Use Payment Processing Data to Maximize Merchant Revenues

Giving your clients data analytics capabilities brings clarity to their businesses, helps forecasting, and uncovers trends to maximize their revenue potential.

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At a time when consumer behaviors are evolving, competition is growing, and costs are increasing, no merchant can afford to run a business on outdated technology that doesn’t streamline operations, increase productivity, and provide actionable data. Analyzing trends from the solutions that merchants use, including payment data, provides the insights business leaders need to stay informed of changes in the marketplace, accurately forecast demand, and create personalized customer experiences that help them earn and retain customer loyalty.

Help Merchants Make the Best Use of Payments Data

By analyzing payment data along with information from your clients’ point-of-sale (POS) or management system, you can empower them to improve their operations and achieve success in numerous ways:

      • Personalized Service and Engagement

Knowing which payment methods, products, and channels consumers prefer – and catering to those individual preferences – can increase revenue, customer satisfaction, and loyalty. Identifying trends in buyer behavior clarifies how customers want to shop or interact with a company and can connect the dots between their online and in-store activities.

McKinsey & Company research shows that 71 percent of consumers expect personalization, and fast-growing companies drive 40 percent more of their revenue from personalization than their competitors.

This insight can help improve marketing ROI. Merchants can segment their marketing lists based on shopping behaviors or other factors and send relevant messaging and promotions that will resonate with a specific customer’s buying history. Data analysis can also reveal the effectiveness of promotions, so the merchant can focus time and resources on tactics that generate the most revenue while providing a better experience for their customer.

      • Accurate Demand Forecasting

Payment data will provide a window into what’s selling and what’s not. This data is essential to inventory management, providing an accurate account of what’s on hand, how quickly products move, and when to reorder to avoid out-of-stock items and increase sales.

Additionally, understanding times when store traffic is at its peak will help managers schedule employees to manage operations and provide better customer experiences. Insights into historical patterns show managers when fewer employees are required, which can help control labor costs.

      • Increase Loyalty Program Effectiveness

Loyalty rewards programs increase revenues from active members by 15-25 percent annually. However, merchants need insights from data to understand what influences their loyalty program members’ buying decisions and the best ways to motivate them to return. Payment data analyzed with POS and loyalty solution data will reveal what merchants need to know to increase the effectiveness of their loyalty programs and create longer-term relationships with their customers.

      • Manage a Successful Omnichannel Business

Many merchants do business on various channels and locations, including brick-and-mortar stores, pop-up shops, online storefronts, mobile apps, social media, vending and micro-markets, and more. Analyzing payment data will show where business is thriving so managers can make smart decisions about where to allocate resources and investments. These insights are also essential to adapting the merchant’s business strategy due to the current economic climate, market demands, and competitive landscape.

      • Decrease Risks and Shrinkage

In addition to helping merchants increase revenues and control costs, analyzing payment data can give merchants the ability to minimize losses from fraud and chargebacks. Fraud prevention solutions leveraging artificial intelligence (AI) can quickly analyze transaction data to spot and flag fraud attempts.

Additionally, solutions like Elavon’s online case management software and dispute API allow merchants to manage chargebacks through an online portal, saving time, money, and resources while enhancing customer service.

A Word About Data Security

Although analyzing data from integrated payments can provide your clients with various benefits, you must ensure they’re using data compliantly. Merchants, fintechs, payment companies – and ISVs – must comply with Payment Card Industry Data Security Standard (PCI DSS), banking regulations, such as Know Your Customer (KYC) and anti-money laundering (AML) regulations, and publicly traded companies must adhere to Sarbanes-Oxley Act (SOX) to safeguard data.

Work with your clients to make them aware of their obligations to protect payment data and customer privacy and include controls in the solutions you provide to help your clients achieve compliance.

Visibility that Points the Way

Giving your client data analytics capabilities brings clarity to the current state of their businesses, helps them forecast to meet demand, and uncovers trends to maximize their revenue potential and scale their business for growth. Equip your clients with the tools necessary to analyze POS, business, and payment data, giving them the visibility into their operations that helps them stay ahead of the competition.

Elavon

Your merchants trust you to help grow their business. Trust Elavon to help you grow yours. Backed by the strength and stability of U.S. Bank, Elavon’s partner programs accelerate your speed to market, maximize revenue, and scale your business for sustainable growth.

Elavon has the people, process and technology to reduce your merchants’ total cost of accepting payments. Put our knowledge and resources to work for you.


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Elavon

Your merchants trust you to help grow their business. Trust Elavon to help you grow yours. Backed by the strength and stability of U.S. Bank, Elavon’s partner programs accelerate your speed to market, maximize revenue, and scale your business for sustainable growth.

Elavon has the people, process and technology to reduce your merchants’ total cost of accepting payments. Put our knowledge and resources to work for you.