Using Dashboards to optimize payments: best practices

The main function of Dashboards is to help you optimize your payments stack. Having access to the standardized data set Dashboards provides is crucial for informed decision-making and continuous improvement in your payment processes. To make the most of your Dashboard insights, consider the following best practices:

1. Ensure comparable data sets

• Consistency Matters: Make sure you are comparing the same data sets. Ensure that you're examining the same payment types, currencies, countries, etc., and that all essential data is included in each sample. Other common areas to ensure consistency are whether 3D Secure was used and the response that was received, which address information was collected, and the type of payment method being used. Be certain to ensure all critical variables align.

2. Beware of dissimilar data sets

• Pitfalls of non-uniform data: Failing to compare similar data sets can lead to misleading insights. Differences in variables may mask the true impact of optimizations and result in suboptimal decisions. Primer helps in this task by standardizing responses across processors and payment methods. However, it is still important to compare like-for-like samples.

3. Identify the key metric

• Focus on the Metric That Matters: Pinpoint the specific metric you want to optimize. Whether it's the authorization rate, 3D Secure authentication rate, or any other critical KPI, having a clear goal is essential.

4. Prioritize impactful dimensions

• Start with high-impact dimensions: Start by optimizing the most impactful dimensions – those where changes will have the most significant impact. Concentrate on the most common payment types, countries, decline codes, or any factors that have a significant percentage of your payment volume. Equally, focus on the big wins. If there is a very low authorization rate for a specific country, currency, payment type, etc., it will be easier to optimize than when you have close to 100% authorization rates.

5. Take Action

• Implement Changes: Once you identify a potential optimization, take action. Primer allows you to update payment routing in workflows, but you can also adjust data collection at checkout and make other necessary modifications to improve your payment processes.

6. Set Up Monitoring

• Monitor Performance: As an optional but highly recommended step, consider setting up a monitor to track the performance of the optimized metric continuously. Monitors ensure that improvements do not degrade over time and provide proactive insights into any deviations from expected results.

By following these best practices, you can make data-driven decisions, enhance your payment efficiency, and ultimately boost your conversion rates. Dashboards in Primer provide you with the tools and insights to optimize your payment processes effectively.