What Is The Purpose Of Payment Analytics?

In both large and small companies, business analytics is an integral part of the workflow. It allows not only to timely identify and eliminate emerging issues and risks but also to optimize and scale production.

Payment analytics stages

Business analysis at Corefy https://corefy.com/ includes the following steps:

  • ┬ácombining all data on financial movements into a common system;
  • ┬ánormalization and ordering of information;
  • ┬áautomatic reporting;
  • ┬áproviding data in the form of accessible visual content.

Business analysis tools

Developers are constantly improving and offering new tools, without which payment analytics is impossible. These tools are computer programs that allow collecting, aggregating, processing, and displaying information on electronic or paper media.

The leading business analytics services are Google Data Studio, Microsoft Power BI, Yandex DataLens, Business Intelligence Cloud Service, and many others.

Payment analytics capabilities

The main features of business analytics include:

  • ┬áquick transition from common indicators to specific figures;
  • ┬áthe ability to compare general and detailed data in order to identify and eliminate issues, optimize costs, expand the scope of activities;
  • ┬áfast report compilation;
  • ┬áfacilitating internal communication;
  • ┬áreal-time assessment of the business performance;
  • ┬átimely provision of work information to employees and business partners.

By entrusting payment analytics to professionals, you can protect your company from late identified financial losses and misunderstandings with banks or providers.

Creation of reports for individual tasks

Using the multifunctional reporting software interface, you can select specific data, group them and set a certain number of results.

Advantages of the program:

  • ┬áinstant response to SQL queries;
  • ┬áthe presence of templates for the most common queries;
  • ┬áthe ability to edit ready-made templates for your own request;
  • ┬áconnection of other payment analytics systems in order to create a single point of access to financial information.

Benefits of conducting payment analytics

The main strengths of business analytics are:

  • ┬ásystematic control of compliance of transaction data with statements of the PSP payment system;
  • ┬áfull control over the movement of finances;
  • ┬áidentification of hidden operations;
  • ┬áautomatic comparison of data received from different providers and accounts;
  • ┬átimely identification and elimination of fraudsters or any discrepancies;
  • ┬áthe ability to receive extracts and logs in the event of emergency situations.

The use of payment analytics tools also makes it possible to increase the success rate of transactions.


Interesting Related Article: “How to Build Your Tech Stack in 2020: 10 Essential Apps for Small Businesses