In today’s digital era, where online commerce thrives, the collection and analysis of payment data have become crucial for digital merchants and retailers. However, managing this data can be complex, especially as often, company services operate in silos, partitioning these valuable data and making them inaccessible to other departments, such as marketing, sales, or finance.
Statistics suggest that 69% of organizations consider payments as an essential element of the customer experience, and with the global online payment market projected to reach $612.1 billion by 2030, this complexity will only continue to grow.
The complexity of payment data: the puzzle
In a world where online payments have become commonplace, payment data has become the precious treasure of e-commerce and retail businesses. However, for many of them, this treasure is often hidden under a thick layer of complexity.
Imagine for a moment that your payment data is scattered across the globe among different payment providers. Each of them uses different data formats, making the collection and aggregation of consistent information a real puzzle. The quality of this data also varies, ranging from precise and complete to fragmented and incomprehensible.
Simply attempting to manage this data manually quickly becomes a Herculean challenge. Management processes often involve tedious operations, from endless copy-pasting to creating labyrinthine Excel spreadsheets. In this data maze, errors are common, and reliability is put to the test.
Compliance and security: Another layer of complexity
To top it off, compliance with regulations and data security add an additional layer of complexity. Companies must ensure that their payment management practices adhere to international standards, which requires significant time and effort.
Payment data security is also a major concern. Cyber threats are ubiquitous, and protecting sensitive customer data is essential. Companies must implement robust security measures to prevent costly data breaches that can harm their reputation.
In such an environment, payment data management can quickly become a logistical and financial nightmare for e-commerce and retail businesses. Fortunately, this is where NORBr Insights steps in to simplify the complex landscape of payment data and turn it into a strategic asset.
NORBr Insights – Unify. Analyze. Transform.
NORBr Insights addresses these major challenges by unifying and simplifying payment data management. Here’s how our solution helps businesses thrive:
- Connect through our Plug-and-Play interface: Ready to use, this interface requires no technical expertise. It provides real-time access to payment provider data, all without complicated coding.
- Centralize your data in one place: Gather all your scattered payment data in one place. NORBr Insights creates a central hub where you can quickly access all your payment information, without juggling between disparate systems. With over 200 data points per order and more than 60 search filters, you can customize your analyses to identify precise business patterns.
- Create and share your custom dashboards: With a library of over 20 charts and more than 40 data indicators, you can create tailored dashboards. These dashboards allow you to closely monitor metrics specific to your business and collaborate with other departments.
- Customize your reports and exports: NORBr Insights gives you the ability to rename, reformat, and reorganize data to meet your specific needs. You can also schedule exports to ensure you don’t miss any activity and format files for integration into your CRM.
Unleash the power of data analysis with NORBr Insights
NORBr Insights is a cornerstone of the NORBr software suite, which also includes NORBr Infra and NORBr Stack. By using these solutions complementarily, you can simplify your approach to payments, enhance your customer experience, and boost profitability.
In the upcoming articles, we will delve into the features and benefits of each NORBr product in detail. Discover how NORBr Infra simplifies white-label payment management for PayFacs, while NORBr Stack offers next-generation payment orchestration for digital merchants. NORBr Insights provides you with the key to analyze your payment data and make informed decisions for your business.