide.com. They have a comprehensive payment solution that covers the whole value chain.
Additionally, they enable innovative payments through omnichannel solutions, which allow transaction processing from any channels initiated through any means of payment. So, you can use the data obtained from such payment services to grow your business.
● Reasons for payment failure
When you can analyze the reasons for your business failure, you can set up your company for growth. In addition, troubleshooting problems before they occur gives your customer a hassle-free and streamlined payment experience.
With payment analytics, you will also get recommendations on tackling the top reasons for failure, which can make customer retention easier.
● Success rates
With payment data, you get to know the details on both channels (website and app) and the platforms (iOS and android). With this data, you can target areas of improvement which can lead to increased customer retention and higher conversion rates.
In addition, knowing the app device and version that performs very well can also help you see the return of investments (ROI) from different channels so you can make better and informed decisions.
● Benchmarking your performance
With payment analytics, you can get the historical trend of success concerning the transaction amounts. With this information, you can track your performance and compare it with those leading the industry.
This result will make it easier and quicker to know whether you need to either make some changes or continue using your current strategy.
Conclusion
Today, payments are at the forefront of business growth, performance, customer experience, and revenue generation. So, if you intend to grow your business, you need to redefine how you use payment analytics since they can be a competitive edge in yielding significant bottom-line results.
Leveraging payment analytics is beyond monitoring if you’ve been paid or not. Instead, you should look for other payment-related trends and key performance indicators such as payment types, chargebacks, frequency, amounts, etc. When you do this, you are gauging the health of your business to find easy ways to improve or grow.
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by Sophie Andersen