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Feature: Data-Driven Retention |
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From using more sophisticated technologies to face-to-face or phone chats, many ISOs are gathering critical data to aid in merchant retention. And the time and money spent are well worth it. “There’s no getting away from [it] when you consider that the cost of boarding a new merchant tops out at five times the cost of preventing an existing account from exiting the ranks,” notes Greg Cohen, president of Moneris Solutions in Schaumburg, Illinois.
Some data can also help ISOs avoid losing merchants. “Offering lower rates is no longer a guarantee of merchant ‘stickiness,’ and while going out of business remains the most common cause of attrition,” ISOs need to leverage the vast amount of data at their disposal that may point to other reasons a departure is imminent, suggests Henry Helgeson, president and CEO of Boston-based Merchant Warehouse.
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