When it comes to extracting and storing data, it’s no secret that the more you can hold and understand, the better. It’s all well and good asking the right questions, but unless you do something with the answers, you’re effectively wasting all of that information. By this argument, ‘harvesting’ data is only useful if you then have processes in place to validate and actually use this data afterwards.
What is Data Harvesting?
In general, data harvesting is the process of turning raw data into information that can be understood and used for a purpose. By understanding different patterns and trends, businesses can learn more about their customers and use this data to develop effective marketing strategies, personalising the experience for different users and increasing their sales. Data harvesting is a relatively new term in comparison to data mining, in which the process is to extract large data to find patterns, trends and relationships.
For Datam specifically, data harvesting can also be used to carry out enhanced checks and validations in our merchant onboarding process to minimise the opportunity for data entry errors, ensuring a compliant and safe process for selling payment services.
We know that the admin involved in selling and processing card payments can be absolutely huge, with significant amounts of time and resources needed to check for data input errors and making sure all the information is correct end-to-end. Part of the reason that Datam exists is to minimise this process and automate it as much as possible, meaning that our own data harvester and validation checks need to be absolutely watertight.
How Datam’s Data Harvesting Process Works
For us, it’s not just about collecting and storing data correctly, but how that data is then checked and validated. Our validation process is there to make sure that every single piece of data that we collect can be checked and verified elsewhere, meaning that there is an optimum level of accurate data into every application we compile which then goes into an acquirer. This minimises inaccurate data going into the system, lowering the associated admin costs with entering and validating applications before the underwriting process and managing the rework associated with manual data entry. It also speeds the process up exponentially and helps us to deliver a service which is so much faster than other options available in the market.
These processes aren’t just in place to make life easier from an admin perspective either, they also help with lowering costs and risks for your business. We use specialist tagging techniques to allow industry-standard fraud checks to be applied, maximising the reach of automated underwriting techniques and ensuring that all applications are submitted in line with the acquirer’s policies and AML/KYC regulations.
This end-to-end data harvesting and validation process is central to what we do and the benefits that we provide as a business, helping to deliver a 22% increase in sales conversions and 35% increase in sales team productivity.
At Datam, we’re extremely proud of the innovative technology we’ve created and how it can transform the world of merchant onboarding. If you’d like to find out more about how it works, or see it for yourself in a free demo, get in touch today.