Worldpay, the UK’s leading payment processor, is helping businesses unlock the full power of their payments data with the unveiling of a revolutionary big-data analytics tool, Your Marketplace.
The market-leading service has been designed with the needs of large corporate businesses in mind, giving them the actionable insights they need to make better business decisions and transform everyday operations by putting their card payments data to work. The payment insights tool will draw on the 31 million mobile, online and in-store transactions Worldpay processes every day to provide customers with an unrivalled view of transaction data, including over a year’s worth of historical card payment data from across their business.
With access to all their Worldpay payments data in one place, retailers can significantly reduce the manual effort associated with daily reconciliation and month-end reporting. Worldpay estimates Your Marketplace could help businesses save an average of 40 hours every month on administration leaving more time to focus on interpreting the data to identify trends and answer key business questions.
Dave Hobday, UK Managing Director Worldpay, said: “Every transaction your customers make tells a story that can help you make smarter business decisions. But drawing them out from the vast amounts of data and information available can be time consuming and costly.
“Our customers want to spend less time crunching numbers, and more time turning information into the type of actionable insight they can use to grow their business. With Your Marketplace, we are giving businesses an unrivalled view to help them monetise their data, revolutionising the way they can access insights and ultimately giving them a huge competitive advantage.”
Users have complete flexibility to cut and slice data, helping them uncover payment drivers and better understand customer payments behaviour, both at a macro level and down to individual transactions. Powerful datasets allow businesses to analyse branch and business performance over time, aiding forecasting and helping shape future investment in new channels and payment types to better meet customer expectations.
The tool also provides a single source of granular information on where revenues are being impacted by fraud and chargebacks, helping risk and fraud managers to spot patterns more easily and develop an effective strategy to minimise losses.
The unveiling of Your Marketplace is the latest addition to Worldpay’s expanding big data proposition. As the UK’s leading payments processor, Worldpay handles 42 per cent of card transactions on the high street, providing a direct insight into spending on 63 million cards across the country.
Your Marketplace complements Worldpay’s existing Consumer Insights solution, which offers a comprehensive market perspective of shopper spending patterns and loyalty behaviours both at a national and local level, by sector, payment type, channel and time of day.
Dave Hobday continued: “Until now, payments data has been under-utilised by businesses. As leaders in modern money, we are enabling our customers to get under the skin of their own data in a flexible and efficient way. As a result of the volume of payments we process, we can offer an unrivalled cross-sector view of consumer spending behaviour right across the UK, and really help our customers put big data to work. By empowering them with valuable insights they can transform the way they run their business.”
For more information on Your Marketplace visit: www.worldpay.com/uk/corporate/multichannel-face-face/your-marketplace
Notes to editors:
Worldpay is a leading payments company with global reach. We provide an extensive range of technology-led payment products and services to over 400,000 customers, enabling their businesses to grow and prosper. We manage the increasing complexity of the payments landscape for our customers, allowing them to accept the widest range of payment types around the world. Using our network and technology, we are able to process payments from geographies covering 99% of global GDP, across 146 countries and 126 currencies. We help our customers to accept more than 300 different payment types.
Worldpay UK has a 42% market share in the UK and helps businesses of all sizes sell more to their customers by accepting card payments in-store, online, via mail or telephone, and on the move. www.worldpay.com/uk
For more information please contact:
Harry Ronaldson, Golin: T + 44-(0)20-7067-0144
Siobhan Acha Derrington, Worldpay: T: +44(0)203-664-4822