🎛️Analytics & operations
Single dashboard for all your payment operations needs!
This section covers the day-to-day use cases of payments operations which Hyperswitch dashboard can support
Payment Analytics
Typical payment conversion funnel of a user through Hyperswitch involves five stages as shown below.
Understanding the payment conversion funnel
Lets take a scenario where you website had initiated 100,000 payments with Hyperswitch.
Payments created | 100,000 |
User dropout at before checkout page is displayed | (10,000) |
User dropout at checkout page | (10,000) |
User inputs payment information and clicks pay button (payment confirmed by user) | 80,000 |
Payment confirmation rate | 80% = (80,000 / 100,000) |
User fails 3DS verification | (2,000) |
User dropout at 3DS verification page | (3,000) |
Payment declined due to fraud | (1,000) |
Payment authorized, but pending to be captured by merchant | (4,000) |
Successful payments | 70,000 |
Payment success rate Total successful payments processed out of all user confirmed payments *includes user dropouts at 3DS verification page, bank transfer login page, pages powered by digital wallets (Paypal, Googlepay, Applepay etc.,) | 87.5% = (70,000 / 80,000) |
Overall conversion rate Total successful payments processed out of total payments created. *includes user dropouts at shopping cart and checkout page. | 70% = (70,000 / 100,000) |
Terminology
Overall conversion rate
Total successful payments processed out of total payments created.
This includes user dropouts at shopping cart and checkout page.
Payment success rate
Total successful payments processed out of all user confirmed payments.
This includes user dropouts at 3DS verification page, bank transfer login page, pages powered by digital wallets (Paypal, Googlepay, Applepay etc.,).
Payment success rate does not include payments which are authorized by but not captured, because non-captured payments will be be settled to your merchant account by your payment processor.
Processed amount
Sum of amount of all payments with status = succeeded.
Please note that there could be payments which could be authorized but not captured. Such payments are not included in the processed amount, because non-captured payments will be be settled to your merchant account by your payment processor.
Average ticket size
The total amount for which payments were created divided by the total number of payments created.
Successful payments
Total number of payments with status as succeeded.
FAQs
Why is the conversion rate on my Payment processor dashboard higher that what I observe on Hyperswitch dashboard?
There are two aspects which you need to be aware of:
Once you start using the Hyperswitch, the role of the payment processor is involved only in the last leg of the payment processing (i.e) after the user enters payment information
Most payment processors report only the authorization rate excluding user dropouts on the checkout page and failed 3DS verifications.
Hyperswitch measures conversion rate including user dropouts, so that you get full visibility on your user dropouts and take appropriate measures to reduce user dropouts.
Please refer here for detailed understanding how popular payment processors track payment lifecycle and measure conversion rates.
What should I do to improve my conversion rate?
The analytics section on the Hyperswitch dashboard offers you the tools to derive insights on patterns of payment failures. Here are some frequently faced problems and actionables.
Most frequent problems faced by merchants | Actionables |
Majority of my users are dropping off at the checkout page |
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I am facing lower conversion rates through my primary payment processor |
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I am facing low conversion rates for USD payments compared to EUR payments |
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I am facing zero conversion rate for a particular payment method/ currency |
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I need help and suggestions to improve conversion rate |
|
Payment Operations
"Payment Operations" refers to the operational time and effort spent by businesses beyond the payment processing step to manage the entire lifecycle of payments. It is cross-functional responsibility and shared across various teams of your business which is responsible for Customer Experience, Finance and Business Growth.
And, as you begin to process payments through multiple payment processors, the complexity increases multifold, thereby increasing fixed costs and siphoning out mind share from focussing on the core business.
Below are some of the day-to-day use cases of payments operations across teams which could potentially extract significant bandwidth from focusing on your core business growth.
Customer Experience Team
Issuing refunds to customers
Proactive monitoring of failed refunds and delayed refunds
Customer queries on double debits
Customer queries on incomplete/ delayed payments
Finance Team
Reconciliation of Payment Processed versus Amount Settled to Bank
Timely submission of evidence for chargeback claims from customers
Reducing the cost of fraud through monitoring
Optimizing payment processing cost with Smart Routing
Reporting across multiple business units / product lines
Triggering bulk refunds
Business Operations and Growth
Tracking, analyzing, and enhancing payment authorization rate
Expanding to new markets and accepting new payment methods
Product Returns versus Refunds issued to customers
Reporting across multiple business units/ product lines
Inadequate attention to payment operations might negatively impact your Net Promoter Score and impact the growth of your business.
How could Hyperswitch simplify Payment Operations?
Hyperswitch Control Center is a single interface that all your teams will be required to use for all Payment Operations use cases. This provides more power to your team for managing payments seamlessly.
In addition to the above, it also includes rich features to make operations more automated for your teams, such as
Real-time analytics
Checkout analytics
Automated Reports
Alerts automation
Managing user roles and access
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