Payments have often been, well, transactional, but there is a great deal of potential in payments data that can be harnessed by using a modern payments platform which can change your entire business.
Payments, of course, can be looked at as a straightforward data exchange, a necessary evil and the epitome of administrative tasks. Traditionally, payables and receivables, reconciling the payments that hit your merchant account, managing disputes and other similar tasks, have been, by and large, handled manually by a finance team that grows with the business.
However, there is a great deal of potential that can be unlocked through choosing an advanced, fintech payment service provider.
Not only can time-consuming and frankly, unnecessary, tasks be removed and fully automated, but the whole process can be made simple, more efficient and allow your business to focus on what it’s best at.
By choosing the correct payment partner, merchants are able to access an array of ‘never seen before’ data sources that deliver valuable business insights.
For example, by having access to full transaction response data directly from the customers’ issuing bank, merchants can see the exact reason a transaction was declined, allowing an informed response to be taken.
If a card has been blocked, for example, the merchant can suspend services and cease further futile collection attempts and immediately contact the customer.
These interactions are critical to modern customer best practices and driving customer retention. That’s not to mention reducing shopping cart abandonment and the fear of risk in the payment journey.
Fintech payment services pride themselves on having a full end-to-end payment lifecycle at their fingertips, being able to display and action any transaction or any aspect related to transactional processing.
It’s the secret of transaction-based customer insights. This means certain sticking points for legacy systems such as reconciliation, are made possible by understanding the key areas (through end-to-end connectivity) and communicating
them in an easy to understand fashion. With Acquired.com’s payments solution, merchants can fully reconcile their payments – to the penny.
The unfortunate truth of processing is that in most businesses, with the ever-increasing level of online fraud, it is most likely that merchants will encounter a dispute at some point. A dispute occurs when a customer contacts their bank informing them of a transaction they did not approve. This process already sounds complicated and difficult to deal with, but with an automated system, a process that would previously have taken weeks, can now be resolved one way or the other with one simple click.
Having access to a richer data set, in conjunction with a modern payments platform, can prove a powerful tool for merchants in mitigating fraud, improving compliance and reducing losses. This enhanced data can be used for a variety of things such as creating whitelists or blacklists so you, the merchant, have total control over who your customer is.
A well-thought-out payments platform offers merchants flexibility, support and allows for a seamless payment experience. It should be automated, integrated and allow customers to develop a deep understanding of how they transact – something some do currently but with the right guidance and expertise, they could truly unlock the hidden value in payments.
These improvements to the customers’ payment strategy result in time and cost savings while reducing friction and risk, enabling improved collection rates, enhanced customer conversion and streamlined back-office processes.
To find out more about Acquired.com’s payment solutions, contact the team on email@example.com or +44 (0) 20 39 826 580 for a demonstration