One of the most valuable assets of your credit card processing is the mass of data that is attached to each transaction. Luckily, that data isn’t far out of your reach.
For decades, credit card companies have harnessed the power of big data — associated with each of their cardholders and each transaction — to gather insights about consumer spending habits. This includes behaviors like how quickly people pay off a card, how much debt a consumer is willing to take on, and what types of purchases a consumer puts on a particular card.
Now, take that same perspective and apply it to how your business could benefit from what your credit card company knows about your customers. After all, it’s data that’s attached to purchases with your company — so shouldn’t you know what exactly you can learn from it?
To start with the basics, credit card companies know exactly how many transactions you’re processing, how frequently and which cards are driving the majority of your purchases. They also know where your customers are shopping from, which device they used to complete their purchase, and how much they are spending with your company.
Although those points may seem obvious, what’s not so obvious is how your company can use that data to improve your credit card processing.
By acquiring the data about which devices your customers are shopping through the most, your business is better equipped to ensure it has the right credit card processing software to match your customers’ payment preferences. For example, if you discover that more consumers are shopping through your mobile web browser, then you can invest in more web-friendly processing software. Or, if a mobile app is dominating your customer spend, you can shift your business practices accordingly.
You can also use credit card data to determine where the majority of customers are shopping from, which makes it easier to target an audience in a specific city or region. Moreover, you also have the power to know which of your products are the fastest selling, how they are being bought, from which customers, and through which devices. All of this together can help you gather better insights of who your core customers actually are.
Leveraging Credit Card Processing Data to Grow Your Business
The problem many businesses face with managing credit card processing is knowing what to do with all that data attached to transactions. Sure, it gives you good customers insights – but then what?
That’s where working with a payments enabler like Payline can benefit your business. Although your business has all the data at its fingertips, sometimes sorting through all that data can be time consuming and overwhelming. By relying on a trusted partner like Payline, which can provide customer insights through its credit card payment processing software and products, your business can be better armed to better target the customers that will help grow your business.
Are you ready to turn your credit card processing data into meaningful, revenue-generating insights to help boost customer acquisition and drive more business? Get the right data in your hands today with Payline’s team.
Anna Lothson is a content contributor for Payline Data. She previously wrote for PYMNTS.com, as a Sr. Content Producer, where she focused on financial services and payments innovation, fraud and security, emerging payments, and FinTech news, research and thought-leadership content across the payments industry.