Payment gateway major PayU India has launched an upgraded version of its merchant facing dashboard to give a better understanding into consumers’ purchasing behaviour to sellers.
The new technology platform includes a visually exciting analytics tool which makes use of data to deep dive into conversion rates, payment method, device preferences, card vault usage, refunds, and offers among others.
The new feature shows the total number of payments, success rate and splits of payments which happened through net banking or credit/debit cards, cash cards/PayUMoney.
To get a deeper understanding of how each of the payment methods are performing, the merchant can click on a specific payment method for accessing stats like total number of transactions, rate of success, and failure etc. for each of the net banking options (HDFC, ICICI, Citibank etc.). Similarly, they can get the issuing bank-wise insights for credit/debit cards as well.
Improved conversion rates through real time downtime alerts
PayU is the first aggregator in India to offer issuing bank downtime API. Using this, API merchants can detect not only scheduled but also unscheduled issuing bank downtime in real time.
The Gurgaon-based company has developed a proprietary algorithm to detect downtime of card issuers, based on the mapping of Issuer Identification Numbers. Merchants can use this API to alert the customer on their payment page if a card issuing bank is down and ask for their email/phone for sending a notification when the bank is back up.
It also developed a similar service for detecting netbanking downtimes. This API can help salvage around 2.5% of net banking transactions which get impacted due to unscheduled downtime from banks.
“The new merchant panel will help a merchant in taking wise and timely business decisions by using various data sets to his/her advantage,” said Prashanth Susarla, Sr. Vice President, Product and Engineering, at PayU India.
Besides the above, PayU has built a diagnostic tool to help merchants analyze and compare conversion rates between two time periods. At the end of the diagnosis, an automatic report is generated which provides the cause of success rate fluctuations such as integration issues, bank downtimes and change in payment mix.
Merchants using PayU’s analytics tool will be able to filter transaction data by web, mobile, domestic, international, IVR, SI, and email invoice, etc. to get deeper insights into the customers’ payment patterns. They can compare success rates of different payment methods and check distribution of their mobile and desktop transactions.