Why reporting matters in payments processing
Payment acceptance and management doesn’t come to a sudden end once a transaction is complete. There’s so much businesses can learn by analyzing customers’ buying patterns and habits after purchases. And that’s where reporting can help.
A powerful payments reporting platform offers real-time data about transaction statuses and cash flow. This data allows you to monitor everything related to payments in one location, informing your actions and business strategies. How?
Say you own a chain of bakeries and you’re thinking about updating your menus. You can turn to payment reports to see which locations are selling which items. Perhaps one location sells almost none of a particular item that is very popular at a different location. Payments data could help you re-evaluate inventory and drive more overall revenue.
What is included in payments reporting?
Reporting features vary from platform to platform, but most modern reporting tools have similar basic functionality. These tools are designed to help manage cash flow, track received payments, and view outstanding balances.
Some of the features you should look for in a payments reporting platform and/or dashboard include:
- Cloud-based software that can be accessed anytime, anywhere, on any device
- Real-time data that updates automatically
- The ability to sort and search through data
- Customizable notifications for events such as failed transactions
Platforms that incorporate these features make it easy to access and manage your payments wherever you are, streamlining how you manage your business or organization’s finances.
How can reporting benefit merchants?
Having real-time data at your fingertips gives you comprehensive insights that allow you to shift from analysis to action. For example, seeing a dashboard of payment statuses makes it easier to follow up on late or outstanding payments, without wasting your time chasing payments that were already made on time.
A good reporting platform will give you a high-level overview of payments data with the capability to drill into each transaction to view more detailed information (such as the payment method, amount, transaction date, and more), issue a refund, or take some other action.
You can also use reporting data to view payment activity and customer purchase history, which can be used to determine trends like a particular time of year with higher than average sales. This information can help guide your business decisions and strategies based on what has worked — and perhaps what hasn’t worked — in the past.
Managing all transactions from one convenient location is benefit enough, but there is so much more you can do to grow your business when equipped with the right reporting tool.