When opening Canary, you’ll immediately land on the dashboard. The dashboard contains a log of recent events in your payments data and trend monitoring of your approval rates and transaction volume, broken down by processor and day. In Canary, events are point-in-time metrics that are recorded when your payment data triggers either (1) a minimum or maximum threshold or (2) a trend that is inconsistent with your past data.
The Canary dashboard is your command center for keeping track of noteworthy changes in your payments data. Once you know what to pay attention to, you can begin to take the action required to optimize your payments performance.
Want to investigate your entire history of events? Simply navigate to the Events tab, where you can dive deeper into event details, including descriptions, related metrics, and timing.
Events are delivered to you via notifications. For all types of events, you can choose whether you want to be notified by email, webhook, application UI, or a combination of all three.
The events in the Canary dashboard don’t work alone. Behind every event is a trigger that defines when metrics warrant attention. Triggers are configurations that monitor for anomalies in your continuous data streams around a metric or threshold over time. The more data that flows through Canary, the more accurate your triggers become. Canary utilizes machine learning event detection with a noncausal filter to surface meaningful anomalies in your data. When a trigger is “tripped”, aka your data stream crosses the threshold the trigger defines, that is when an event is created.
Canary comes with preset triggers that define metric thresholds for approval rate and total transaction volume. Based on provided historical data, Pagos customizes these configurations to be more specific to your business, so that you can hone in on exactly what matters for you. Soon, you will be able to define your own triggers, in order to customize them perfectly to your business needs.
Canary currently monitors the trend of three key metrics, as defined below. Combined, these three metrics are a good barometer of the health of your payments ecosystem.
Let’s take a deep dive into the significance of these metrics:
Canary shows you both the totals and processor subtotals of these metrics. They are visualized in your Canary dashboard and would look something like this:
Looking to visualize even more data points? Check out Peacock by Pagos, our solution to aggregating and visualizing all of your payments data. A no-code integration can bring Canary and Peacock together to create a powerful duo of data visualization and anomaly detection.
We are just getting started! In the coming weeks, we will share further customization enhancements and explanations about the data science Canary uses to detect trends, anomalies and opportunities in your payments data. Stay tuned for feature updates like daily event summaries, more detailed context about events, custom trigger creation on specific data segments, and opportunity detection.
Never again worry about monitoring and catching important authorization rate and volume changes - Canary has your back. Let us be the expert payments data science team you always knew you needed.