Stripe Transactions

What Are Transactions

Transactions represent the total number of successful payment or purchase activities that took place within a specific platform that the business uses.

It encompasses all completed transactions and captures essential details such as the transaction amount, currency, payment method utilized, and transaction status.

By tracking transactions, businesses can get granular insights into their revenue generation, customer behavior, and payment processes.

How to Calculate Transactions

To calculate the transactions metric, you need to simply count the number of successful transactions within the defined time period you’re interested in.

The formula is straightforward:

Transactions = Total number of successful payment or purchase activities

Let’s say an ecommerce website processed thousands of orders during a particular month, but wants to get an exact figure.

They saw these numbers:

• June 1: 78 successful transactions
• June 2: 95 successful transactions
• June 3: 102 successful transactions
• June 4: 89 successful transactions

… And so on for each day of June.

After adding up all the successful transactions for the month of June, the website can get the total count of transactions for that period.

Although, it’s unlikely that any business will have to manually calculate this metric since these figures can usually be found within the software that you use to process the transactions

Best Practices for Accurately Tracking Your Transactions

Managing digital transactions can quickly get out of hand if you don’t have the right processes in place.

Sure, the transactions will be recorded in the software and you’ll probably have some reports to extract, but that’s not what we mean by proper tracking.

Here are some of the things you can do to better track your transactions and avoid getting lost in the numbers:

• Look to the cloud: For years now, cloud systems have been the pinnacle of organized collaboration and proper data storage. With cloud-based accounting systems, you and your team members can immediately log in transaction data as it occurs in real-time and access the information in just a few clicks. These days, cloud systems are practically a predisposition to financial reporting accuracy.
• Use specialized reporting software: When it comes to tracking transactions or any other relevant financial metrics, using specialized reporting software can alleviate a lot of headaches. The software eliminates the need for any sort of manual tracking, you can monitor data in real-time, give context to the numbers, compile all the key financial metrics in one place, and more.

More resources to help you improve:

• Google Analytics Enhanced Ecommerce Reporting: A Step-by-Step Guide
• Data Snack: How to Identify Your Customers’ Purchase Habits Using Google Analytics
• Web Analytics Reports: How to Create, Read, and Understand Them (With 7 Examples)
• Acquisition Reports In Google Analytics: Everything You Need to Know
• Your Online Store Has High Traffic, but No Sales? 16 Potential Causes and Solutions
• Stop Losing Sales: 50+ Experts Share How to Improve Your Checkout Abandonment Rates
• 12 Effective Ways for Increasing Your Average Order Value (AOV)