For businesses that largely transact online, data takes center stage in driving business growth. One of the most powerful types of data at a company’s disposal is payment data. It is something that is often overlooked and under analyzed. Using payments orchestration to collect payment data and analytics tools to analyze it, you can transform your payment data into actionable insights, catalyzing business expansion and success.
Defining Business Payment Data
First off, let's delve into what business payment data is all about. It's information that's generated with every financial transaction processed through your digital platform. This data is made up of transaction amounts, payment methods, success and failure rates, customer specifics such as demographics and purchasing patterns, and a lot more. Analyzing this data provides businesses insights into financial health, customer preferences, inefficiencies in payment processing, and new opportunities for growth.
Business payment data also plays a pivotal role in compliance and reporting. It helps businesses maintain regulatory requirements such as PCI compliance. The granular level of detail also helps with resolving disputes, reducing credit card fraud, and enhancing the overall security and integrity of a payment stack. Business payment data is the “one source of truth” that can inform decisions and assist with the growth and success of your business.
Collecting and Visualizing the Data
Collecting payment data is essential for all businesses and non-negotiable for businesses who handle a large volume of card not present transactions. Data coming from multiple different sources such as gateways, payment processors and partners can get messy. Having a unified data approach including collecting, storing, and creating analytics and visualizations, like those provided through payments orchestration, will transform this raw data into actionable insights.
These insights provide guidance on not only how to optimize your payment stack but also allows you to benchmark success against industry standards, enhance efficiency, reduce fraud, and ultimately fuel growth. The significance of collecting business payment data goes beyond financial reporting and becomes a strategic asset for business growth and success.
The Impact on Your Business
Business payment data isn't just a spreadsheet with numbers, it tells a story about your customers and their transactional behaviors. The story is complex, but it can be simplified so that you can accurately measure performance, predict trends, and make data-driven decisions. When visualized correctly it allows you to see your customer's preferences, products or services that are resonating with them and gives you the ability to easily identify areas of improvement or expansion.
The continuous monitoring and analysis of payment data also allows for proactive responses to market changes, ensuring that your business stays ahead of the competition. Imagine being able to see demand decrease in a certain region before you allocate additional servers, that's an insight that directly affects the bottom line. Whether it's adapting to a sudden shift in consumer behavior like streaming platforms taking over a bigger market share than cable in 2022 or identifying new avenues for growth, business payment data is an invaluable tool for constructing a business strategy.
Begin leveraging your payment data today with Spreedly's payments orchestration solution.
Ways To Use Business Payment Data
Now that we've established what business payment data is, how to collect it, and how it can impact your business, let's go in depth on a few examples of how it can impact business growth.
Uncovering Transaction Anomalies - Inconsistencies or unusual patterns in payment data. By identifying these early, businesses can manage risks, detect fraud, and ensure a smooth payment experience.
Optimizing Payment Methods - Optimizing payment methods involves enhancing various payment methods and channels to provide a tailored payment experience. Use payment data to help determine which methods are most successful in which cases, and what local or alternative payment methods may be additive to your payment method strategy.
Supporting Orchestration Strategy - Adding, testing, and refining an approach to using multiple payment gateways can be a complex task. Having detailed data on these gateways, their performance, and how to tailor your approach reduces this complexity and helps refine your orchestration strategy.
Improving Transaction Success - using payment data on which payment methods, via which gateways, in which scenarios have the highest success rates will allow you to set specific rules and routing scenarios to drive higher transaction success rates.
Refining Geographical Targeting - Geographical targeting means adapting offerings and payment methods to the unique needs of customers in specific regions.
Data-driven Decisions in Action
Imagine "Streamly," a subscription-based online video streaming service, facing an unusual pattern in their transaction data. Spreedly's analytics reveal a sudden increase in subscription cancellations in a specific region. Thanks to the comprehensive payment data, Streamly promptly investigates and uncovers an issue with a local payment gateway, addressing it quickly to avoid further revenue loss.
Capitalizing on Emerging Trends
On the flip side, Streamly's payment data uncovers an unexpected uptick in demand for documentaries in another region. The platform's analytics allow them to recognize this trend, realigning marketing efforts to capitalize fully on this emerging demand, offering bundled documentary packages, and even acquiring new content in the genre.
Elevating Customer Experience
Payment data also enables Streamly to enhance the customer experience. For instance, when analytics revealed that a specific mobile payment method was highly popular among a segment of their younger audience, Streamly expanded its availability to capture some of the $14.2 Billion streaming market in the United States. The result was a more convenient transaction process that resonated with a key demographic, boosting overall customer satisfaction and retention.
Enhancing Strategic Ability
For Streamly, payment data is not just a static record; it's a continuous, dynamic reflection of the business. When analytics flagged a surge in transaction failures across a newly integrated payment gateway, they didn't just observe it; they acted. Traditional approaches might have led to delays and lost revenue. With Spreedly’s data analysis tools, these anomalies were identified and fixed in real-time, minimizing customer dissatisfaction, and maximizing the subscription retention rate.
Looking to transform your payment data into a growth engine? Discover the power of Spreedly's Payments Orchestration solutions today.
The Power of Payments Orchestration
Payments Orchestration is more than just consolidating payment gateways and methods; it's an avenue for capturing and analyzing rich business payment data. This system not only ensures efficient transaction processing but also offers a granular look into payment behaviors and trends. By orchestrating payments, businesses can seamlessly gather, interpret, and act on their payment data, leading to informed strategies and improved financial outcomes.
Advanced Dashboard: Your Control Center
An effective payments strategy depends on having complete visibility into your data and transactions. The complexity of your payments stack can be overwhelming, but with Spreedly’s advanced dashboard, you can easily spot opportunities to gain efficiency. Our advanced dashboard tool is powered by our standardized data model to provide a ready-to-build workspace for reporting and analytics. Create custom reports and dashboards that can be easily shared with your team to help drive decisions and track success for your payment orchestration approach.
Data Explorer: Your BI Strategy Powered By Spreedly
In addition to a ready-to-build advanced dashboard tool, Spreedly offers our Data Explorer tool which gives you the ability to connect your own reporting and analytical tools to our data warehouse. Data Explorer gives you the flexibility to utilize your existing business intelligence resources, powered by the same standardized data model as our dashboard, to make informed decisions about your payments strategy.
Collecting and utilizing business payment data is a necessity for businesses seeking to grow and optimize their business while making a direct impact on their bottom line. By using Spreedly to enable and visualize business payment data through analytics, you can realize the value of your payment data, and turn it into actionable insights that drive growth.
Take the first step towards data-driven growth. Talk with a Spreedly expert about our advanced payments orchestration platform today.