How Transaction Data Can Optimize Payment Acceptance
J.P. Morgan’s Tony Wimmer discusses the ways anonymized and de-identified transaction data can be used to help merchants achieve optimal payment performance. Produced in association with PYMNTS.com, this Payments Masterclass is essential viewing for payments professionals seeking to optimize approval rates, manage transaction costs and mitigate fraud.
- Digital transformation is increasing the amount – and potential value – of data insights that are available to merchants.
- Aggregated and de-identified card payment data can produce actionable insights that could help merchants maximize approval rates, control transaction costs and even grow revenue.
- J.P. Morgan’s data science team has identified nine “levers” that use transaction data to help merchants approve the most card payments at the lowest possible cost.
- The key to payment optimization is understanding how all nine of these levers work and using them in a coordinated manner to continuously monitor, benchmark and optimize payment performance.
- The benefits of customer transaction data can extend into back office treasury functions where processes like cash flow forecasting can be made more efficient.
- The value of transaction data is ultimately dependent on a financial services partner’s ability to provide the most timely and relevant information.
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