Payments Processing Metrics: KPIs To Track Efficiency And Reliability
Posted: Mon Feb 03, 2025 10:41 am
Secure payment processing is crucial for both your customers and your business. Your customers trust that the money they spend on your products will be safely and securely processed, and you must trust the systems put in place to ensure transactions can be completed.
In 2019, the total non-cash transaction volume was around a whopping $540 billion USD. By 2028, business-to-business (B2B) transactions are predicted to hit nearly $200 trillion USD. Secure, reliable technology that performs has always been important in the digital age, but with the added payment methods of mobile wallets and contactless payments, to name a few, along with technological adoption by cash, credit, or check heavy industries, means that it’s more crucial than ever to ensure your payment processing methods and technology are up to par.
There are a few ways to evaluate how your payment processing is doing but, primarily, you’ll want to use key performance indicators (KPIs) for reliability and efficiency. Here, we’ll go indiatelegram screening through the components of those KPIs to ensure your payment transactions are processed with ease and security.
Table of Contents
Payment reliability KPIs
Payment efficiency KPIs
How Shopify can help
Simply put, payment reliability is how well a payment system can work to process transactions without any human intervention. It’s the trust you put into the payment system to ensure you’re converting and not losing business. With digital payments and ecommerce quickly becoming favorable methods for many consumers, you can’t rely on old brick-and-mortar carbon copy printers to get the transaction completed.
Payment reliability KPIs indicate the strength of your payment processing system to avoid issues during payment that may risk an abandoned cart altogether. The average abandoned cart rate is 70% as is—it’s important to ensure you track these KPIs so you don’t lose any business.
In 2019, the total non-cash transaction volume was around a whopping $540 billion USD. By 2028, business-to-business (B2B) transactions are predicted to hit nearly $200 trillion USD. Secure, reliable technology that performs has always been important in the digital age, but with the added payment methods of mobile wallets and contactless payments, to name a few, along with technological adoption by cash, credit, or check heavy industries, means that it’s more crucial than ever to ensure your payment processing methods and technology are up to par.
There are a few ways to evaluate how your payment processing is doing but, primarily, you’ll want to use key performance indicators (KPIs) for reliability and efficiency. Here, we’ll go indiatelegram screening through the components of those KPIs to ensure your payment transactions are processed with ease and security.
Table of Contents
Payment reliability KPIs
Payment efficiency KPIs
How Shopify can help
Simply put, payment reliability is how well a payment system can work to process transactions without any human intervention. It’s the trust you put into the payment system to ensure you’re converting and not losing business. With digital payments and ecommerce quickly becoming favorable methods for many consumers, you can’t rely on old brick-and-mortar carbon copy printers to get the transaction completed.
Payment reliability KPIs indicate the strength of your payment processing system to avoid issues during payment that may risk an abandoned cart altogether. The average abandoned cart rate is 70% as is—it’s important to ensure you track these KPIs so you don’t lose any business.