Our world is awash with data.
So, why is it that a recent survey featured in the Harvard Business Review found that 69% of executives at major corporations don’t believe they’ve managed to create data-driven organizations – and what makes managing payments data uniquely challenging for today’s businesses?
Payments Data: From Headache to Opportunity
The truth is, that for all the data that’s out there, businesses of all sizes often struggle to properly manage their data and translate it into meaningful customer insights. When it comes to managing payments, a business’s data analytics capabilities can mean the difference between unlocking new value and leaving millions in potential revenue on the table.
In today’s challenging business climate, every transaction counts – and you need a granular, end-to-end view of your payments to stay on top of everything.
Amid the COVID-era surge in eCommerce transactions, the need for payment transparency is more pronounced than ever, as merchants grapple with an uptick in fraud and chargebacks. According to research by ACI Worldwide, fraudulent transactions by value stand at 4.4% in 2020 compared to 3.7% in 2019, while nonfraud chargebacks spiked at 23% in June 2020 compared to June 2019.
If you’re a merchant with multiple locations and sales channels, keeping track of your payments data can prove a formidable challenge. Transaction data may be siloed, making it difficult to achieve full visibility into key trends in business activity and undermining your ability to detect (let alone address) emerging pain points.
Not only do you need a comprehensive, cohesive reporting hub for all of your business’s transaction data, but given the speed at which today’s world operates, you can’t afford a moment’s delay.
Fast, aggregated transaction data
Access to comprehensive data on all payment aspects can empower you to drill down on fraud, processing, and chargeback data – obtaining a wider, data-driven view of your operations. At the same time, richer reporting on customer payments allows you to tailor your marketing and outreach efforts in a smarter, more accurate way – enabling your business to win new customers and build loyalty among existing ones.
Credorax offers a best-in-class embeddable BI tool with aggregated payments data to help its merchants make business-critical decisions that translate into revenue.
Fast, reliable, comprehensive data – on every transaction
Embedded within our merchant insights portal, the Credorax data dashboard provides merchants with detailed reporting, without the need for complex ad-hoc queries.
Dealing with an increase in fraud or a decline in approval rates?
Take advantage of the transaction data dashboard to pinpoint individual payments patterns and develop a deeper, empirically grounded understanding of what’s behind them.
Committed to Innovation
Utilizing external software from Oracle and Snowflake, our BI offering equips merchants with the actionable insights they need to make sense of their transaction data and boost their bottom line.
This latest BI tool offering from Credorax reflects a fierce commitment to innovative solutions for banking and payment transaction processing – a mission our tech and payments experts are achieving with sophisticated approaches based on the power of AI and data science.
Through the Credorax Innovation Lab, our team has pioneered solutions that help merchants eliminate fraud, boost approval rates, and increase customer conversions. In a commercial and technological landscape that’s constantly changing, we’re dedicated to building products that enable our merchants to not only keep up, but get ahead.
Interested in our new BI solution or how Credorax’s innovative approach to payments can take your business to the next level? Drop us a line at email@example.com.