By Marco Conte
Let’s try to picture a scenario where you are running a large e-commerce business or you offer services to accept digital payments, handling thousands to millions of transactions daily. The constant pressure is to ensure that every financial transaction is processed quickly, securely, and without creating issues that might affect the end-user customer experience.
On top, you need to make sure all the payment methods or integrations with tools related to payments are operating fine, making your checkout experience seamless.
But what happens if the payment infrastructure you rely on is holding you back? How can you keep control of it and make sure that you recognize issues when you are still in time to mitigate the financial impact on your business operations?
There are several reasons why a business should consider building or using data analytics solutions for payments. Below are just a few:
Advanced reconciliation processes are a must-have in an ever-evolving complex payments industry. Recently we have seen how companies such as Revolut have been suffering major losses from incomplete reconciliation processes. Some of the reasons why payment reconciliation is a crucial process for businesses that accept payments:
Like everything in life and in business, every decision has its pros and cons.
Nowadays it is fundamental to have the right tools and solutions to deeply understand your payments data and ensure smooth automated processes. Building or buying such solutions has its own advantages and disadvantages.
At Congrify we are helping businesses in managing their payments data, unlock hidden insights and automate reconciliation processes.
To learn more about how Congrify can help your business succeed, get in touch using the contact form or drop us a message to [email protected]