The New Verifications Dashboard in Peacock
In the world of payments, verifications are essential to ensuring the security and legitimacy of transactions. From identity to payment method verification, businesses and financial institutions alike rely on various verification methods to reduce fraud, improve chargeback rates, and protect customers.
Typically, a verification is a temporary, low value transaction (between $0 and $1) that a business authorizes on their customer’s payment method before accepting a larger payment transaction. This quick verification step confirms the customer’s identity and availability of funds. As the payment landscape grows and new forms of payment are popularized, however, so do the methods available for verification. This can make the process of manually managing verifications time-consuming and complex, thus driving many payment providers to technology solutions that automate the verification process. Peacock by Pagos can help you bring clarity and transparency to how your business is processing verifications: introducing the Verifications dashboard.
The Verifications Dashboard
In Peacock by Pagos, we pay close attention to how we design and present payments data, and we have a strong bias towards data harmonization. This is reflected in how we organize the data visualizations within individual standard dashboards. For example, our charts are typically presented in a manner that replicates the payments transaction sequence: from transaction data (e.g. count, value) to approval data (e.g. approval rates) to decline data (e.g. decline codes, reason codes).
The new Verifications dashboard follows this pattern directly, presenting your verification data in the following charts:
Verifications Decline Codes
The Verifications Transactions chart has two sub-charts, displaying the total number of verifications you processed in the set time period, both by count and value. The Verifications Approvals chart presents two sub-charts as well, showing the approval rate (number of approved verifications divided by total number of attempted verifications) and both the total count and value of all approved verifications. Furthermore, the Verifications Decline Codes chart essentially provides your total declined verifications count and value—both in total and per decline code—in the set period of time.
To access the new dashboard in your Peacock Service Panel, click Dashboards in the navigation bar, then click Verifications in the left side menu. You may notice the Verifications dashboard appears before the Transactions dashboard in the menu; this is no coincidence. Since verification is the step prior to a business accepting a payment transaction, we displayed the Verifications dashboard before the Transactions one to replicate the payments sequence (as stated above).
As a reminder, you’re still able to use all the rest of Peacock’s features, such as applying data filters like soft descriptor and metadata filers to dive deeper into your verifications, saving filter combinations as Views, building custom dashboards, and many more!
Ready for take-off?
Peacocks are social animals and will often form small groups known as parties for protection and socialization. Likewise, businesses protect themselves from potential fraud by identifying payers’ identities to establish transactions as legitimate and secure. If you’re making wide use of verifications and are ready to explore your verification data more thoroughly, Peacock by Pagos is the tool for you.
We’re excited about this new release and welcome your input on what else you’d like to see. The more information we can provide you to make your payments processing experience better, the happier our birds will sing.
Interested in learning more about Peacock by Pagos or our other solutions? Fill out the form below to connect with the Pagos team: