How Advanced Merchant Reporting Can Improve Business Intelligence
Knowledge is power, yet many merchants operate with an incomplete picture of their payment processing, their transaction history, their ongoing and historical disputes, and more. Advanced merchant reporting tools offered by some payment processors are designed to provide merchants with insights into those key areas in a fast, efficient, and easily-digestible way.
Merchant reporting tools like those offered by BAMS provide businesses with access to in-depth, CRM-quality reporting that can be sorted and searched in seconds and presents key data in a clear, concise manner, often including visualizations that make it easy to get at-a-glance updates on operations and identify key trends. The result is better-informed merchants and, in turn, better performance – a benefit to both merchants and payment processors alike.
Insights Provided by Advanced Merchant Reporting
Advanced merchant reporting tools like the ones included with BAMS merchant accounts provide business owners with wide-ranging sales and payments data. And because the data is accessible through a CRM-style merchant portal, merchants can sort, filter, and search with ease, enabling them to drill down to the exact level they need and find the right information without sifting through mountains of data they aren’t looking for.
Just some of the areas a good merchant reporting tool can provide insight into include daily deposits, transaction history, monthly merchant statements, disputes, and more.
Daily Deposits:
Merchants can quickly access an at-a-glance view of their daily settlements, and the BAMS merchant reporting tool even sends a summary by email or text each day. The merchant reporting dashboard provides in-depth detail, key overview data like monthly totals by card type, and a graphical visualization of the month’s numbers to make visualizing growth and short-term sales trends easy. Daily deposit reporting ensures merchants are always fully aware of their sales numbers both on a daily and monthly basis, and can easily identify short-term trends and their potential impacts on cash flow.
Transactions:
In-depth transaction reporting enables merchants to both review the key information on each day’s or batch’s transactions, and to quickly and easily pinpoint specific transactions should the need to review them arise, like when disputes or issues pop up. Transaction reporting tools like the one offered by BAMS provide easily searchable, easily sortable data on transaction amounts, types, payment entry methods, card types used, cardholder information, and more.
Monthly Statements:
The ability to quickly access all historical monthly statements is beneficial to merchants for a number of reasons. It eliminates the need to store paper copies, freeing up space and making document management easier. It makes finding historical information on billing effectively instantaneous, enabling merchants to keep better track of their fees to ensure they’re correct and properly managed. It also makes things much easier for bookkeepers and accountants come tax time. BAMS merchant accounts provide digital access to complete historical statements going back to the day the account was opened, ensuring merchants will always have a complete picture of their billing and fees without ever having to sift through a filing cabinet or wrangle data manually.
Disputes and Responses:
Chargebacks are a part of business every merchant has to accept, but far too many accept losses that could be avoided with an effective response. Merchant reporting tools can provide businesses with the timely information they need to file fast, effective responses to chargebacks and retrievals to stem those losses and plug profitability leaks. The BAMS merchant reporting suite provides instant notification of all new disputes via email or SMS, ensuring chargebacks never slip through the cracks. The system also offers fully searchable and exportable history of all prior disputes and the key details of each, enabling merchants to identify trends, design better dispute management best practices, and easily export to third-party software.
In addition to comprehensive merchant reporting, BAMS merchant accounts also offer guaranteed competitive pricing and a wide variety of value-added services like advanced fraud protection, next-day funding, and more.
To find out more about how a BAMS merchant account can slash your company’s monthly merchant statement, improve your profitability, and help you maximize growth, get started with your free five-point price comparison today.
