• Blog
Event date
17 June 2024

Paying it forward: how payment data can transform your business

As a merchant, you face numerous challenges in staying ahead, including evolving customer preferences, increasing competition, and the need to adopt new technologies. In the face of these challenges, a potential game-changer often gets overlooked.

Harnessing the power of payment data can be a massive advantage for businesses across a range of industries. When properly utilised, this invaluable asset can unlock significant insights, efficiencies, and opportunities for business growth.

Despite this, many businesses fail to leverage their data. In this blog, discover the four most significant ways that payment data can impact your business for the better.

Understand and capitalise on customer behaviour

By understanding customer preferences and behaviour, businesses can tailor their products and services to meet customer needs, improving customer satisfaction and loyalty. Payment data can provide invaluable insights into customers’ preferences, spending habits, and loyalty. By analysing this data with tools you likely already have deployed, like Point of Sale (POS) software, you can better understand what drives your customers’ purchasing decisions and tailor your offerings to meet their needs.

For example, you can use payment data to build customer profiles, track your customers’ shopping habits, and reward repeat customers. This enhances their experience and encourages return sales.

Overall, harnessing payment data can help you create a more personalised and engaging shopping experience, ultimately increasing customer satisfaction and loyalty.

Optimise your inventory and supply chain

When paired with your POS or enterprise resource planning (ERP) platform, payment data can help businesses forecast future sales and trends, allowing for better planning and inventory management. By analysing your sales data, you can improve inventory management by identifying trends and patterns on demand, allowing for more accurate forecasting and stocking levels. This can reduce excess inventory and stock-outs, lowering costs and improving customer satisfaction.

Enhance your customers’ payment experiences

Payment data plays a crucial role in enhancing your customers’ payment experiences. By analysing this data, you can refine your payment processes to make them more efficient and user-friendly.

For example, you can use your eCommerce platform in tandem with your payment data to identify bottelenecks in the checkout process and streamline them to reduce checkout times. With Till's Payment Portal, you have access to a single platform that unifies all your Till products across all sites – ideal for businesses with multiple locations. This level of visibility enables you to identify high-performing sites, peaks in transaction volumes, and gain visibility into every transaction and refund in near-real-time, enabling you to optimise your operations to fit the trends and patterns you experience with your business.

Overall, leveraging payment data can lead to smoother and more convenient payment experiences for your customers, ultimately enhancing their satisfaction and loyalty.

Minimise fraud and ensure compliance

Payment data can help businesses identify and prevent fraudulent transactions, cutting financial losses. Payment data tools, like Till Portal, are crucial in strengthening your security measures and ensuring compliance in your payment processes. For example, by gaining visibility into your payment data, you can detect and prevent fraudulent transactions by monitoring transactions regularly, or reviewing chargebacks and refunds to confirm their validity, thereby enhancing your security.

Additionally, with tools like Till Portal, you can monitor your transactions in near real-time, identifying suspicious activity and enabling you to take immediate action to mitigate risks. Overall, leveraging your payment data for security and compliance purposes can help you maintain trust with your customers and regulators, reducing financial and reputational risks.

With Till as your payment partner, you can rest assured that your payment solutions are automatically PCI-DSS compliant, ensuring all payment information is safely transmitted, processed, and stored. In addition, 3DS2 authentication protects every online payment you take, providing extra protection to secure your customers’ precious data and your business.

Start making your payment data pay off

Payment data offers your business a powerful asset to understand customer behaviour, optimise inventory and supply chains, enhance payment experiences, and minimise fraud. When paired with a tool like Till Portal, you have access to a comprehensive platform that empowers you to maximise the power of your data, offering simple dashboards and intuitive filters for customised data insights. By exploring and taking advantage of all the features in Till Portal, you can drive operational efficiencies, enhance customer satisfaction, and drive business growth. So, what are you waiting for?

Login to Till Portal now and get started!