Accessing your data in order to get to know your customer better
Card data is inherently valuable, requiring careful handling and protection. With the use of card data tokenisation, we can quickly and securely replace this data with a representation of the number, better known as a ‘token’. With this token, we can safely and securely handle and process card data.
As the retailer, you can identify your customer by using their card token. Using this data in conjunction with their online account details (for example email address and account id) you'll have key data which can be used to review the historical purchases and behaviour of your customer, which in turn can be used for improved data analytics and customer marketing.
Building your strategic payments infrastructure to leverage payments data
Enabling an environment to fulfil the organisations aims of increased flexibility and internal/external efficiency. Security by design and data usability requires a carefully thought out approach to delivery.
We’ve outlined the three-phase approach below, to enable payments as your retail differentiator:
Phase I – Where are we now?
For mature retailers looking to drive their revenues and customer experience, it's often the case that the payment infrastructure is in an evolved state, so sometimes it’s difficult to know where to begin.
Meticulously recording today’s world through a thorough baseline assessment of the environment and infrastructure. This needs to be completed early on and in front of work and investment.
You need to know where you are right now.
Phase II – Where are we going?
You need to understand the market, the technology trends and your customer expectations. Looking into the distance will allow you paint a clear picture of the future of payments within your business.
Phase III – How do we get there?
The complexities of the journey to measurable revenue improvements within a payment’s infrastructure, are invariably fraught with challenges and hurdles. Choosing the right partners will help you reduce time, cost and effort.
Payments is complicated, evolving and changing over time. Building a clear payments strategy that has the capability for flex and change at its heart, is the only way that a retailer will benefit from the innovations in governance and technology that face us today.
To best reduce cost, manage risk and drive revenue you must;