Worldpay is helping businesses unlock the full power of their payments data with the unveiling of a revolutionary big-data analytics tool, Your Marketplace. The service has been designed with the needs of large corporate businesses in mind, giving them the actionable insights they need to make better business decisions and transform everyday operations by putting their card payments data to work.
The payment insights tool will draw on the 31 million mobile, online and in-store transactions Worldpay processes every day to provide customers with an unrivalled view of transaction data, including over a year’s worth of historical card payment data from across their business.
With access to all their Worldpay payments data in one place, retailers can significantly reduce the manual effort associated with daily reconciliation and month-end reporting.
Worldpay estimates Your Marketplace could help businesses save an average of 40 hours every month on administration leaving more time to focus on interpreting the data to identify trends and answer key business questions.
Users have complete flexibility to cut and slice data, helping them uncover payment drivers and better understand customer payments behavior, both at a macro level and down to individual transactions.
Powerful datasets allow businesses to analyze branch and business performance over time, aiding forecasting and helping shape future investment in new channels and payment types to better meet customer expectations.
The tool also provides a single source of granular information on where revenues are being impacted by fraud and chargebacks, helping risk and fraud managers to spot patterns more easily and develop an effective strategy to minimize losses.
The unveiling of Your Marketplace is the latest addition to Worldpay’s expanding big data proposition. As the UK’s leading payments processor, Worldpay handles 42 per cent of card transactions on the high street, providing a direct insight into spending on 63 million cards across the country.
Worldpay’s existing Consumer Insights solution, which offers a comprehensive market perspective of shopper spending patterns and loyalty behaviors both at a national and local level, by sector, payment type, channel and time of day.
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