Marketing strategies rely on having information. You need to know as much about your prospective customers as possible so you can reach out to them effectively. A lot of that information comes from your website traffic. What your visitors do, how they interact with the site, and what items they buy form a large part of your understanding. But the information you can gather through Google Analytics and lead generation isn’t the end of your information-gathering abilities. Payment processing reports can tell you a lot about your customers and your store. Here are some tips:
What three things can you learn from your payment processing reports?
1. What’s the average sales total?
It’s not just enough to know how much money your store is making every day or each month. It’s also important to know how much each customer is spending each time they come into your store. This gives you a lot of information about buyer behavior. Unless your store is specifically designed for small frequent purchases, like a convenience store, then larger purchases are better. Reports can let you know if your marketing and store arrangement efforts are working.
2. Which credit card types are your customers using?
Credit card type also tells you a lot about different customer personas or hypothetical characters built around the standard behaviors and interests of your target markets. But card types also matter based on the agreements you have for different types of merchant services. If you have a lot of transactions through one card type, you can negotiate for a lower percentage. If you have few transactions through credit cards, you can decide if a surcharge for small payments is right for your company.
3. How many transactions are happening at different terminals?
Different terminals at your store get different amounts of traffic. This data can let you know if one point of sale is too out of the way or is left unmanned. It can also let you know when the primary terminal is too busy and your store needs a new arrangement.
For more ways to use payment processing reports, go to BAMS.