New research report from ePay Consulting Services, Merchant Acquiring: Leading Practices in Retention Management, highlights key trends and operational challenges that are impacting the merchant acquiring market today.
Merchant attrition is a growing concern for merchant acquirers and independent sales organizations (ISOs), and Retention Management needs to become a top strategic priority for organizations that want to be recognized as forward-thinking and service-oriented providers.
A new research was conducted by ePay Consulting Services in cooperation with The Strawhecker Group. The study, titled Merchant Acquiring: Leading Practices in Retention Management, surveyed a cross-section of merchant service providers (ISOs and acquirers), that had collectively transacted $550 billion in bankcard sales for more than 1 million merchants.
Key findings gleaned from the study indicated that attrition concerns are growing exponentially. As many as 50% of the survey respondents indicated that attrition rates had increased over the past 3 years. Respondents whose organizations had utilized proactive tactics to detect and manage merchant retention fared far better than those that used predominantly reactive tactics. Further, the data confirmed that a growing number of companies are focusing a significant portion of their budget dollars on signing new accounts. This may be due, in part, to the fact that it takes as many as 3 new accounts to overcome the diminished value of a single lost merchant. It was no surprise that many survey respondents felt finding thoughtful and effective methods to improve customer retention while preserving margins was, and would continue to be a top priority.
“To achieve success in merchant retention, organizational DNA must change. This will make it possible for traditional merchant service providers to take on new roles and deliver improved services in a customer-centric, high touch environment.”
Sherry Seetram, President of ePay Consulting Services and author of the report resulting from the study
“This report can benefit a wide cross-section of businesses and individuals including: payment companies, merchant service providers and resellers, technology companies, consultants, investors, analysts, and private equity firms that cover the merchant acquiring industry.”
For forward-thinking organizations, this report will provide insight into what your industry peers think the challenges and opportunities are with regard to retention; and more importantly, you’ll see how they are allocating budget dollars to improve retention rates.
“If you’re in this business and you’re not investing in improving customer retention, you will find yourself at a significant disadvantage.”
Highlights of the report include:
See more at: http://www.epayconsulting.com/marketresearch.php#sthash.ostP8Qr0.pghmSlqx.dpuf
New research report from ePay Consulting Services, Merchant Acquiring: Leading Practices in Retention Management, highlights key trends and operational challenges that are impacting the merchant acquiring market today.
Merchant attrition is a growing concern for merchant acquirers and independent sales organizations (ISOs), and Retention Management needs to become a top strategic priority for organizations that want to be recognized as forward-thinking and service-oriented providers.
A new research was conducted by ePay Consulting Services in cooperation with The Strawhecker Group. The study, titled Merchant Acquiring: Leading Practices in Retention Management, surveyed a cross-section of merchant service providers (ISOs and acquirers), that had collectively transacted $550 billion in bankcard sales for more than 1 million merchants.
Key findings gleaned from the study indicated that attrition concerns are growing exponentially. As many as 50% of the survey respondents indicated that attrition rates had increased over the past 3 years. Respondents whose organizations had utilized proactive tactics to detect and manage merchant retention fared far better than those that used predominantly reactive tactics. Further, the data confirmed that a growing number of companies are focusing a significant portion of their budget dollars on signing new accounts. This may be due, in part, to the fact that it takes as many as 3 new accounts to overcome the diminished value of a single lost merchant. It was no surprise that many survey respondents felt finding thoughtful and effective methods to improve customer retention while preserving margins was, and would continue to be a top priority.
“To achieve success in merchant retention, organizational DNA must change. This will make it possible for traditional merchant service providers to take on new roles and deliver improved services in a customer-centric, high touch environment.”
Sherry Seetram, President of ePay Consulting Services and author of the report resulting from the study
“This report can benefit a wide cross-section of businesses and individuals including: payment companies, merchant service providers and resellers, technology companies, consultants, investors, analysts, and private equity firms that cover the merchant acquiring industry.”
For forward-thinking organizations, this report will provide insight into what your industry peers think the challenges and opportunities are with regard to retention; and more importantly, you’ll see how they are allocating budget dollars to improve retention rates.
“If you’re in this business and you’re not investing in improving customer retention, you will find yourself at a significant disadvantage.”
Highlights of the report include:
See more at: http://www.epayconsulting.com/marketresearch.php#sthash.ostP8Qr0.pghmSlqx.dpuf
New research report from ePay Consulting Services, Merchant Acquiring: Leading Practices in Retention Management, highlights key trends and operational challenges that are impacting the merchant acquiring market today.
Merchant attrition is a growing concern for merchant acquirers and independent sales organizations (ISOs), and Retention Management needs to become a top strategic priority for organizations that want to be recognized as forward-thinking and service-oriented providers.
A new research was conducted by ePay Consulting Services in cooperation with The Strawhecker Group. The study, titled Merchant Acquiring: Leading Practices in Retention Management, surveyed a cross-section of merchant service providers (ISOs and acquirers), that had collectively transacted $550 billion in bankcard sales for more than 1 million merchants.
Key findings gleaned from the study indicated that attrition concerns are growing exponentially. As many as 50% of the survey respondents indicated that attrition rates had increased over the past 3 years. Respondents whose organizations had utilized proactive tactics to detect and manage merchant retention fared far better than those that used predominantly reactive tactics. Further, the data confirmed that a growing number of companies are focusing a significant portion of their budget dollars on signing new accounts. This may be due, in part, to the fact that it takes as many as 3 new accounts to overcome the diminished value of a single lost merchant. It was no surprise that many survey respondents felt finding thoughtful and effective methods to improve customer retention while preserving margins was, and would continue to be a top priority.
“To achieve success in merchant retention, organizational DNA must change. This will make it possible for traditional merchant service providers to take on new roles and deliver improved services in a customer-centric, high touch environment.”
Sherry Seetram, President of ePay Consulting Services and author of the report resulting from the study
“This report can benefit a wide cross-section of businesses and individuals including: payment companies, merchant service providers and resellers, technology companies, consultants, investors, analysts, and private equity firms that cover the merchant acquiring industry.”
For forward-thinking organizations, this report will provide insight into what your industry peers think the challenges and opportunities are with regard to retention; and more importantly, you’ll see how they are allocating budget dollars to improve retention rates.
“If you’re in this business and you’re not investing in improving customer retention, you will find yourself at a significant disadvantage.”
Highlights of the report include:
See more at: http://www.epayconsulting.com/marketresearch.php#sthash.ostP8Qr0.pghmSlqx.dpuf