How Does High-Risk Payment Gateway Analytics Help Merchants Make Data-Driven Decisions?
We all talk a lot about the payment processing role of a high-risk payment gateway. But a payment gateway does many things more than just processing the transactions. A gateway transfers money worth millions and billions, but at the same time, it also sends crucial customer data to the network. A proper analytical report is always available of the latest and the oldest transactions in a business. Merchants need this data recurringly to know about the status of business growth and make future decisions. It is not an exaggeration to mention that a payment gateway provides the essential information to construct a stable and progressive business. Here in this blog, we will discuss how the analytics provided by a payment gateway to its merchant helps a company make data-driven decisions.
Payment Gateway Analytics Help Analyze Reasons For Payment Failures
Every merchant is afraid of payment failures because several incidents of payment failures can thoroughly affect the goodwill of a business. But a payment gateway for high-risk merchants provides timely and regular analytics of transactions. The analysis report comes monthly and reveals how many transactions happened and how many of them failed and why did they fail.
With the help of payment analytics, a merchant can immediately work on the reasons for payment failures, saving the business from a nightmare. The issue can be managed without delay, and the problems fixed with the help of previous reports can be checked for accuracy.
Take an example – a payment gateway analytics report says that 3% of payments failed due to authentication failure. Now, in this condition, the concerned merchant can change the ‘OPT OPTIONS .’He may choose the ‘OTP auto read’ option to provide to the customers, or he may choose the ‘direct page’ or ‘OTP less’ card payment option.
Repair Technical Problems Affecting Transaction Success Rate With The Help of Payment Flow Analytics
A payment is useless if it is unsuccessful. Payment flow analytics issued by your high-risk gateway every month explain the payment flow and the related technical issues. An insight into this information gives you time to work on the right solution. As a merchant, you can understand which technical glitch affects the payment flow. It becomes simpler to not only troubleshoot but also check if the troubleshooting is working correctly or not.
Check immediately to find the technical problems that adversely affect the success rate. Scrutinize the occurrence frequency of failure in success rate on varied platforms like iOS, Android, and the channels like the website of mobile apps. Find out the devices used by the users that gave the most successful transactions. Comparison of transaction success rates to the industry benchmarks becomes easy.
Here is an example – A merchant finds through the payment flow analytics that the mobile payments remain incomplete due to some technical issue in the payment flow. The ready-made reports support the merchant in detecting the exact problem and immediately acting on it for a suitable solution.
Optimize Marketing Campaigns To Increase Sales
Analytics are rational and not fake; you get the correct information about your business conditions. You may be spending a lot of money on your marketing campaigns, but they can be successful only when you know whether they are actually influencing the right audience or not. Also, it is crucial to understand whether the marketing efforts reach a suitable customer base or not. All this can be detected with the help of accurate analysis reports provided by a payment gateway.
The payment analysis makes it easier to know how many customers purchased the product or services mentioned in the marketing campaign. Accordingly, the campaigns can be redefined to leave the desired impact on the target customer. It helps company owners make better cross-selling strategies, and consequently, you can provide suitable payment options.
For example – An IPTV merchant may find out that your marketing campaign targets website visitors in the evening. But actually, the monthly transaction report shows that most of the buyers purchase subscriptions late at night. According to this information, he can immediately change the timings of the marketing campaign from evening to late-night slots.
Get Overall Business Insights And Construct a Better Business Strategy For The Future
Of course, any sort of analysis report is destined to make a business better. The payment gateway analytics help merchants improve their current approach in all aspects. It is because the report is not only about the transaction success rate but many other things that talk about business performance. The owners can conveniently reach their conclusions and plan a progressive tomorrow for their commercial entities.
Know about customer segmentation, payment method priorities, retention rate, change in sales number, the total number of visitors in a specific duration, etc. Every business owner will accept how the small pieces of information gathered in the analytical reports help introduce necessary improvements. The valuable data crafts an inevitable future for the business and suggests ways to stand firm in the market against competitors.
For example – You want to research the impact of change in consumer behavior on business sales for a specific duration. To know precisely what is affecting your consumer behavior, you may need to find answers to questions such as – How many visitors visited your website or mobile application in that duration? Which marketing campaign had the most significant impact on customer choices? Which product or service do the buyers purchase in a particular month? Answers to these questions can be obtained easily with the analytics produced by the payment gateway.
Your high-risk payment gateway has much more potential than you think. It is just not a platform to transfer money between the network. A payment gateway working for a high-risk business brings all the growth opportunities to the company by providing insightful analytical reports. The information you get from your peers or any known in the industry may be wrong due to personal biases. But a report based on rational factors can never misguide you. Any merchant can trust the analytics because they reflect exactly what happened to your business in a particular duration. It is time to think differently about the role of payment gateway and accept their versatile role in all high-risk industries.