Your business understands the importance of payments optimization. You know that payment processing isn’t just a checklist item for your business, but an actual strategic asset that can bolster revenue and delight customers. You might even have a fair grasp on your payments data and the trends or patterns you can expect in purchasing behavior over time. But there’s one thing even companies with best-in-class payments operations still need help with: identifying and prioritizing areas for improvement.

Here at Pagos, we believe the answers are always available in the data—both yours and that of the wider industry. Good thing we have everything you need to dig deep into your transaction data and see how you stand up against the competition. 

Data Observability and Benchmarking Made Easy

Peacock by Pagos is a truly revolutionary payments data visualization platform that not only aggregates your payments data from many sources, but harmonizes it into a single data set to power dashboards of filterable charts and graphs. Are you trying to view your approval rate per processor? Per payment method? Looking to compare your Visa chargeback volume across all payment service providers (PSPs) to that of Mastercard? Interested in the decline code breakdown of your comprehensive declined transaction volume? We’ve got it all.

And on top of that, we have benchmarking. Flamingo benchmarking, an upcoming feature within our Peacock platform, is designed to help you compare your payments performance to that of an aggregated, anonymized cohort of similar companies. Without any work on your part, you can see benchmark data in the context of your own aggregated payments data to better understand if an observed trend is unique to you, part of a broader industry pattern, or even a global market issue. Best in class payments companies are always trying to establish where things are changing; with Pagos, you can use the insights from benchmarking to inform your priorities as you continuously monitor, develop, and improve your payment strategy. 

How Flamingo Benchmarking Works

Flamingo benchmarking is soon to be available on the Approvals Metrics page within Peacock. Subscribers to Flamingo will see a Benchmark toggle on the main Approval Rate graph—a visual that charts your approval rate over time across all PSPs. When activated, this toggle reveals a shaded area that represents the benchmark range over time for your anonymized comparative cohort.

Flamingo’s benchmarking capabilities even allow you to filter by card brand, card type, stored credential, and issuer country. These filters apply to both your data and the benchmark range, providing you with a more tailored comparison. Interested in comparing very specific segments of your data against the cohort’s overall benchmark range? We’ve got that, too. Filter your data using any available Peacock filter (payment method type, card product, issuing bank, BIN, etc.) to view how the approval rate for that segment of your customer base compares to the overall industry rate.

Keep in mind, we’ve already removed all duplicate transaction retries from the benchmark data for your cohort. As such, we recommend you always use the deduplication filter to similarly exclude retry attempts from your own data. Doing so allows you to derive an even clearer picture of your true approval rate. This level of granularity enables more targeted decision-making and optimization strategies.

How to Access Flamingo

Flamingo benchmarking is an add-on feature within Peacock. If you’re subscribed, the Benchmark toggle on the Approval Rate graph will be available for use. If not, it will appear grayed out. To get started with Flamingo and enhance your payment performance analysis, reach out to your Pagos Account Manager!

What’s Next for Flamingo?

To start, Flamingo will offer benchmarking on approval rate data in Peacock, but we are actively working to expand its capabilities to include other key metrics, starting with chargebacks. With data sourced from over 7 billion transactions and custom card network feeds, Flamingo provides you with the most accurate, up-to-date benchmarking available.

In the fast-paced world of payments, having context is key. With Flamingo, you can differentiate between issues that require intervention and those that are part of broader market trends, equipping you to make more informed, data-driven decisions. Contact us today to get started!