Payment data: the key that unlocks real omnichannel retail success

In the omnichannel retail era, merchants have an ever increasing amount of payment data streaming back to them from various sources – in-store, online, mobile and social. This massive volume of information is one of the modern retailer’s most valuable assets when it comes to better understanding their consumer, improving their payment authorization rates and locking out fraud. And yet, properly leveraging payment data requires expertise, resources and a lot of time. That’s why, of the mountains of data produced, less than 0.5% is ever analysed and used by retailers.
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Payvision wins MPE ‘Best PSP’ award thanks to Acapture’s complete omnichannel solution

Last week, over 1000 merchants and payment experts gathered in Berlin for 2017’s Merchant Payment Ecosystem (MPE) conference. Across a packed three days, all of the key issues facing our industry were placed under the microscope, with thrilling keynote speeches and a lot of networking.

On Wednesday, it concluded with the prestigious MPE award ceremony… where Payvision and Acapture took home gold as the best PSP of the year! The Best PSP Award honours the provider that offered the leading overall service over the previous twelve months.

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Flexible payment solutions are essential in every industry

When Payvision launched Acapture a little over one year ago, we knew that a new type of payment service provider (PSP) was needed. Payment processes were not in step with the pace of modern retail. Major PSPs were still relying on bloated, inflexible payment solutions from previous decades, which were slowing down their clients’ growth.

As we built our new platform, we put flexibility and data science at its heart. The flexibility would ensure each client got a solution crafted to their needs, while the data aspect meant changes could be made to improve conversion rates as the client used the solution.

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Why data science is the future of the payments industry

Back in 2013, IBM told the world that 90% of its data had been created during the previous two year period. Three years later, it is clear that the era of Big Data is here to stay. What is less certain, however, is what the average business should be doing to take advantage of the situation.

For those of us in the omnichannel payments industry, however, there can be no hesitation. Data science gives us the chance to offer a new standard of payment services to merchants, with solutions that adapt based on systematic analysis of the oceans of key data accrued from the long list of potential sources: from sales channels to public government information to social media data and more.

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