Today’s automated payment monitoring systems allow you to track payments in real-time. You can monitor everything from customer transactions—including deposits, withdrawals, and deposits—to unpaid invoices.
The idea behind payment monitoring is to provide a comprehensive picture of customer and client activity.
Through monitoring payment analytics, you can establish trust with your customers, make more informed financial decisions, and generate more revenue for your business.
Let’s dive deeper into how implementing a payment monitoring system will benefit your business.
3. Access real-time analytics
You can expand beyond historical data through a modern transaction monitoring system and access real-time customer behaviour analytics.
Using sophisticated software, payment monitoring systems can record a customer’s payment journey from start to finish—providing your business with a full spectrum of crucial data.
For example, let’s say a customer is attempting to make a purchase, but their transaction is declined. You’ll be able to see this activity as it happens—along with other vital records such as system outages and security breaches.
By finding these issues as soon as they arise, you can quickly resolve them at the source, saving time and stress for your business.
2. See all your data in one place
One major benefit of payment monitoring systems is the ability to access all essential data through one platform. As a result, there’s no need to use multiple programs and applications to manage every step of the payment process.
Now, you can access all kinds of data in one place, including:
- Payment screening
- Client screening
- Risk assessments
- Client activity reviews
Managing all of this data through one simple platform means you can spend less time clicking through multiple programs and more time making informed decisions for your business.
3. Track KPIs with ease
Modern payment monitoring platforms allow you to track vital KPIs with absolute ease, such as:
- Successful transactions
- Acceptance rate
- Issuer declines
- Chargeback ratio
- Fraud rates
- Technical errors
Not only can you track these KPIs—but payment monitoring systems can also provide you with a detailed analysis of each key indicator. So, for example, if you’re tracking acceptance rate—which measures how many orders result in successful purchases—you can also view the customer’s payment type and market location.
This information can help you detect patterns such as lower acceptance rates in certain locations or when customers use a particular payment type.
4. Reduce fraud rates and chargebacks
As we mentioned above, payment monitoring systems can easily track chargeback ratios and fraud rates.
A quality transaction monitoring system will provide deeper data about chargebacks and fraud detection, helping your fraud prevention team decide how to tackle the problem. You can also see how well your current fraud detection and prevention methods are working.
Through chargeback monitoring, you can ensure your team disputes every chargeback and learns how to prevent frequent recurrences.
Implementing a payment monitoring system can help your business track crucial KPIs and learn more about the customer journey. With this detailed information, you can streamline the payment process, improve the customer experience, reduce incidences of fraud, and easily dispute chargebacks.