Skip to main content

Merchant Transactions FAQ

This guide answers common questions about Enigma's merchant transactions data and helps you understand where our data is strongest across different business segments and use cases.

Data Overview

For a comprehensive overview of merchant transactions attributes, see our merchant transactions signals documentation.

For details on data structure and interpretation, see our data structure guide.

Understanding Business vs Location Data​

There are two key levels at which Enigma tracks transaction data:

  • Enigma Business Location: Transactions attributable to a specific address/location
  • Enigma Business: Holistic brand-level revenues that include:
    • All constituent location transactions
    • Transactions unresolvable to specific locations
    • Online/platform transactions
tip

All Enigma Locations belong to a Business, but not all Businesses have physical locations (e.g., online-only businesses).

Data Accuracy​

We use a third-party processor dataset to validate revenue attributions. By comparing transactions from card issuers against processor data, we continuously verify and maintain accuracy of our merchant transaction data.

Revenue Estimation​

Why might Enigma underestimate revenue?​

There are several reasons why our revenue estimates might be lower than actual:

No Corporate Card Coverage​

  • We don't collect corporate card transactions
  • No adjustments are made for B2B revenue
  • This significantly affects B2B business revenue reporting
B2B Companies

For B2B businesses, we recommend:

  • Not using Card Revenues as a primary metric
  • Still considering average transaction size and growth trends

Conservative Attribution​

We only attribute transactions when we have high confidence:

SHELL 842 5th AVE BROOKLYN
✅ Business Location: Shell 842 5th Ave
✅ Business: Shell
Using Revenue as a Floor

Because of our conservative approach:

  • Many customers use Enigma's revenue as a minimum estimate
  • Growth rates and average transaction sizes remain reliable indicators even with conservative attribution

Why might Enigma overestimate revenue?​

While underestimation is by design, overestimation affects a small percentage of businesses (~1-3%) more significantly. Here are the main causes:

Multi-Tenant Buildings and Platforms​

This primarily affects:

  • Shopping malls
  • Food delivery platforms
  • Multi-tenant office buildings

Example scenarios:

Transaction: MALL OF AMERICA GYMBOREE 123 MAIN ST
Attribution:
✅ Business Location: Mall of America
✅ Business: Mall of America
Using Revenue Thresholds

To handle potential overestimation:

  1. Set revenue outlier thresholds by industry
  2. Calculate 5th/95th percentile for card revenue in each 4-digit NAICS code
  3. Contact your Customer Success team for guidance on appropriate thresholds

Website Input Issues​

Common problems include:

  • Incorrect website associations
  • Platform/marketplace URLs
✅ facebook.com/pages/mikescoffee (specific page)
✅ mikescoffee.com (business domain)
Website Validation

For best results:

  1. Validate website inputs before submission
  2. Work with Enigma Solutions Engineering to catch common mistakes
  3. Contact support@enigma.com for input validation assistance

Processor vs Holistic Revenue​

For payment processors:

  • Enigma may show higher revenue than individual processor data
  • We capture transactions across multiple processors
  • Use Enigma as a ceiling estimate for total processing volume
For Processors

If you're a payment processor:

  • Expect some businesses to show higher Enigma revenue
  • Use Enigma revenue as a total market opportunity indicator
  • Consider the difference as potential additional processing volume

Industry Coverage​

Our transaction data is strongest for consumer-facing businesses:

✅ High Coverage Industries:

  • Restaurants and Food Service
  • Retail and Ecommerce
  • Personal Care (spas, salons)
  • Healthcare (veterinarians, doctors, dental)
  • Arts and Entertainment
  • Automotive Repair and Services
  • Consumer Services (gyms, etc.)

❌ Limited Coverage:

  • B2B Services
  • Wholesale
  • Manufacturing
  • Construction

Additional Resources​

Last updated on