Under the terms of the agreement, First Data’s Insightics software will be offered to OMS customers. Insightics provides businesses with data that can be used to help increase revenue and customer engagement.
“Information is power,” said Ted Keith, president and CEO of OMS in a press release. “Insightics provides SMB owners with data analysis only big business could previously afford. We are delighted that our clients are now able to have their payment data analyzed alongside the data of millions of other merchants to provide actionable statistics they can use to grow and better run their business.”
Insightics examines payment data across several key metrics, including when to hire new employees, launch promotions and which markets to target. It then compares it to similar data provided by other businesses.
The software also uses data science to supply SMB owners with information that can used to boost customer engagement, improve their business model, prevent fraud, detect customer spending patterns and create loyalty programs.
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