New Delhi, India, September 19, 2014: PayU India has launched a new version of its merchant facing dashboard which aims to give a better understanding into consumers’ purchasing behaviour to a merchant. The new technology platform includes a visually exciting analytics tool which makes data representation not only easy to understand but helps merchant deep dive into conversion rates, payment method and device preferences, card vault usage, refunds, offers etc.
Interestingly, for each feature – there is a well-defined information display that a merchant can grasp in one-go at a macro level. For e.g. when the merchant clicks on Payment Methods – all the information regarding the relevant payment method for the selected period are displayed at the top. It will show the total number of payments, success rate and what percent of the payments happened through net banking or credit/debit cards, cash cards or PayUMoney.
Further, to get a deeper understanding on how each of the payment methods are performing, the merchant can click on a specific payment method. By doing so, they will get the total no. of transactions, rate of success, failure etc. for each of the net banking options (HDFC, ICICI, Citibank etc.) Similarly, they can get issuing bank-wise insights for credit/debit cards as well. (Refer image below)
Improved conversion rates through real time downtime alerts
PayU is the first aggregator in India to offer issuing bank downtime API. Using this API merchants can detect not only scheduled but also unscheduled issuing bank downtime in real time. PayU has developed a proprietary algorithm to detect downtime of card issuers, based on the mapping of Issuer Identification Numbers. Issuer Identification Number (IIN) is the first six digits on a credit or debit card. Also known as card bin, this number identifies the bank that issued the card.Merchants can use this API to alert the customer on their payment page if a card issuing bank is down and ask for their email/phone for sending a notification when the bank is back up.
PayU has developed a similar service for detecting netbanking downtimes. This API can help salvage around 2.5% of net banking transactions which get impacted due to unscheduled downtime from banks.
Further, for every transaction, PayU’s proprietary dynamic switching algorithm selects the best gateway on the basis of the health of the gateway, the global probability of success of the transactions on the basis of payment method and bin, the local probability of success of the given transaction on the basis of past transaction history and many more parameters. This switching helps us deliver industry best conversion rate.
In addition to getting maximum conversion, PayU has built a diagnostic tool to help merchants analyse and compare conversion rates between two time periods. At the end of diagnosis, an automatic report is generated which provides the cause of success rate fluctuations such as integration issues, bank downtimes and change in payment mix. (Refer image below)
Tracking refunds and search made easy
Every merchant has to deal with returned goods and of course, refunds. The refunds tab in the analytics tool helps breakdown refunds as the total number of refund requests stored, the number of successful refunds, the number of pending refund requests’ and finally, the number of failed requests. Additionally, it will help the merchant decode the refunds by payment modes used.
With a new Search Box, the merchant will find it easier to search for a specific Transaction ID, PayU ID, Request ID, Settlement ID, etc. will be easy.
Studying different payment devices to understand
As important it is for merchants to study and understand the different payment mode trends, it’s also important to understand customer segmentation on devices they use, i.e. to know if the customers are using PCs, laptops, mobile phone or tablets to make payments for their transactions. Merchants using PayU’s analytics tool will be able to filter transaction data by Web, Mobile, Domestic, International, IVR, SI, Email Invoice, etc. to get deeper insights into the customers’ payment patterns. They can compare success rates of different payment methods and check distribution of their Mobile and Desktop transactions. This presents an excellent opportunity for merchants to tap into the still green space of mobile payments.
“PayU India constantly strives to offer state-of-the art services to merchants and in its quest to achieve customer delight, it has revamped the merchant panel. The objective is to be more efficient and transparent when it comes to payment analytics and make it super easy for a merchant to comprehend the data. The new merchant panel will help a merchant in taking wise and timely business decisions by using various data sets to his/her advantage.“ quoted Prashanth Susarla, Sr. Vice President – Product and Engineering at PayU India.