How do you leverage Payment Systems analytics and insights to optimize business outcomes?

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Payment Systems are the backbone of any digital business, enabling fast, secure, and convenient transactions for customers and partners. But how can you use the data and insights generated by your Payment Systems to optimize your business outcomes, such as revenue, retention, conversion, and customer satisfaction? In this article, we will explore some of the ways you can leverage Payment Systems analytics and insights to improve your performance and grow your business.

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Denys Kyrychenko

Co-Founder & CEO at Corefy | Payment Orchestration Platform

1 Understand your customers

One of the key benefits of Payment Systems analytics is that they can help you understand your customers better, such as their preferences, behavior, needs, and pain points. By analyzing the data from your Payment Systems, you can segment your customers based on various criteria, such as payment methods, frequency, amount, location, device, and more. You can also track and measure key metrics, such as churn rate, lifetime value, average order value, and customer satisfaction. These insights can help you tailor your products, services, pricing, and marketing strategies to meet your customers' expectations and increase their loyalty.

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Denys Kyrychenko

Co-Founder & CEO at Corefy | Payment Orchestration Platform
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I can't stress enough how valuable it is to have access to the statistical information about user activity on your payment page. It might not seem like a big deal, but understanding how long customers stay on your page and where they click can uncover some hidden issues that mess with your conversion rates or stop people from completing their purchases. Let me share a real-life example that showcases the power of user behaviour data. One of our clients was struggling with a 20% conversion rate. After looking at the user behavior data, we discovered the culprit: their payment page would close if a user accidentally clicked outside the payment popup. When we fixed this issue, the conversion rate quickly shot up to over 80%.

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2 Optimize your checkout process

Another way you can leverage Payment Systems analytics and insights is to optimize your checkout process, which is the final and most critical step in your customer journey. By monitoring and testing your checkout process, you can identify and eliminate any friction points, errors, or delays that might affect your conversion rate and customer experience. For example, you can use Payment Systems analytics to optimize your payment options, checkout design, security features, confirmation messages, and more. You can also use Payment Systems insights to offer personalized recommendations, upsells, cross-sells, and incentives to boost your revenue and retention.

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3 Manage your risks and compliance

Payment Systems analytics and insights can also help you manage your risks and compliance, which are essential for any digital business that deals with sensitive data and transactions. By using Payment Systems analytics, you can detect and prevent fraud, chargebacks, disputes, and other issues that might harm your reputation and bottom line. You can also use Payment Systems insights to comply with the relevant regulations, standards, and best practices in your industry and region, such as PCI-DSS, GDPR, PSD2, and more. These measures can help you protect your business and your customers from any legal or financial liabilities.

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4 Gain a competitive edge

Finally, you can leverage Payment Systems analytics and insights to gain a competitive edge in your market, by staying ahead of the trends, innovations, and customer demands. By using Payment Systems analytics, you can benchmark your performance against your competitors and identify your strengths and weaknesses. You can also use Payment Systems insights to explore new opportunities, such as expanding to new markets, launching new products or services, or partnering with other providers or platforms. These actions can help you differentiate your business and create a unique value proposition for your customers.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Denys Kyrychenko

Co-Founder & CEO at Corefy | Payment Orchestration Platform
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Payment analytics and insights can be instrumental in optimising your payment processing costs, particularly when dealing with multiple providers. By gaining a clear understanding of the expenses associated with each transaction, you can implement a payment routing system that significantly reduces fees. For instance, a bank that issued a card is more likely to process a transaction on that card faster and cheaper than another. If you have terminals at various banks, a smart routing system will help you benefit from this fact. You can also integrate appropriate alternative payment methods if your transaction costs end up being too high. It is often an issue for cross-border card transactions.

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How do you leverage Payment Systems analytics and insights to optimize business outcomes?

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1 Understand your customers

2 Optimize your checkout process

3 Manage your risks and compliance

4 Gain a competitive edge

5 Here’s what else to consider

Payment Systems

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How do you leverage Payment Systems analytics and insights to optimize business outcomes?

1

2

3

4

5

1 Understand your customers

2 Optimize your checkout process

3 Manage your risks and compliance

4 Gain a competitive edge

5 Here’s what else to consider

Payment Systems

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