To remain competitive in the 21st century, most merchants have to go digital. It’s rare to find a niche in an industry where Big Data hasn’t left its mark, and money lending is one of those. Thanks to recent advancements in technology platforms, customers can now initiate transfers from the convenience of their phone and businesses have better visibility than ever before.
Before you hop on the mobile processing train, however, you need to develop the right mobile lending strategy that incorporates payment processing analytics to give you the visibility you need. See how financial reporting tools can transform your mobile processing strategy and drive the right recommendations and decisions for your business.
Payment Processing Analytics At Your Fingertips
Within mobile payment processing, there is a significant amount of data available that can help inform decisions. So, how can you capture all this information and use it to your advantage? Through payment processing analytics!
With an increased insight of data, you can develop analytics-driven strategies that lead to a better experience for your consumers and improved profitability for your business by cutting out inefficiencies. Without real-time data analytics on your electronic transactions, whether mobile or not, you could react to what was happening weeks ago rather than what’s impacting your bottom line right now. Payment processing analytics accesses the data that actually matters to your business - so you can start impacting your bottom line and customers.
All this data can be accessed conveniently and wherever you may be. With the right financial reporting tools, you can receive real-time views of every datapoint that matters to you from the ease of your laptop.
Make Data-Driven Decisions Based on Financial Reporting Tools
Payment processing analytics can deliver the data you need to make the most informed decisions. Financial reporting tools can expose trends and inefficiencies you otherwise would have overlooked, but are negatively impacting your bottom line. For instance, these tools can help you:
Benchmark Against Your Competitors
Compare your data with that of your competitors to see where there are inaccuracies. Financial lending tools can reveal valuable customer information, such as spending per transaction, percentage of return purchase and volume. By pitting your data against the competition, you can see where you may be lagging or areas where you are effectively competing well.
Data analytics offers chances to reduce fees and charges, saving your bottom line. For example, data patterns can assess the chances of transactions resulting in chargebacks. Chargebacks can result in loss of revenue, but payment processing analytics can reveal deviations that can point to potential forced transaction reversals. Preventing these can provide better customer experiences, save you money, and help you maintain a lower rate and fee schedule.
Help Make Informed Decisions
Overall, financial reporting and analysis tools provide valuable information to inform recommendations so your business can make the best decisions possible with minimal risk involved. Data analytics can provide visibility into your financial performance and shape strategic planning to include whether you need to adopt new technology, if there are inefficiencies to address, or customer retention levels. To maximize returns, making the most out of payment processing analytics is essential.
Gain Insight to Your Customer Behavior and Patterns
One of the most crucial features of data analytic tools is the increased visibility they give you into your customers transactions. With data, you can track customer behavior and patterns to provide the best experiences for customer engagement and security measures.
Increase Data Security
Believe it or not, but payment processing analytics can be one of your lines of defenses against fraud. When combined with smart technology, data analytics can track customer behavior and alert you when anomalies are detected. When suspicious patterns are detected from a customer, alerts can let you know and proactively shut them down. For instance, if a customer is suddenly buying outside of their normal price range, they can be flagged as potentially fraudulent transactions. These extra security measures can prevent fraud and save your company money.
Personalize Your Customer Experience
Monitoring data can help address consumer needs to increase engagement with customers, further growing your business. Analytics can give you insight in how to personalize your customer experience even more., so you can develop strategies to prioritize retention and engagement when it comes to your most responsible customers. Credit card data and other information can also provide insight into your consumer spending habits so you can customize your accounts based on this data. This data can give you a picture of what your customers want so you can adjust yours strategies accordingly.
Attract New Customers
By studying trends and patterns gathered by your payment processing analytics, you can develop your strategies to attract new customers. Predictive analysis tools can help you use your customers' purchase behavior and patterns to reflect larger trends so you can better attract your target audience.
Improving Your Business with Payment Analytics Software
To effectively compete and deliver to your customers, your mobile lending strategy needs to be outfitted with financial reporting tools for the best outcomes. Payment analytics software can give you the edge you need to access and thoroughly analyze your data that’s significant to your business and customers.
Accurate, real-time data can provide the insight you need to make challenging decisions and develop your strategies - but you have to have the right payment analysis software to do so! With Transcend Pay’s Tboards & Tview Reports, you can have the payment dashboard reporting you need to make the most effective business decisions.
How Does Tboards & Tview Reports Work?
Tview Reports give you the ability to organize all the financial data collected into informational summaries and generate pre-defined or customizable reports to track your key transaction metrics so you can see how your business is performing.
With its financial reporting and analysis tools, you can quickly locate inefficiencies so you can save time and better manage your online transactions. For all card types, you can select key transaction details over any period of time to reconcile transaction and research records to find out more about where your revenue is coming from, identify and reduce unnecessary fees, and check the status of your automated payments. This allows you the ability to access every single piece of data that passes through your merchant payment gateway at your fingertips - as well as the choice to choose what information you want to see in your reports and how you want to see it so you don’t waste your time on non-essential data.
While Tview Reports delivers the full suite of online reporting tools, Tboards enables you to organize all this valuable data with accessible charts and graphs to help you see and understand trends, outliers, and patterns - without being overwhelmed! With our data visualization platform, you can access your customized data from an easy visual format. Tboard lets you trade in confusing players of spreadsheets for easy-to-digest summaries of your data so you can make the most informed business decisions.
Experience the Future of Payment Processing with Transcend Pay
Ready to experience the most accessible payment processing analytical tools? Transform your mobile lending strategy today with the help of Transcend Pay’s cutting-edge Tview Reports and Tboard tools and data visualization platform.
As an experienced payment processing partner, we know that trust and transparency are key to building a strong relationship with our customers. Whether you’re a low-risk or a high-risk merchant, you need accurate, real-time data so you can make rapid decisions to grow your business and meet your customer’s needs. Transcend Pay is here to help ensure your business is always on the right path to success. Contact us today to experience the Tview and Tboard payment analytics software for yourself!