How data enrichment improved customer insights for this payment provider

Markaaz helped a leading global payment provider to verify and enrich merchant data that other data providers were unable to verify. This improvement unlocked deeper customer insights, better personalization, and new revenue opportunities.

Highlights  

• We were able to identify and enrich 70% of US merchant and 53% of international merchant records that other KYB providers were unable to verify
• The company request 11 data fields and we were able to return 124 providing a significantly greater level of granularity of merchant information
• Bolstered business records with a wealth of firmographic information

The opportunity

A global payment provider wanted to have a better level of understanding of the merchants within its acceptance network.  Their desire was to support an enhanced portfolio management and create more effective prospecting efforts.

This payment provider helps small and medium-sized businesses by offering personalized solutions to help them grow. With a greater understanding of its merchants, the company can:

• Identify high-value partners  
• Assess risk effectively  
• Target strategic and marketing efforts efficiently  

To do this, the payment company partnered with Markaaz to test our business verification and data enrichment solutions. The objectives included:

• Demonstrating Markaaz’s strength as a Know Your Business (KYB) data provider for business verification  
• Assessing the potential of the Markaaz Directory for data enrichment with both US and international merchant records  

The approach

The global payment company provided Markaaz with a sample list of their business customer records that were unverified by other KYB data providers. Our goal was to find, match, and deliver additional data to enrich their records.

The results

We conducted two studies—one for US-based businesses and one for international organizations.

US-based businesses

Within the United States, 1,736 merchant business records were provided that were unable to be verified by other KYB data providers. Markaaz was able to identify and enrich 70% of the records.

The payment provider requested 11 data fields for data enrichment, including:

• Business name  
• Employer identification number (EIN)  
• Contact details  
• Estimated annual revenue  
• Number of employees  
• CEO insights  

Markaaz was able to return to them the 11 original fields they requested and 113 additional ones.

International organizations

The study used 2,500 records from different international countries. Markaaz delivered a 53% match across all countries. This was a good result since most of the records came from non-business such and non-government organizations and schools as well as unregistered businesses.

The data enrichment exercise significantly bolstered their business records with a wealth of firmographic, business health, compliance, and organizational hierarchy information.

Enhance your company's customer insights with better data enrichment

Markaaz's business verification and data enrichment solutions significantly improved this payment company's customer insights, paving the way for more informed business decisions.  

Markaaz's proprietary matching algorithm, expert data stewardship, and database of over 300 million business records solve a significant industry challenge. Markaaz has collected the best attributes across 65,000 data sources to provide superior SMB verification and deeper insights. Companies can use these better data enrichment tools to improve data enrichment processes, enhance customer experience, and increase revenue.

Contact our team to test your customer list and bring the benefits of data enrichment to your company.