It’s one thing to have a tool in place for getting a job done. It’s another to have one that helps you get the job done more efficiently and effectively. Enter: the importance of tracking residuals analytics for your business.
Based on results from a survey conducted in 2018, Statista reported that only 16% of United States companies found their delivery methods and real-time customer interaction across touchpoints and devices to be effective. Perhaps this is why the customer relationship management (CRM) software market is projected to increase in growth by $2.5 billion come 2022.
At the speed that business takes place nowadays — especially online — organizations recognize the need to streamline tools and processes. And this is certainly the case for those in the payment processing industry. With so many nuances to coordinate in selling and managing merchant customers, efforts across every department need to be in sync.
One such nuance is that of residual calculations. You need a tool that will help manage residuals from any payment processor, as well as pay agents. But have you also considered the importance of tracking residuals analytics for your business?
Make Strategic Decisions Faster with Residuals Analytics
Founded by a team with extensive knowledge in payments processing, IRIS CRM is constantly working to learn from and improve upon the suite of tools we already offer. This is why we recently released a new feature: residuals analytics.
When running residual calculations, you can now also reference a variety of built-in dashboards. They allow you to assess trends across multiple processors over time, at a glance, giving your merchant services team the ability to identify opportunities and make strategic decisions faster.
Stay on Top of Profitability Trends Over Time
Making money is only the tip of the business 101 iceberg. And while revenue is great, profitability is the metric worth tracking when it comes to your business’ financial health, overall.
Residual calculations are one of the many variables that can factor into your company’s potential for growth over time. With IRIS CRM’s profitability analytics dashboard, you can easily create a chart that tracks gross and net income, line items, and payouts month-to-month.
Better Understand Your Merchants
When you make an effort to learn about the merchants you’re selling to, you improve your ability to sell and the quality of deals made. This is why it’s important to track residual calculations across merchants on an ongoing basis.
IRIS CRM makes it easy for you to analyze residual analytics from a number of different angles. You can generate dashboards for top merchants by volume, income, industry, and geographic distribution. This helps your internal teams more effectively target merchants that will prove most profitable for your business in the long-term.
Keep Tabs on Internal Processing Capabilities
As your business grows, the processes in place should evolve to scale. If you don’t plan ahead, this is something your team will inevitably end up learning that they have to do the hard way.
With dashboards for processing merchant analytics from IRIS CRM, your business can keep tabs on monthly merchant counts, average ticket sizes, volume paid, transactions, and net income. This helps you better fill the gaps from a hiring perspective or identify changes in productivity sooner rather than later.
Learn how IRIS CRM will help you grow in terms of residual calculations and beyond. Set up your free demo today.