Best Payment Analytics Software

What is Payment Analytics Software?

Why Use Payment Analytics Software?

Who Uses Payment Analytics Software?

Payment Analytics Software Features

Customer monitoring — Payment analytics software users can monitor how (and which) customers make purchases. Monitoring prevents fraud and other activities that jeopardize profit. This includes customers’ interactions with customer support and refund activity. These insights into real customer behavior inform future business decisions and which initiatives are successful.

Real-time data — Some payment analytics tools show data in real time through permanent integrations. While reports can be delivered on a regular basis, real-time data provides an in-the-moment view of the business. This is a great way to monitor new product launches and other time-sensitive information.

Predictive analytics — Predictive analytics use data gathered over time to predict likely trends. This information is helpful for long-term planning or business decisions.

Dashboards — Dashboards provide users with the most pertinent data in one accessible format. While there may be a variety of important reports, a dashboard allows users to quickly see the most relevant data.

Integrations — Payment analytics software needs to integrate with other payment software to import data. The more data sources an analytics tool integrates with, the faster users can receive real-time insights. Integrations only need to be set up once; they will continuously collect data from other products.

Customization — The ability to customize reports helps different businesses build unique solutions that provide them with the insights they need.

Software and Services Related to Payment Analytics Software

Payment gateways — Payment gateways are the primary means of collecting payment data. Customers interact directly with a payment gateway, inputting payment and shipping information. The gateway communicates with a payment processor and returns results to the customer about their transaction, making it a good source for customers to interact with.

Payment processing software — Payment processing software communicates with banks to approve or deny online payments. Many payment processors include payment gateways, making them another great source for payment data.

E-commerce platforms — E-commerce platforms often integrate with or contain payment gateways. These platforms house online stores, making it easy for customers to make online purchases using a payment gateway and payment processor. E-commerce platforms containing payment gateways integrate directly with payment analytics tools to import data.

E-commerce analytics — E-commerce analytics software functions similarly to payment analytics software, but focuses on providing insights about the entire e-commerce business rather than just the payments portion. While some e-commerce analytics tools analyze payment data, the scope of e-commerce analytics software is much larger.

POS systems — POS systems collect payments in a brick-and-mortar setting, and integrate with a payment analytics platform. Insights derived from data provided by the POS tool can be used much the same way as any other payment analysis.