Buy Credit Card Transaction Data
The Ultimate Guide to Credit Card Transaction Data 2021
What is Credit Card Transaction Data?
Credit card transaction data is information collected whenever a customer uses a credit card to make a purchase. A credit card dataset or credit card data API will tell you about a consumer’s credit card usage, spending and historical transactions. Retailers buy credit card spend datasets for credit card data analysis, so that they can understand customer behavior.
More and more customers are using credit cards from providers like Visa or Mastercard to make payments. Consumers are also making more contactless and e-commerce payments. For example, when a customer buys a product online, or walks into a restaurant and orders a burger, it’s likely that this transaction will take place using a credit card, because it’s quicker and easier to pay with card than cash. This financial transaction data is captured by the consumer’s bank to be used for payment transaction analytics. Data providers and aggregators collect this information, and supply anonymized credit card data via datasets and APIs.
Since debit and credit cards are commonly used to pay for goods and services, they represent a strong percentage of a country’s customer consumption and credit card spending behavior. Debit and credit cards issued by companies such as Visa, Mastercard or AMEX are now used more widely than cash. Incentive and reward programs have also increased the use of electronic cards. This means that financial transaction and credit card spending datasets are more comprehensive than ever. Credit card data providers like Facteus offer a credit card users database with card data collected from over 15 million US debit and credit cards.
Who uses Credit Card Transaction Data and for which use cases?
Transaction data analysis is used in retail and hospitality to understand customer spending and credit card usage. Customer transaction datasets allow businesses to understand consumer behavior, track historical trends and make market predictions. With enough anonymized credit card user data, clear patterns begin to emerge. Financial institutions and retailers can utilize card data to see spending habits, share of wallet, and method of payment preference. From there, predicting a consumer’s next move becomes less about guesswork and more about transaction data analytics.
Customer transaction data and credit card spending data is used for digital advertising, sales forecasting and business development. For marketers, transactional data is mostly used for consumer segmentation and targeting. Credit card data providers can organise a credit card transaction dataset according to regional codes. This makes location-based marketing and demographic analysis of consumers in a given region more accurate and data-driven.
For example, credit card spend data can identify audience segments which are more likely to purchase certain items, like shoes, for instance. If a digital advertiser’s online transaction data and credit card analytics show that there are x-thousand shoe-buyers in a given area, online, at any one time, they can then bid on online users from those areas, and target them with ads for shoes. Understanding credit card spending behavior is also beneficial to brick and mortar stores. Retail transaction data allows businesses to see which payment methods are popular, so they can optimize customer experiences. Credit card datasets also allow businesses to monitor sales trends and create data-driven marketing strategies.
Most importantly, financial transaction data providers ensure that when they offer credit card data for sale, they aggregate the raw data to remove any PII (personally identifiable information) from their datasets. This means that businesses can buy or sample a credit card database, safe in the knowledge that it’s 100% privacy-complaint.
How do banks use Transaction Data?
One of the main reasons banks buy transaction data is to reduce customer churn. A key part of customer retention is to identify and out-perform competition. For banks, this means identifying which alternative payment methods customers are using instead of traditional, bank-issued credit and debit cards. Credit card transaction data enables banks to see which credit card companies are popular amongst consumers. With these insights, banks can conduct market research to find out why consumers are opting for their competitors. From here, banks can immediately optimize their customer satisfaction operations and reduce customer pain points based on real-time credit card transaction data.
Which companies sell Credit Card Transaction Data?
Major credit card providers, including Maastercard, AmEx and Visa, can connect users to aggregated panels of transaction data. These capture the millions of transactions which take place every minute using these brands of credit cards. These credit card transaction datasets undergo strict anonymization procedures and are available at scale, making them some of the best commercial credit card datasets available on data marketplaces.
Do Credit Cards sell Data?
There are strict privacy laws, including GDPR and CCPA, surrounding credit card transaction data which protect the user, as with public websites and apps. Credit card issuers operate on a consent-manage basis, meaning users can monitor which data they share with banks and issuers, and that they can opt out whenever. All credit card transaction data which verified providers sell is hashed, meaning it is stripped of PII.
Do banks sell Transaction Data?
As with credit card issuers, banks must also follow strict privacy regulations to protect their customers’ data. This means that credit card transaction data is hashed and anonymized, so that it is consent-compliant and in line with GDPR and CCPA.
What are the sources of Credit Card Transaction Data?
Mastercard and Visa transaction data form some of the best credit card databases available.
Visa credit card data covers $3 trillion worth of annual US credit card spending, and £522 billion of UK transactions. With Visa card data, businesses can conduct customer transaction data analysis across hundred of vectors and geographical regions.
Mastercard transaction data delivers cards and payments market intelligence for consumers across the world. Mastercard’s credit card transaction datasets make granular credit card analytics possible, for example basket composition intelligence and individual consumer spending habits.
Some companies, like PayPal, offer an incentive rate program for merchants who offer more detailed information on their sales transactions. These are only eligible for merchants who comply with Level 2 or Level 3 (PCI compliance) transactions. Transactions that fall under Level 1 qualify as a normal card transaction.
