The phone rings, your investors want a numbers update… so you immediately jump into fight-or-flight mode.
Your first action, tell your lead developer that she/he needs to drop everything and get the team to execute the “pull the reports” fire drill.
That’s right… the people who are vital to pushing your company forward by fixing the bugs, improving the UX, and developing the next generation of your product/service have just been relegated to busy work.
These highly trained minds are spending their time doing the “Five C’s”:
- Collecting data across multiple sources.
- Cleaning the data of inaccurate or incomplete records and tables.
- Combining the data onto one source, table or dashboard.
- Calculating or generating formulas to get the numbers.
- Cosmetizing so that the data is presentable to your investors.
You’d hire someone else to do it… but no one knows all the intricacies of your Frankensteined together business and you dare not give just anyone access to your proprietary business data.
So you’re stuck using your highest paid employees to do simple VLOOKUPS.
They send back the report you used last month and you think the task is done — get your devs back to “real” work.
Five minutes later… PING!
“Hey bud, thanks for sending this over.”
It’s your investor.
“We’re interested in looking at the trend in customer LTV and churn over the past 6 months as well as the correlation between time to first payment and overall LTV. Can you send us that report?”
(Inaudible cursing… followed by deep sigh… followed by typing)
You head over to your dev, who just plugged in for an all-night hackathon to help you meet the outrageous timelines you put on your roadmap, and interrupt her/him once again.
You explain the request and ask the question that brings a smile and laugh to the face of every developer.
“You can do this pretty quickly right?”
The definition of “pretty quickly” for CEOs and developers is about as close as Ibonics and Klingon, so your developer does the best to explain what needs to take place while your eyes glaze over and one singular thought crosses your brain.
“I can’t afford to take them off the dev work but what can I tell my investors? No?”
So you bite the bullet and give the green light.
If you’re lucky, you might receive an email around 2 am with the requested reports (sans formatting).
If you’re not, you check in the next day with your dev who decided to build an entire program to make sure this problem doesn’t happen again, but she/he is still working to get the kinks out.
Bottom line, you now have a report that cost you a minimum of $300 (3 hours x $100/hour) and a near certainty that the same thing is going to happen again next month.
We’ve seen this scenario happen in just about every e-commerce, SaaS and subscription business we’ve worked with — and even experienced it ourselves.
The Cost of Cracking the Payment Analytics Code
The people on the business side of the company want second-by-second access to the health/growth numbers of the business but they have to depend on the developers (their most precious employees) to “crack the payment analytics code.”
Due to the sensitive nature of payment data, the amount of time and money required to get full access to APIs from providers like Stripe and Paypal is absolutely IMMENSE.
Nevertheless, PAYMENT DATA is the most important data in your growth journey. You’re forced to lean on your developers to get you the data, but you can’t get the numbers as frequently as you’d like.
See, we did some math and found that getting real-time payment analytics using the “depend on your developer route” would cost over $22M…. here’s the breakdown:
At least, you used to have to do that…
But now, there’s Control
We spent the last three years picking the locks, building reports and becoming experts in payment analytics for startups.
Control helps you:
- Collect your data from all your Paypal and Stripe accounts
- Clean it to help you easily filter out chargebacks, refunds, declines, etc
- Combine it into a single dashboard that you can access from your phone or desktop
- Calculate the numbers you need to understand the health of and trends in your business
- Cosmetize them into a user-friendly format
And the best part… there’s no enterprise integration, no per transaction commission, and no long term contracts.
We stand by our product and know we can be a game-changer for your business. Look what some of our 20,000+ current customers have to say.
With Control you can get a bird’s eye view of all accounts, or dive into each account individually as you need to. Day-to-day management of my business’s cash flow has gotten so much easier to see and to manage.
— Richard Lazarra, Founder of A Better Lemonade Stand
Control is the last app I check at night and the first app I open in the morning. I review my Stripe & PayPal sales & customer stats on my Control app even before turning off my alarm clock!
— Serge Salager, CEO of Visual Ping and Retarget Links