Payment analytics allows you to use existing data and compare with the events taking place in payment processing. In the payments industry, analytics is essential to improve service quality, productivity and cash safety. Analytics takes into consideration customer behavior and supplier risk profiles.
By processing the history of customer transactions, you can form a certain model of customer behavior. This will show the nuances that require possible improvement. Also, analytics, for example, the service https://corefy.com/analytics, shows customers’ preferences, their location, preferred currency when making payments. Given these data, the enterprise better understands:
- what payment methods must be additionally included;
- what products might need to be added;
- at what cost to offer the product to minimise bounce rates.
To carry out non-cash payments, modern sellers connect a banking service called acquiring bank, also known simply as an acquirer, to their business. It allows you to receive payments from customers using bank cards, make non-cash transactions, and accept electronic digital payments.
Conversion rates for each currency may differ. This is especially true for acquirers who carry out financial transactions in several currencies. Acquiring banks can work well with US dollars, but still have issues with transactions in euros. Analytics and processing of this data allows you to track changes and change your payment decisions.
Analysis of transactions
Any data about online transactions has its origin. This allows you to track possible causes of rejections, retries, and failures. Tracking transactions also allows you to find out the reason for complaints that disgruntled customers may make in connection with the purchase of a particular product. By tracking down the desired transaction, the seller can solve the problem of a disgruntled buyer.
Analytics in online stores
As a rule, analytics is not a separate function, but a component of an extensive analytical program. Online sellers are able to use the dashboard, for example, in the service https://corefy.com/integrations/payout-methods with which they can track customer transactions. Information is tracked in real-time.
Integration of analytics into an online store allows you to get a complete picture of the client’s preferences and payment methods. This contributes to increased sales.
Monitoring fraud with payment analytics
Analysis of payment data allows you to check and identify suspicious transactions in order to protect the business by their subsequent blocking, as well as blocking such authorizations in real-time. These security measures are able to protect sellers from fraudulent transactions originating from multiple channels at the same time. One of the methods of combating fraud is data encryption during transactions.
Integration with platforms that provide payment analytics is a common innovation today. This integration can improve the efficiency of the company. Analytics allows you to better manage specific areas and make safe decisions to improve them in order to increase revenue.