This is a mistake we see ISOs and agents make repeatedly: they spend more time focusing on new sales rather than supporting existing merchants.
As a result, they feel the ongoing burn of merchant services churn. With typical attrition rates hovering around 20%, that number can be almost impossible to overcome, even by the very best payments sales force.
What can you do about it?
The easiest and best place to start is choosing a processing partner that addresses these support areas well:
👉 Access to right-fit products & solutions for the types of merchants you serve. What are the pain points your merchants experience, and who has the solutions that best address them?
👉 Access to a self-service reporting platform that is easy to use and accurate.
👉 Transparency delivered, not just talked about. If there’s an issue that affects merchants, do they own it or do they use the complexity of payments to hide behind it? When you want to dig deeper into the data for your merchants, do you have that information available?
👉 Customer service requests like refunds and banking updates are handled efficiently.
The customers you already have are your most powerful form of advertising– testimonials, which can lead to a steady referral source. What are you doing to nurture those relationships and convert them to referrals?
The old adage is true ~ if you’re not growing, you’re dying. But don’t focus so much on bringing new business through the front door that you fail to see the back door swinging wide open.