5 Tips to Reduce Merchant Attrition

Good “Good” Friday morning everyone. Anyone who has spent any length of time in the merchant processing business knows that retention is key, not just when talking about keeping your team together, but also when it comes to keeping your customers happy and content.

The competition for your merchants is fierce. They have merchant salespeople walking through their door multiple times per week, plus others calling on the phone, and that’s not to mention the solicitations they receive in the mail. So what can be done to help protect your portfolio, you ask?

With a little bit of effort, you can make great strides towards building long-lasting relationships that are centered on trust. Here are five tips that can help you do just that.

You would think this one would be a given, but sadly it’s not. I can’t tell you how many times a merchant has told me that they haven’t heard from their salesperson since they signed up “X” years ago. Stay in frequent contact with your merchants and make sure their issues are handled promptly and accurately, and with as little impact as possible. This will help you build – and maintain – your merchants’ trust and provide exceptional service.

You should be the first to tell your merchants both good and bad news. Don’t let them hear it from the streets. If you think there might be an issue with their credit card processing solutions go ahead and reach out to them – don’t wait for them to contact you. This will give merchants confidence that you have their best interests at heart, which again goes back to building trust.

Something else that I’ve heard time and time again in the credit card processing industry is that merchants are tired of being “fee’d” to death. By this I mean being nickel and dimed for every little thing, but what’s worse is that these fees are often so convoluted that it’s hard to tell what they’re for. All the merchant knows is that they’re priced too high and see you as being greedy.

To be successful in the payments business, you must disclose everything and help your merchants find the information they need. This is why our merchants are so pleased with Graphite’s Merchants portal and Lighthouse, our merchant portal and back office, because they get a clear breakdown of all of their charges and fees.

This means giving merchants the products and services they need, not the ones you want to sell them. For example, some merchants find next day funding critical, whereas others might not need it. Don’t upsell them on services they really don’t need. Sure, a good salesperson can sell anything, but when a merchant discovers they really don’t need it, the salesperson’s reputation will be ruined.

In today’s world, it is easy to just sign a merchant and move on, never looking back. It’s also easy to treat your merchants differently, giving the bulk of your attention to the ones that make you the most money. I’m not saying you shouldn’t prioritize, just don’t forget that every merchant is your partner and should be treated as one. The small ones can be great referral sources, so ignore them at your own risk.

Always remember, Under Promise and Over Deliver.

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Do you have any other suggestions for keeping your customers content? Feel free to leave a comment below and share your thoughts.

For more information about joining Payment Lynx and growing your portfolio or to discuss keeping momentum going in July please feel free to contact me at DMatney@PaymentLynx.com