To ensure that the card data being shared is accurate, card companies perform strict verification procedures for data that is collected at either Level 2 or 3. This means that this credit card data is eligible for incentive rates, because it is more accurate.
The levels refer to the amount of credit card usage data collected per transaction. The higher the level, the more data is collected. Level requirements usually differ between financial transaction datasets but are similar to the following offered by PayPal:
Any merchant who accepts credit cards complies with this level. It functions as a normal credit card and is authorized and associated with normal transaction data.
Additional data regarding the actual sales such as tax, customer code, purchase number, invoice number etc. is captured at the point of sale. Most of the time it is combined with the merchants’ information such as Tax ID number, state and postal code data.
Significant additional information on the actual product or service is shared. Data points such as line items, product codes, item description, unit price and quantities as well as shipping postal code data are added to the information provided at Level 2.
How much Data does a Credit Card Transaction take?
The amount of data collected from a credit cards transaction varies between POS systems. For example, the amount of data captured from brick-and-mortar transaction, where data is collected from a credit card’s magnetic strip, is different to online transactions, conducted using an ISO. Before you buy credit card transaction data online, consider the volume of data you need for your business’ credit card transaction data analysis. The average amount of data collected per credit card transaction is less than 1 KB. Included in a typical commercial credit card transaction dataset is the credit card number, expiry date, CVV number, transaction value, amount of transaction, and merchant information, including merchant ID, location, domain, and industry.
How far back can Credit Card statements go?
Banks will retain transaction records for at least 5 years. In the US, it’s typical for most banks to keep credit card transaction statements for 7 years. However, it’s possible for credit card users to access older transaction statements by contacting the card issuer. For consumer and commerce data providers, this means these statements are a valuable source of historical credit card transaction data. Retailers and consumer-focussed businesses purchase credit card transaction data because it shows consumer spending trends over this broad period of time. They can then use these insights for product development, supply chain management, and revenue forecasting.
What are typical Credit Card Transaction Data attributes?
- Private label payment
- Private label payment-void
Which types of credit cards are included in a Credit Card Dataset?
- Standard (Mastercard, Visa, Discover, AmEx)
- Pre-paid (Mastercard, Visa, Discover, AmEx)
- Corporate purchasing cards
- Private label cards
How is Credit Card Transaction Data typically collected?
Transaction Data is typically collected by card companies, banks, stores, and businesses at the point of sale or transaction. Credit card transaction data providers use a credit card aggregator to de-identify the customer transaction and financial data collected from these sources. Providers then deliver the anonymized data via a credit card transaction data API or database.
How to buy Credit Card information?
Credit card data is for sale via the Datarade platform. Credit card data providers offer sample credit card transaction datasets, so you can test that the data fits your requirements before you buy a dataset or API subscription.
How is Credit Card Transaction Data typically Priced?
Typical pricing models include:
- Pay per batch - pay for a single-use dataset of historical transaction data
- Subscription fee - access a real-time API for a recurring fee
- Custom quotes - tailored offering for your specific needs.
Many businesses choose to sample transaction data before they buy credit card data. This allows them to assess the data quality and relevancy before they commit to a data purchase.
How much does Credit Card Transaction Data cost
The cost of credit card transaction data varies - there are lots of different transaction data pricing models. For example, buying a one-off dataset may cost more than a data subscription, here you make regular payments to receive credit card data via a constant stream or feed.
What to ask a Credit Card Transaction Data Provider?
Questions to ask credit card data providers include:
- How often is the credit card data updated?
- Can the data be customized to meet the needs of my business?
- Will the data integrate with my existing business technologies?
- Do you provide additional services, such as transaction data analytics or a credit card data model?
Who are the best Credit Card Transaction Data providers?
Finding the right Credit Card Transaction Data provider for you really depends on your unique use case and data requirements, including budget and geographical coverage. Popular Credit Card Transaction Data providers that you might want to buy Credit Card Transaction Data from are Money Dashboard, QueXopa, Fable Data, Cardlytics, and Mastercard Advisors.
Where can I buy Credit Card Transaction Data?
Data providers and vendors listed on Datarade sell Credit Card Transaction Data products and samples. Popular Credit Card Transaction Data products and datasets available on our platform are Brazil Debit & Credit Card Transaction Data by QueXopa, Consumer Ecommerce Purchases Dataset – Anywhere in the World by Vumonic, and US Consumer Card Payments by Facteus.
How can I get Credit Card Transaction Data?
You can get Credit Card Transaction Data via a range of delivery methods - the right one for you depends on your use case. For example, historical Credit Card Transaction Data is usually available to download in bulk and delivered using an S3 bucket. On the other hand, if your use case is time-critical, you can buy real-time Credit Card Transaction Data APIs, feeds and streams to download the most up-to-date intelligence.
What are similar data types to Credit Card Transaction Data?
Credit Card Transaction Data is similar to Point-of-Sale (POS) Data, Loyalty Card Data, Consumer Transaction Data, Debit Card Transaction Data, and Bank Transaction Data. These data categories are commonly used for Marketing and Credit Card Transaction Data analytics.