Payments Blog • 5 MIN READ

Payment transaction monitoring in a changing commercial world

Janae Smith

Written by Janae Smith

It pays to keep up

The payments industry is experiencing rapid digital transformation, with more purchasing options than ever. And with the widespread availability of high-speed internet, coupled with consumers’ voracious appetite for convenience, the payments ecosystem is becoming increasingly complex.

Download a PDF copy of our Managing your Changing Payments Business guide!

A definitive report by Worldpay on the art and science of global payments shows some interesting statistics and insights into world transaction trends. The report spans 36 countries and reveals over 140 online payment methods available to consumers. Where once, credit and debit cards were the primary methods of payment, the myriad alternatives now make up more than half of eCommerce transactions.

By 2022, eCommerce transactions are expected to surpass $4.6 trillion globally. Highlighting customers’ insistence on seamless transaction convenience, is eWallets, currently at the forefront of preferred payment methods. Most consumers integrate mobile applications into their everyday lives, so digital wallets offer not only convenience but security and speedy online checkout.


Source: Worldpay Global Payments Report 2018

Downtime equals financial mayhem

Whether you’re an acquirer, payments processor or merchant, it’s crucial to gain full visibility into your payments ecosystem. Transaction monitoring and POS monitoring is vital to combat service disruptions and potential lost revenue.

Poorly performing systems lead to long queues, the likelihood of abandoned purchases, and dissatisfied customers – severely impacting your bottom line. But there are a lot of complicated moving parts in the digital payment process. A transaction that might only take a few seconds for a customer, really requires an intricate set of steps and components from initiation to completion.


Source: Tidal Commerce - Merchant Acquirer or "Acquiring Bank" Explained

This makes transaction monitoring all the more important.

With Prognosis for Payments, you gain visibility into your entire payments ecosystem, no matter how complex. Payment transaction monitoring is broken down by card, or acquirer, allowing you to drill down into individual locations and provide geographical insights into card taker and usage.

There’s a lot that can potentially go wrong in payments ecosystems. Problems that affect even a small subset of transactions can quickly impact many customers, before you even realise there’s an issue. With Prognosis payment transaction monitoring, you get exceptionally clear and complete real-time insight into the health and performance of the entire payments environment.

With rapid troubleshooting, and comprehensive analytics and reporting, Prognosis for Payments can proactively and confidently solve issues faster, thereby improving the consumer experience. Not only does this keep the payments system flowing, and keep customers satisfied, but maximizes revenue. Prognosis payment transaction monitoring also helps ensure system and infrastructure readiness when new technology is introduced.

Effective real-time monitoring solutions should allow admins to set thresholds on a range of different metrics that can help curtail such issues as card-not-present (CNP) fraud, and seamlessly monitor approvals, declines, returns and refunds.

In addition to the hardware platforms, Prognosis also monitors the application layer allowing organizations to ensure that all systems are up and running and talking to each other as they should be and transactions are flowing smoothly. It means that acquirers and processors can gain insight and analytics into their top merchants’ transactions, and receive instant notification the moment anything abnormal occurs.

By 2024, POS transaction values will exceed $1.9 trillion. With the increase in new and emerging payment methods, payment environments are becoming more complex by the month. Transaction monitoring keeps organisations running smoothly, helping prevent downtime, and improve the performance, productivity and reliability of payment transactions across all your merchants.

Download a PDF copy of our Managing your Changing Payments Business guide!

Topics: Payments Proactive troubleshooting Payment processing Real-time monitoring

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