Here’s How Data Insights from Payment Processing Platforms Can Help Take Your Business to the Next Level
User data is one of the most sought-after assets for any business. This proverbial goldmine has become so valuable that the world’s biggest companies are now racing to get a good grasp on data analytics and management. From retail to hospitality, everyone wants to get the most out of data to improve business operations.
Remember that analyzing user data by studying your customers’ financial transactions with your firm is one of the best ways to make the best business decision. By using solutions such as an integrated payment platform, you can now get valuable insights from your payment and credit card processing data in an efficient way. The modern strategies used in these platforms allow payment processing providers to lay out useful information by using visual cues and simple data points. As a result, you can make use of powerful insights to boost your business without going through any grueling processes.
Here’s how data analytics works to boost your business in 2021.
How Can You Use Data Analytics With Payment Processing Platforms?
The data obtained and assessed through an integrated payment platform can go a long way in helping you study your customer behavior and preferences when it comes to your business.
If you use the right payment processing services provider, you will gain access to a wide variety of data analytics that can be used in multiple ways. From comparing different locations to identifying areas of growth, you can do a lot of things with your findings. All of this is done by studying the actions your customers take and what they want out of your business. This data-driven approach adds absolute reliability to your decision-making process.
Analyze Real-Time Response to Products
By using historical data of financial transactions, you can know how much your customers are spending on your business through cash payments and credit card processing. At the same time, you can also identify which products or services they are interested in the most.
This leads you to analyze real-time responses from customers towards your products and services. You can know if a product is appealing to customers the way you want, or if you need to do a little more to generate more revenue from it.
Make swift changes to your offerings to improve your income. For instance, you can double down on your investment in your best-performing products. Conversely, you can pull underwhelming products off the shelves until you have improved them. This approach also applies if you have a service-based business, where you can use the same logic towards intangible goods.
Use Data Visualization to Understand Analytics
Modern payment processing platforms outline your data analytics through easily understandable visualization tools, such as an analytics dashboard. Different pie charts, line graphs, and histograms can help you understand and analyze the most critical payment data in a super simple way. If you use an advanced payment platform, you can also customize how you view this information.
These data points can cover everything that’s related to your revenues. Need information about product sales? Want the response received in a defined period? Have to analyze the revenues of a new location? You can quickly assess how your business is faring with its current line of products and services. This data dive gives you an immense grasp of your business’ standing in the market.
This data visualization also makes it easier for you to quickly see trends and read through essential points. As a result, you can make critical decisions based on findings from your integrated payment platform without second-guessing yourself about interpreting the data.
Identify the Most Viable Period for Your Business
No matter the kind of business you run, it is vital to identify its most profitable and least performing periods in a year. You can do this by looking at your transaction data across set periods of time and locations.
Unveil products and services in the most viable months, while also making sure you have your finances in control when your sales have died down a bit. Efficiently schedule your product launches at the most beneficial time of the year. By studying the transaction history gained through your merchant services provider, you can keep from needlessly spending your capital.
And it doesn’t stop there. For instance, when you expect to receive a spike in your transactions, you can move forward with investing in the required employee and credit card processing infrastructure to manage the increased volume of sales. Similarly, when you are expecting your revenues to slow down, you can put your infrastructural expenses on hold to manage business costs accordingly.
Overall, this approach lets you manage your expectations in a super-efficient way. As a result, you can make profitable business decisions while also optimizing your costs. This tactic helps you steer clear of financial troubles while also growing your business at the most opportune times.
Devise and Manage Loyalty Programs
Developing and deploying loyalty programs is one of the most effective ways to attract new customers while also retaining existing clientele. By rewarding customers for doing business with your organization, you can make sure that you have a consistent influx of revenue throughout the year.
But as efficient as loyalty programs are in terms of attracting your target audience, they are quite tricky to manage. Fortunately, you can solve this issue through the use of integrated payment processing platforms. These systems act in a way that helps you analyze and track the performance of your loyalty programs through an intuitive interface.
By using relevant data points, you can quickly determine whether your loyalty program is working as intended or if it needs a little bit of tweaking to be more profitable for your business. You’ll be able to understand your top customers, track how many purchases they’ve made, and even what they purchased. This helps you know the best way to reward frequent customers or decide what type of discount to run for new ones. Being able to make smart decisions backed by data goes a long way in scaling your business in response to your ever-evolving target market.
Manage Multi-Location or Multi-Avenue Businesses
If your business operates through multiple locations or multiple avenues such as a brick-and-mortar store along with a website, then you must analyze the performance of each of these fronts. Doing so allows you to understand which avenue is running according to your expectations and which one needs a little boost in its performance.
Tracking this performance can be difficult when you are using different payment systems across each of these fronts. But through an integrated payment platform, you can consolidate all of your incoming revenues through one system. This way, you can track the performance of multiple locations, regardless of whether they are physical or virtual venues.
From there, you can use data analytics to analyze these statistics efficiently. Use the data to understand precisely where each of your payment channels stands in terms of performance and cost management. And this leads you towards making swift business decisions about factors that would otherwise go unnoticed.
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How Can You Implement These Analytical Tools for Business?
The array of features that these analytics services bring to the table may make them sound challenging to implement or complex to execute.
When deployed by the right payment services provider, you can use these cash and credit card processing data points in a way that’s no more complex than reading a text on your phone screen. The key is to find a provider that excels at data analysis and provides you with an easy, reliable, and secure way to leverage that data for your business.
At Stax, we have designed our integrated payment processing platform in a way that makes it super easy yet super functional to use. Need analytical data about a particular aspect of your business? Our Stax Analytics Dashboard has you covered. Want to manage multiple locations through one payment interface? You can do that too. Our in-person and online payment processing solutions meet all the needs of modern business.
With Payment Card Industry Data Security Standard (PCI DSS) compliance, cost-efficiencies, and easy-to-use solutions, the Stax Platform helps to increase savings while also meeting industry security and functionality requirements. Contact our helpful Revenue Consultants to request a custom savings quote today. We will be happy to discuss your needs and help you deploy payment solutions that take your business to the next level.