How is Payments Visibility Helpful, and How It Increases Sales?

Your eCommerce payment systems contain a secret cache of helpful information that is buried deep. Prospecting for these gold nuggets could result in riches that increase sales of your online goods and services, lower chargebacks and rejections, and improve customer satisfaction.

We're discussing payment visibility.

The power of payment visibility is well known to you if you want to explore all the reporting that goes along with your electronic payment options. Everyone else will receive a hard hat, a flashlight, and a helping hand as we demonstrate how this crucial insight can improve your eCommerce business.

Why You Need Payment Visibility.

You can make improvements and solve underlying issues by monitoring, measuring, and reviewing payments as they pass through your systems.

Send the appropriate electronic payment to the suitable processor.

Never before have customers had more options for how to pay for your goods and services. It would help if you had a suitable payment processor for the correct payment method every single time, with options like card, direct transfer, mobile wallet, or cryptocurrency.

You can keep track of every transaction as it moves through your payments stack with the help of cost visibility, from the customer's payment through authorization and the last deposit into your merchant account.

Payment visibility can be used to guarantee that transactions are routed correctly, minimizing rejections and lowering costs.

Payment routing can be complicated.

You can modify your processing rules based on payment types, sums, quotas, and other metrics to get the most out of each third party.

Recognize Processing Company Delays.

Customers expect a quick and simple checkout process, and you anticipate having money in your merchant account as soon as possible. With payment visibility, you can identify and comprehend any processing delays in your eCommerce payments. You can spot bottlenecks, discover common elements, and make adjustments to expedite the flow of money from your customer to you.

Payments can be rerouted if you frequently experience delays with a particular processor until problems are resolved. You can include backup plans and continuity strategies if a processor or third party fails.

Check to See if You're Being Overcharged.

There are many intermediaries in the payment processing industry, and each one wants a cut. Even though you most likely have several contracts and agreements outlining the rates and fees you'll pay, ensuring you're being charged relatively is still crucial. Thanks to payment visibility, you can investigate the fees assessed by various partners to ensure you are paying the appropriate fees. You can develop a solid understanding of your payment costs per transaction (rather than just at the end of the month) and factor those costs into your profitability calculations.

Increase Acceptance of Payments and Decrease Rejections.

When legitimate payments from real customers are rejected, it can be one of the most frustrating situations for an online merchant. This may result from overly aggressive fraud detection and false positives or a rejection from a payment gateway, processor, card network, or bank that is further upstream. Regardless of the motivation, payment visibility will enable you to spot trends and patterns take action to lower erroneous rejections and accept payments up to your risk tolerance level.

Reduce eCommerce Losses and Fraudulent Transactions.

Of course, the prevalence of fraud is another troublesome issue for online retailers. It's almost impossible that some fraudulent transactions go undetected despite stringent regulations, superior fraud detection software, and a vigilant attitude.