Innovation in how we pay for things is not a recent development. Payments once made with literal gold coins have evolved into cryptocurrency, while physical wallets have now gone digital allowing people to pay right from their smartphones.
Not only has the act of paying gotten easier, but it is also easier for key payment analytics to be tracked. The usefulness of this data has become much clearer for a variety of reasons.
Payment analytics has penetrated every industry, from technology to healthcare and from education to e-commerce. Payment analytics tools now allow businesses to review a large trove of payment data from one dashboard. You can make more informed business decisions by consolidating data from various sources, such as mobile, card, online, or check. This payment data can be further be used to measure business performance and garner insight to prevent any fraudulent activities. You can use data analytics to optimize cash management, monitor compliance with contract terms, and even reduce overall spending.
The growth of artificial intelligence and machine learning is paving the way for even more advanced payment analytic tools. These tools prevent your businesses from unauthorized transactions, phishing, wire transfer frauds, pagejacking, and identify theft.
Around 5% to 20% of sales are blocked by failed payment transactions. When that happens, the right payment analytic tolls can collect the data for these unsuccessful transactions and turn these unfortunate situations into something useful. This allows business to develop a more efficient and smoother flow of transactions across various payment networks.
Crucial payments are done much faster than before and have reduced execution risks involved in transactions thanks to the visibility provided by analytics. There’s been a reduction in customer confusion, service disruptions, system failures, and shortens gaps in risk management oversight.
As digital platforms continue to evolve, businesses face several challenges because of growing operational complexity. There are concerns that the industry and its regulators need to adapt to rapidly changing times. Growing reliance on modern technologies complicates execution efforts. Without the right set of tools and a reliable digital partner to implement them, companies can easily find themselves falling behind the competition.