Leverage insights from payment data analytics
We are all aware that one of the key success drivers for startups is understanding and making the most out of the resources available. Having dived deep into the payment industry, Intelligent Payment Networks (IPN) team realized how valuable the insights gained from analyzing the businessâ€™s electronic payment processing could be the overall business decision-making process. Indeed, the value of payment data analytics is tremendous. Square, the payment processing service provider, is a good example in this case. With data analytics recently emerging as Squareâ€™s key driver of revenues, the companyâ€™s valuation spiked from a decent $45 million in 2009 to $6 billion in 2014.
That is probably good enough evidence to show that for startups, it is even more essential to leverage payment data analytics upon creating business strategies. As part of IPN experiences, there are several areas of internal operations that have benefited from effective utilization of payment data analytics. We have utilized insights from payment data analytics to build a number of effective strategies to grow our client portfolio and referral networks.
More importantly, payment data analytics do not only benefit IPN internal operations but have been leveraged to diversify your product/service offerings to our clients. Specifically, we work on analyzing payment data to provide our clients with actionable insights that can be combined with the businessâ€™s existing decision tools/metrics to maximize and optimize business decisions, in various areas:
- Cross-marketing of products and services
- Sales and customer relationship management
- Data integration between different systems within the business
However important and valuable payment data analytics is as we have mentioned, it is important to note that data analytics is not all about credit card processing or ways to increase efficiency on payment methods. To grow our business in a fastest yet most sustainable manner, we always keep in mind that incorporate data analytics from all areas of the business yield the best insights for business decisions. Integration is important, and at the end of the day, it is the matter of using those analytical insights such a way that they align with the companyâ€™s core values and goals.