Payments Orchestration

Spreedly Solutions Stack: Analyze Your Payments

Utilize analytics to enhance your payments

Written by
Peter Mollins
Publication Date
July 26, 2022
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In order to maximize your customers payments you must possess the necessary insights to understand their transactions precisely. Robust reporting and analytics equip you with the tools needed to gain full awareness of how aspects like latency, success rates, and more are preforming. Ensuring you stay ahead of these critical aspects can help you fine tune your payments strategy while maintaining your industry leading position.

Payments Orchestration

Let's talk about how to analyze your payments in order to optimize your payment strategy. But before we do, let's take a step back and talk a little bit about payment orchestration. What is payment orchestration? Payment orchestration is the idea that a diversity of payment services enables you to construct a payment strategy that's optimal for your particular business. After all, your business is unique. Your customer journey is unique. You sell different products than others. You're in different markets than others, and the customers that you serve are also different than other companies. Your payment strategy needs to be unique and tailored to your own special business strategy.

Your payment strategy is the heart of your digital business and at the heart of your customer experience, and you want that strategy to constantly evolve and improve as your business grows and your business changes. And that's why insights into your payments performance and how well you're doing relative to your peers is so important. Spreedly lets you measure and monitor transactions across gateways to understand where you can optimize and which services that you want to select as part of your portfolio. We combine reporting tools to let you see how your payment strategy can improve, plus the flexibility to adapt and shift and pull in new payment services as your needs change over time and based on that insight you can collect using the Spreedly platform.

Payments Orchestration Analytics

How does that fit within the broader context of payment orchestration? Well, payment orchestration is all about adapting your business strategy and your payment strategy to support emerging needs. And by using data, you're able to uncover new ways that you can adapt in order to optimize transactions, improve success rates, get to market faster, and have the best possible customer experience. Analytics are at the core of helping you to make a better decision. One Spreedly customer, Omicron Media, uses Spreedly's payment orchestration analytics to improve their payment strategy. They find that with a common set of APIs and a framework that they have better visibility across providers.

And that gives the finance and payments teams the power to compare fee structures and authorization results and more and decide which gateways to use. It also enables developers to dive deep into transactions to understand why they were approved or not to improve their overall payment strategy and payment systems. To optimize online payments, you need deep insights into your transactions. You want powerful analytical tools and reports that help you to understand your success rates, your latency, and more so that you can compare different payment service providers. Spreedly gives you and your payment teams an interface for you to view, measure, and analyze payment performance across your business.

Spreedly Dashboard and Reporting

The dashboard provides a wide range of analytics, insights, and lookup capabilities for all of your transactions. And that lets you continually optimize your payment strategy and grow your revenue. Now, you may want to dive even deeper. You want to stay on top of transaction success rates across your payment gateways, and that can help your developers to fix issues and generally tune your application. Spreedly's reporting capabilities allow users like developers to dive deep into the results of individual transactions, payment methods, and their performance. You can even link metadata with payment records to better analyze transactions from a business perspective.

And that allows you to constantly improve your payments applications and strategy. How well do your transaction success rates compare to the industry? Are your payment latency rates good for your customers? To strengthen your payment strategy, you need to compare your results with other merchants, other platforms, and your peers. Spreedly combines of vendor independent position across hundreds of payment services and billions of transactions each year around the world. And that means that our perspective is an unmatched one for gateway performance. Our customers are able to take advantage of that rich cross provider data set in order to optimize their payment strategy and select which providers to use.

Click here to learn more about how Payments Orchestration supports reporting on your payments!

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