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What is Transaction Monitoring
Transaction monitoring is first of all done to evaluate the overall performance of the transaction processing system or the information system.
Transaction monitoring can be done both through manual or automated means. Manual testing generally reviews the compliance of business logic used within the transaction whereas automated testing validates the transaction at the code / technical level.
Why Transaction Monitoring is Critical
Today’s payments landscape is incredibly rich and diverse for the modern consumer. There are a plethora of new digital methods on offer, of which the options are pretty much endless. This wealth of choice puts the buyer in a unique position of power to demand an optimal experience in any transactional scenario. In turn, businesses have had to adapt to cater for this demand – forced to deliver faster, and smoother transaction processes.
Positive payment experiences, happy customers
If a consumer is dissatisfied by their experience with a business from a payments perspective, whether it be due to problems that occur during the process of making a transaction (i.e. incorrectly declined payments, lags or unexpected hiccups or errors), before or after – this will often lead to abandoned purchases, complaints, tarnished reputation.
And ultimately, can have a direct impact on your bottom line. So, how can you ensure that all your customers’ experience of buying from you is quick, seamless and satisfying?
While it’s not the most exciting word or concept, transaction monitoring can be the difference between a great customer payments experience and a poor one. For this reason, and many others, it is critical for any modern business.
We look at what transaction monitoring is, how it can address the catalogue of problems that can occur with your transactions and cause the aforementioned implications.
We even examine how it can generate a host of potential further benefits – for example how data collected through transaction monitoring can help businesses to analyse consumer behaviour and make strategic decisions based on this intelligence.
Smooth Transactions
Transaction monitoring simply refers to the monitoring of customer transactions in an organised way. Transaction monitoring can be done manually but is perhaps most effectively carried out with the help of a tool or service.
The main benefit of transaction monitoring is that with a consistent system in place, businesses can identify issues as soon as they arise and act immediately to solve any problem before it becomes customer facing (lags, declines, errors and bugs).
Prevent Potential Problems Before They Arise
Done properly, transaction monitoring can even flag potential problems before they eventuate, and prevent them from occurring at all.
This diligent monitoring and issue resolution not only results in, smoother, more satisfying experiences for customers, but also more efficient businesses on the operations front. Less issues means increased efficiency, and ultimately productivity.
From an issue identification, quick action and preventive perspective for the customer, and in terms of overall efficiency for your business – the value provided by transaction monitoring is multifaceted and truly immeasurable.
Better Business Decisions
However, the value transaction monitoring provides doesn’t stop here – transaction monitoring can also be used to directly improve the quality of your strategic business decisions and increase the overall profitability of your business. How?
There are buckets of untapped gold that lie in the reams of data that are collected by your transaction monitoring activities, just waiting to be mined for intelligible insights.
If your company devotes resources to analysing the data generated through payments – there is heaps of information around customer behaviour that can be extracted to build an effective, forward thinking business strategy and make well-informed, data-driven decisions that will feed productivity and drive revenue in the long term.
Whether it be from an immediate customer experience angle, or for the purposes of future growth and revenue generation – transaction monitoring is a no-brainer for any modern business that wants to acquire and retain customers and make an impact in their industry.
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