Optimize your transactions and increase your turnover thanks to data payment!
While the digitalization of payments is becoming the norm, companies tend to optimize their processes and increase their profitability. One of the keys to achieving these goals? The exploitation of payment details. Here's how businesses can reduce transaction costs and increase revenue by capitalizing on data.
Understanding transaction costs
The transaction costs are not limited to fees imposed by banks, to network fees (CB, VISA, Mastercard) which also apply to transactions that have undergone 3DS authentication, or to payment platforms. They also include hidden costs such as failed transactions, processing fees returns and the costs associated with frauds. Each refused or disputed payment not only results in a direct loss of income, but also costs in dealing with the problem. Reducing these costs starts with a detailed analysis of transaction data to identify trends, pain points, and opportunities for improvement.
Using data to improve payment success
Identify reasons for refusal
Analyze the transaction data helps to understand the reasons why payments are refused. These are often errors in entering card information, fraud alerts, or technical failures with payment gateways. Identifying these patterns is essential to diagnose recurring problems that can be corrected to improve acceptance rate.
Leveraging artificial intelligence
Thanks to the integration of artificial intelligence (AI), it is now possible to predict the success of transactions based on historical user behavior and other variables. By using predictive models, businesses can anticipate problems and adjust settings in real time to maximize acceptances. These AI systems can learn from each transaction, becoming more accurate and efficient over time.
Leveraging data for better fraud management
The use of predictive analytics is fundamental to anticipate and prevent fraudulent activities before they affect payment transactions. By exploiting transaction data, algorithms can learn to recognize patterns of suspicious behavior and report these transactions for additional verification. This approach reduces losses due to fraud, and also limits potential business interruptions caused by fraud.
At the same time, a large part of the costs associated with fraud management come from legitimate transactions that are, by mistake, detected as fraudulent. By refining predictive models through better data analysis, businesses can reduce the number of these incidents.
Maximize turnover thanks to payment data
- The payment details offer Insights valuable information on customer behavior, such as their payment method preferences and when they make the most purchases. This information allows businesses to better target their promotional offers and optimize their marketing campaigns. For example, if the data shows that customers prefer to use e-wallets, a company can promote this payment option in its communications.
- At the same time, this data may suggest that the merchant offer local payment solutions or options of payment in several installments to increase conversion rates and, as a result, sales.
- Payment data also helps to understand why some customers Abandon their baskets before completing the purchase. By identifying The points of friction In the checkout process, such as unnecessary extra steps or limited payment options, businesses can adjust their strategy to provide a smoother checkout experience.
- Finally, the analysis of payment data allows to identify trends emerging and the opportunities of marketplace. Additionally, tracking seasonal trends with payment data can help plan inventory and promotions more effectively, maximizing Sales during periods of high demand.
The role of payment orchestrators in the exploitation of data
Centralize payment data
Les payment orchestrators play a key role in centralizing data from various payment sources. This centralization offers a clearer and more comprehensive overview of transactions across various channels and payment providers. By bringing data together, businesses can better analyze payment trends, monitor performance, and detect anomalies. This approach is essential for making relevant decisions about managing payments.
Optimizing transactions through intelligent routing
Les payment orchestrators optimize the routing of transactions to the most suitable providers, taking into account factors such as transaction costs, approval rates and fraud risks. This ability to make decisions based on accurate data reduces costs, while increasing transaction success rates!
Fraud prevention
Orchestrators also use data to strengthen detection mechanisms and fraud prevention. By identifying transaction patterns that are becoming suspicious, they can intervene in real time to minimize risks, thereby protecting revenue and business reputation.
Read also: Payment orchestrator: definition, role and choice criteria
Purse, a payment orchestrator at the heart of data exploitation
Purse is a solution Payment orchestration SaaS that centralizes and analyzes payment data. Thanks to its module orchestration, Purse makes it possible to test, optimize and secure payment flows. By selecting the best payment solutions from 80 local and international partners, Purse helps businesses reduce transaction costs and to increase acceptance rates. This intelligent routing is an ideal lever for allowing retailers to gain profitability.
At the Same Time, Purse Is Transforming The payment experience and reinforces customer satisfaction and loyalty. By offering personalized and frictionless payment journeys, Purse solidifies the relationship with consumers! Coupled with the good use of data, this approach is ideal for stimulating business growth. Want to know more about Purse?
