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How Enrichment Can Save Your Business Time and Money
Payment data enrichment plays a crucial role in managing and running a business, and inaccurate data can lead to a range of costly challenges. From lost opportunities to inaccurate reporting and analysis, the impact can be far-reaching and could significantly impact the bottom line. This is where payment data enrichment comes in, providing a solution that can help businesses overcome these challenges.
What are the hidden costs of incomplete data and how does enrichment help mitigate these costs?
- Missed revenue opportunities:
Without a complete understanding of a customer’s purchase history, businesses may miss out on upselling opportunities. For example, if a customer frequently purchases gaming laptops, the company may miss out on the opportunity to upsell a gaming mouse or a customizable case, or other products related to the customer’s history. Payment data enrichment can help businesses overcome these limitations by providing a complete and simplified set of data, allowing companies to identify upselling opportunities and drive additional revenue.
- Inaccurate reporting and fraud detection:
Data incompleteness leads to incorrect reporting and weak fraud protection. Without simplified data, businesses can have a hard determining the true origin of the transaction along with the details of the merchant category, making it difficult to identify and stop fraud and chargebacks. Payment data enrichment solves this issue by offering a full and accurate payment data set, enabling companies to improve fraud detection and prevention.
- Increased operational costs:
Finally, incomplete data can lead to increased operational costs. For instance, businesses may need to invest in additional resources, such as staff or software, to handle the increased workload of gathering and making sense of customer data. Payment data enrichment helps reduce these costs by automating the process of gathering, updating, and enriching data, freeing up valuable resources that can be better utilized elsewhere.
