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SME analytics: harnessing the power of payment data

As the world increasingly digitises, payment data analytics has become an essential tool for SMEs, generating large volumes of useful information. Data analytics is a powerful tool that can enhance efficiency and productivity, increase competitiveness, and boost business revenue.

In this article, we’ll discuss how SMEs can harness the power of payment data analytics to serve customer needs better and create tangible value through next-level CX.

What is payment data analytics

Payment data analytics involves collecting, processing, and analysing payment card data to extract meaningful insights. This data includes information such as the customer’s name, card number, transaction amount, date, and time, as well as the location of the transaction.

How to use: Each transaction tells a truly fascinating story. How did your customers choose to pay? Where and how did they shop? How much did they spend? Was the transaction successful?

These valid questions create data insights that SMEs can leverage to tap into customer behaviour and preferences. For example, they can use the data to understand what products and services are most popular among their customers, which marketing channels drive the most sales, and which demographics are most likely to purchase. 

This information can help with more targeted marketing campaigns, improve product offerings, and optimise pricing strategies.

The most common payment analytics use cases

Fraud prevention is one of the most powerful use cases for using payment data. In fact, 90% of banks’ useful customer data comes from payments, which makes payment transaction data an extremely valuable commodity. It can help SMEs identify fraudulent transactions in real-time, preventing losses and protecting customers’ sensitive information. 

Another important use case for using payment data is customer segmentation. By analysing payment data, SMEs can identify different customer segments based on spending habits, demographics, and other factors. This information can be used to create personalised marketing campaigns and improve the overall customer experience. It can be harnessed across all aspects of business, from product development, reporting and dashboards to alerts, CX, UI and UX.

Last but not least, this data can also be used to optimise pricing strategies. By analysing transactional data, SMEs can identify pricing trends and adjust their pricing strategies accordingly, which, in turn, can help increase sales and revenue while also improving customer satisfaction.

How to use enriched payment data

Enriched payment data refers to additional data that can be collected and analysed from payment transactions, such as the customer’s location, device type, and browser type. 

By collecting and analysing enriched payment data, SMEs can gain a deeper understanding of customer behaviour and preferences, which can be used to create more personalised customer experiences (CX).

For example, by analysing the customer’s location data, SMEs can tailor their marketing campaigns accordingly and offer personalised recommendations such as local events or customised promotions.

By analysing device and browser data, SMEs can understand how customers access their website and optimise their online presence accordingly. For example, let’s say a large percentage of customers are accessing the website on a mobile device. In that case, SMEs can ensure that the website is optimised for mobile devices and that the checkout process is mobile-friendly.


Beyond transactions into next-level CX

By harnessing the power of payment data analytics, SMEs can create next-level customer experiences that drive loyalty and repeat business. 

From tracking pre-purchase customer behaviour on-site with eCommerce platforms like Stor, to getting basket content information from smart ePOS and POS devices like Wonderlane, to offering personalised recommendations and promotions through platforms like Mobilize, data insights help SMEs to create next-level customer journeys tailored to the customer’s needs and interests.

The Power of Payment Data Pay360

At Trust Payments, we believe in helping SMEs deliver a strategic vision of their customer interactions powered by behavioural data through Converged Commerce™.  We can help you understand how your business is performing from a payment perspective with behavioural insights that will teach you to  use payment data to create a more seamless checkout experience, reduce friction and improve customer satisfaction.

One example would be offering one-click checkout or automatic payment processing to create a frictionless checkout experience that encourages customers to return. 

Interested in learning more about levering the full power of online payment data? Get in touch today!

Security statement

Security is our top priority at Trust Payments and we strive to ensure that all data is kept secure at all times We keep all customer data safe with AES256 encryption, SSL Certificates, and a minimum of TLS1.2, between your website and our datacentres.

Our systems are scanned quarterly using the Qualys PCI Platform, an independent Qualified Security Assessor (QSA) and approved vendors – Omnicybersecurity (UK) & Forgenix (US) – to ensure compliance with the security requirements of the card schemes.

We follow a number of rigorous security procedures on a daily basis including, but not limited to, continuous monitoring of our perimeter, dark web monitoring, and internal checks to ensure that CIA triad is maintained at all times.

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