Why You Should Use Payments Data to Develop Your Business Strategy

It sounds obvious, but as software providers develop their growth strategies, budgets and even development priorities, they should look to their payments data to assist.  Payments data can help chart trends, identify consumer purchase patterns, and help form new customer acquisition sales and marketing strategies.

Put Your Payments Data to Work for You

Because the information that flows through business management software contains information from both the consumer and the merchant (software customer), there is a ton of data that can be sliced and interpreted in many ways. Merchants, always looking to lower the cost of acquiring customers with the potential for high lifetime values, can learn about their consumers behavior. On the other side of the coin, software providers get a glimpse into consumer to  spending behavior, along with easily trackable and identifiable data like social media activity, weather metrics, and socio-demographic information which can help software providers understand key insights about their customer’s businesses.

When you look at the analytics of your customer, you get key insights into the industry that your software supports.  Through transaction data you have visibility into various aspects of your customers businesses.

• Busy seasons – which can drive software upgrade schedules. No one wants to release new software versions during busy times!
• Processing volumes – what is the story that consumer spending behavior is telling you?
• Repeat business – do your customers thrive off of repeat business, or is their main driver new customer acquisition?  What data can you provide them in return to help them capture more sales?

Contact Us at Paragon Payment Solutions Today

Paragon Payments Solutions’ real-time reporting for both software providers and merchants provides in-depth, up-to-the-minute payments data. If you’re ready to read more or open a test account for software integration, check out our developers website.