The COVID-19 crisis has had an unprecedented impact on transactions and payment flows worldwide.
It’s been a tough year, but as the economy slowly begins to rebound, its trajectory is clearly in the direction of optimizing the new technologies that represent consumer demands - and changes in purchasing behavior.
But what will this new normal mean for payments organizations, as they struggle to retool their teams and technology?
For every organization, from retail to banks, the answer to maintaining a competitive edge lies in having access to real-time actionable transaction insights.
We've identified the 4 most significant reasons why real-time payments insights are the only way organizations can move forward in the wake of our changing economy.
1. Identifying trends and patterns in payment data
Customer experience is the driver for success in both eCommerce and brick and mortar transactions. eCommerce platforms are now accommodating more traffic than ever before, resulting in many businesses experiencing poor website performance and failed transactions. This translates to lost customers and an impact on revenue. Real-time analytics can track activity by region, merchant, and gateway. This brings valuable granular analytical insights to light before it affects customer experience.
2. Understanding changes in revenue distribution
Real-time transaction insights bring end-to-end visibility into merchant transactions, as well as their source – i.e. website or brick and mortar store. This means that merchants can easily identify reasons for declined transactions or poor performance and even use predictive data to proactively protect customer experience.
3. Executive level visibility
Real-time transaction insights provide information to merchant executives about profitability across all terminals, stores and channels. KPI dashboards can then be accessed from a desktop, laptop, or mobile device.
4. Tracking and managing new payment types
The COVID-19 pandemic has shown that customer behavior can change in an instant. Spikes in cases tend to see an increased use of eCommerce platforms, causing surges in server activity. Real-time transaction insights can give a clear indication of what’s happening on what channel, and how each channel is performing.
Real-time the real key
Real-time insight allows proactive problem resolution, ensuring a seamless customer experience. Complete visibility and detailed analytics allow complete control over your payments environment, allowing you to spot patterns in the data and resolve issues.
For retailers, real-time monitoring identifies poorly performing payments systems, which lead to queues and bottlenecks, increasing the likelihood of abandoned purchases and dissatisfied customers. For merchant acquirers, ongoing monitoring mitigates risk, and for many, it’s a requirement by regulatory authorities for certain merchant types.
Real-time monitoring allows financial institutions to see customer transactions and analyze a customer’s historical information based on past and predicted future activity. These important insights can spot abnormal behavior and curtail fraud attempts.
IR Transact suite of solutions bring real-time visibility to your entire payments environment. Merchants, acquirers and payments processors can gain unparalleled insights into transactions and trends, streamlining the payments experience, from end-to-end.
Download 4 Key Business Drivers for Real-Time Transaction Insights for more information on how you can turn real-time data into insights that can help you navigate the changing payments world.