Q&A: Card Optimization With Vizion by CMSPI04th June 2018
We caught up with Toby McFarlane, our resident expert on card analysis, to discuss CMSPI’s latest product offering: Vizion by CMSPI, an interactive dashboard experience.
Can you tell us a little bit about Vizion and its capabilities?
Vizion is our new interactive trend analysis dashboard software we supply to merchants on a monthly or quarterly basis. It was developed after we received ongoing feedback from our clients about their lack of day-to-day visibility across their supply chains, and how much internal resource they were having to commit just to try and understand and get valuable information out of their reports.
With regards to capabilities, the great thing about this software is that it is completely customizable. The dashboard shows you the information you want to see. That might be answering questions such as: how do my PIN vs Signature costs compare by region, are my network fees consistent across my estate, how does my total processing fees compare state-to-state, to name just a few. Vizion really gets to the heart of what matters most to you.
So, what can merchants looking at their card costs expect to get from Vizion?
In a nutshell, merchants will be able to understand their card fees, payment trends, and historical data in a way that just isn’t possible when looking at raw data or the reports obtained by their processor. Card processing costs are often one of the most substantial expenses for merchants, so understanding exactly how much you’re paying and where those costs are attributed is so important.
How easy to use is the software?
So simple! Everything is laid out in a very easy-to-navigate format. All the charts and tables are interactive so you can view trends at a macro level (or drill down to store level and even view the raw data if you prefer, adjust timeframes, focus on an individual month, even view trends on a store-by-store level. Our clients have found that this level of detail has enabled them to easily identify anomalies they just couldn’t see before. Having this visibility is the first step towards being able to future-proof arrangements and action changes that will have a real impact on your process and bottom line. The software requires minimal resource from the merchant, we can go direct to suppliers to get the data, or use web portals to download it.
Can you briefly talk us through a recent example of when a client has begun using Vizion?
Absolutely. We are currently working with a large, international quick service restaurant using our Vizion software to give the client monthly updates on its entire estate’s card arrangements. This client now has greater visibility of how its fees are broken down by geographical region, card type, capture method and average transaction value (among many other criteria).
One other exciting thing to note is that Vizion has also been a huge part of a new alternative payment initiative the client has recently rolled out – from beginning, to ongoing monitoring. The data and trend analysis the client has been able to capture from Vizion meant they could see a site-by-site profile of their estate, and scientifically choose pilot sites to trial contactless. Now the pilot programme is well underway, they can track the effect of the initiative on KPI’s such as number of sales and average transaction values, and make adjustments as they go.
What would you recommend for merchants thinking about whether Vizion is right for them?
Get in touch with us and arrange a demo! We’re more than happy to talk through your unique requirements and show you an example dashboard and how it all works. Merchants with a deeper understanding of the intricacies of their card arrangements will maintain a competitive advantage over their peers and create more potential cost saving opportunities as well. Our Vizion software will help you achieve this.