Assess your management oversight over your payment methods

Do you have any kind of management control over your eCommerce transactions? What are you doing to evaluate the results and behaviour of your customers? Today we want to discuss with you how to evaluate the management control in the payment methods you use and how to make decisions based on all this information to achieve the potential of your business.

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How to keep management control over your payment methods

Control is a fundamental element in the management of a business, and the ideal tool to carry it out is the dashboard to manage data. This is one of the latest innovations in payment gateways to manage information and put your metrics in order.

Monitoring digital progress, from marketing to final conversion results, is essential to the success of any business. This is a too important a factor in e-commerce not to be controlled and monitored.

The digital universe is an integral part of the business as are payment methods, and the dashboard is the ideal tool for managing risk (monitoring chargebacks, refunds and level of fraud in real time), transaction activities (tracking rejection or acceptance) and viewing sales volume based on website, payment methods, business model and geography, among others.

Benefits of good management of your payment methods

Next, we want to show you the advantages of having a management and evaluation model for your data:

• Statistics.

You'll be able to explore all your business data to understand customers and purchasers, as well as to make strategic decisions based on them. The advanced statistics and analysis modules offer different complementary points of view. In addition, it also allows you to access filtered lists of transactions directly from statistics, as long as you want to do a detailed analysis.

• Data import.

Most major institutions and payment providers can import their data or history from previous accounts, as well as delve into the reports. These import modules are very useful for making strategic business decisions. You can do it automatically without complications. This will make it much easier to detect any type of problem and optimise the configuration.

• Control of your payments.

Often, the main difficulty in managing several payment providers arises when a merchant or group wants to reconcile finances and distribute their sales among different payment methods or solutions, while providing consumers with the best experience. Having control of your online store and operations will bring flexibility and efficiency to your eCommerce.

Are you ready to make the leap to optimising your business?

Why is data control so important in e-commerce?

In fact, it is important for any business and industry, regardless of its size. Data reflects the success or failure, evolution and results of our actions. It would make no sense to run a business without taking data into account. It serves to identify failures, points of improvement, make good decisions, change strategies that don't work, get to know your customers better, know what actions work best, what consumers need, among many other things.

The dashboard is a graphical representation of the main KPI’s that need to be measured in order to know what is happening in your online store and fulfil the strategic goals that have been set. It is a very important tool for anyone running an online business. However, we must be very clear about which KPI's we are going to use, since each eCommerce will have its own goals. However, there is a common feature: selling your products or services. 

Some interesting KPI’s for your eCommerce are:

• Chargeback ratios. It is important to know the chargeback ratio or the chargeback rate. Similarly, it is also very interesting for any eCommerce to know the KPI's of number of sales and abandoned shopping carts.

• Social Networks. This KPI is used to measure the number of people who reach our posts directly (followers), measure the number of Internet users who are interested in our posts, number of mentions and visits, etc.
• Other channels. You can also measure the degree of interest of posts in other media, the number of websites linking to our online business, the number of visits, the bounce rate, the conversion rate, returning visitors, etc.

In fact, there are many different KPI’s to measure your results based on business objectives. Thanks to a data management tool, you can easily identify them and measure the results of your eCommerce. Think that no matter how much you want to sell or attract new customers, you won't get it without a proper strategic plan.

The dashboard is a powerful tool to obtain campaign data, customer behaviour about payment methods integrated into our gateway, compare current results with previous ones, measure trends, get to know consumers in depth, create representative and easy-to-understand charts, and check how our company is working.

Don't miss the opportunity!

Brief summary on control evaluation

Your business can always be under control, and for this purpose, some payment gateways already have the latest techniques in Data Mining and Business Intelligence. Is there a better way to measure your business results than analysing the main KPI’s of your payments?

A dashboard is quick and easy to use when looking at peak activity by day and hour, getting a quick overview of the most relevant data from your online store, seeing a comparison of data between different periods and getting a much deeper understanding by fine-tuning all your processing information.

Think about whether the control method you're currently using is the most suitable and whether it meets your business requirements and needs.

Are you ready to make the right decisions with the most accurate information?