How Well Do You Know Your Data? (XBIZ)

Read the full article by Cathy Beardsley at XBIZ.com 

Businesses today are collecting more data than ever before related to their companies and how they operate. But do we really understand all this information? And, are we making the data work for us? As 2019 rapidly comes to a close, now is a good time to pause and evaluate the data your business is collecting, how it’s being used and to gauge your ROI. Digging into those numbers now can help ensure your business is more profitable and efficient going forward.

As a payment processor, Segpay provides merchants with a lot of data regarding their consumers’ payments, to help learn what factors contribute to successful payments over time. Recently, we went through an extensive data review with one of our largest clients. Like most merchants in our space, this client incorporates multiple billers. Their goal was to figure out how well each biller was performing and whether our client was getting the most out of each of us.

One of the key takeaways from this exercise was that evaluating data from different billing processors is not always an “apples to apples” comparison. It is important that merchants understand the data they receive from each processor and what it represents, so they know what they are comparing. With this fresh insight, we’re inviting other merchants to take a deep dive into your data.