Empowering Merchants with Real-Time Payment Data

Merchants continue to pull every lever to generate additional revenue within an increasingly competitive landscape. For them, it is a matter of survival. And while numerous offerings promise equally innumerable benefits, there’s a hidden goldmine that can ensure the growth merchants are looking for: their payments data in real-time.

> Learn more about this untapped power in The Untapped Power Within Payment Analytics

Real-time payment data already exists for merchant acquirers and payment processors; these companies use it internally. More importantly, they view it as a competitive advantage key to their future success. Fiserv, for example, is making a concerted effort in strategy and investment to go “…further into real-time data, analytics, and sharing.” The value of this data is clear, and for merchants, it is one lever that will transform their business.

Leveraging payment data can generate transformative results for merchants. Here are three scenarios and potential benefits:

Scenario 1: Maximizing Revenue

Every business wants to maximize revenue, and most pursue growth through continuous trial and error. For example, a gas station may launch a campaign to boost gasoline sales, offering free windshield washer fluid when consumers fill up their vehicles. Today, the merchant will run the campaign and review the results via their settlement data a few days later.

The challenge for merchants is that this trial-and-error method requires time when competing in an instant, on-demand environment. But the merchant could analyze the campaign results within hours with real-time payment data. Get the data in real-time, and make decisions in real-time.

This level of visibility into the purchases within their store, across stores, or any other demographic allows merchants to analyze and adjust performance to maximize their revenue. With this power, merchants would have an advantage over competitors vying for the same market share, consumers, or even suppliers. For example, the merchant with access to real-time data can reorder low stock items a day or two ahead of their competitors, keeping their shelves stocked. A considerable advantage considering the current supply chain issues. Real-time payment data provides merchants instant and granular clarity into their business.

Scenario 2: Optimizing Operations

Real-time payment data also enables merchants to optimize their operations. For example, tracking the payment data can ensure an optimal customer experience, identifying issues before they become customer-facing. If there is an issue, the data can help pinpoint if that issue is on the merchant’s end, like a loss of connectivity or on the ISO or processor’s end. Merchants can know that individuals will have the same seamless, positive experience, regardless of what store they purchase.

Consolidating payment data across hundreds or thousands of locations within a single view in real-time is even more potent for the merchant. For example, with this view, the merchant can home in and troubleshoot issues per store in real-time, establishing a pulse on every store, but in a seamless, manageable method. Or merchants can marry their real-time payments data with economic insights to uncover insights. What are their competitors doing? What factors within regions or locations are impacting operations? The potential is limitless when merchants have access to the payment data in real-time.

Scenario 3: Reducing Costs

Aside from the cost savings in the first two scenarios, real-time payment data also enables merchants to reduce their operational costs and minimize lost revenue. For example, suppose there is a payment issue today. In that case, merchants must call their merchant acquirer to get information on the issue before even thinking about a resolution. The time spent is a direct cost for the merchant and, depending on the issue, like a down payment system, could represent significant lost revenue.

With real-time visibility into their payments data, merchants can immediately get the information and resolve the problem quicker, saving them time while also protecting their revenue.

Unleash the power of your data. Empower real-time insight.

Real-time payment data remains an untapped source of massive value for merchants. But there are also benefits for merchant acquirers and payment processors. Access to this data poses significant value for the merchant, something the acquirer or processor can leverage to generate additional revenue. With payment data currently hidden from merchants, offering access to payment data also creates a competitive advantage over other acquirers or processes. The value to the merchant is clear. And gaining access to this data will naturally increase their satisfaction with their acquire or processor, thereby improving customer retention.

Real-time payment data has transformative power – it only needs to be unleashed.