You're starting a new fintech project. How can you choose the best payment analytics tools?

When picking payment tools for a new fintech project, think about what the project needs. Consider things like how many transactions it'll handle, what kinds of payments it'll have, and what info you want. Look for tools that work well with your current systems and can grow with the project. Make sure they keep your money info safe and follow the rules. Tools with easy-to-use screens and reports that you can customize are great. And it helps if the company behind the tools can quickly help you if something goes wrong. Thinking about these things will help you choose tools that fit your fintech project.

Starting a new FinTech project entails navigating through various considerations, especially when it comes to selecting payment analytics tools. It's imperative to prioritize functionalities that align with your project's objectives while ensuring scalability and compatibility with your existing infrastructure. Collaborating with industry experts and leveraging comprehensive market research can offer valuable insights into the latest trends and emerging technologies. Ultimately, the goal is to empower your project with robust analytics capabilities that drive informed decision-making and enhance user experiences.

When choosing payment analytics tools for a fintech project, prioritize accuracy, real-time processing, and security. Look for flexibility, seamless integration, and user-friendly interfaces with customizable dashboards. Opt for tools offering predictive analytics for optimal decision-making. Thorough testing and user feedback are essential to ensure the selected tools align with the project's needs and contribute to its success.

The payments analytics tool should have the following features ??success ratios of your transactions. Very important to know what %transactions are failing ?? Show different modes of payments. To keep a track on each type of payment example Credit Card , debit card etc. ?? ?? Stage wise payment funnels showing time taken and status of payment ?? ?? It's should be able to show trends in graphical form ?? ?? It should show refunds, cancellations seperately ?

For the person in the new money tech project, it's important to set goals and keep an eye on how things are going. Goals could be about making sure payments work well, avoiding mistakes, and keeping things safe. To measure success, they can look at things like how many payments go through without problems, how often mistakes happen, and what customers think about the payment process. It's also crucial to know what ways people will use to pay, like credit cards, online transfers, or using their phones. Think about where people will make payments, whether it's on a website, through an app, or other places. By connecting goals with how payments happen, it helps make a plan that works well for the money tech project.

The analytical tool should be able to show what is the cost of putting the payment gateways. Different channels have different MDR ( Merchant Discount Rates - the commission paid to payment gateways) A good analytical tool will give insights on the total collection of payments, settlements in banks and charges like MDR deducted

To get info for the money tech project, the person needs to look at different sources like spreadsheets, databases, and websites. It's like gathering puzzle pieces from different places. The info can be numbers or words, and it's important that the info is good quality, like accurate and up-to-date. Imagine using puzzle pieces that fit well together that's like having good data that makes sense. Checking and making sure the data is reliable helps in making smart decisions for the money tech project.

consider adopting interactive elements in the visualization tools employed. Platforms like Tableau or Power BI offer features that enable users to interact with the data directly. Incorporating drill-down functionalities or interactive components within presentations allows stakeholders to explore specific areas of interest, fostering a sense of involvement and customization. This not only makes the data more engaging but also empowers users to extract insights that are most relevant to their decision-making process. In essence, combining storytelling with interactive features transforms financial data visualization from a static presentation into a dynamic and engaging experience that resonates with a diverse audience.

The analytical tools should be integrated with both offline, online and device payments. It should be configurable with payment QRs, EDC devices , online payment gateways