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Table of Contents

Lead Story

Mobile security and the rule of thumb

News

Industry Update

Fed outlines its vision for payments

Stars align for medical marijuana sales

With new mPOS device, JUSP eyes U.S. market

Can NFC survive without Apple?

Selling Prepaid

Ventra Card goes live in Chicago

Views

Does checkbox PCI compliance leave MSPs exposed?

Chris Bucolo
ControlScan Inc.

Will EMV save us from fraud?

Cliff Teston
Signature Card Services

Education

Street SmartsSM:
For richer or poorer: MLS views on customer longevity

Dale S. Laszig
Castles Technology Co. Ltd.

Selling today: Consultative, not transactional

Michael Gavin
Merchant Warehouse

Seven tips for a successful mass PCI compliance program: Part 3

Michelle Thompson
FirstMerit Bank NA

Company Profile

Live Reps Call Center

New Products

1stPayPOS

1stPayPOS
First American Payment Systems

Inspiration

Boosting customer retention

Departments

Resource Guide

Datebook

A Bigger Thing

The Green Sheet Online Edition

October 14, 2013  •  Issue 13:10:01

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Inspiration

Boosting customer retention

Given that acquiring new customers is far more expensive than retaining existing ones, payment professionals continually strive to limit churn in merchant portfolios. However, sometimes retention efforts miss the mark. If this is true for your business, it could be time to revisit four basic questions you may not have addressed lately:

  1. Are your staff members properly trained to handle all issues they must address? In the dynamic payments environment, where new products and services roll out with regularity, it's important to ensure that all members of your customer service team are up to speed on your current offerings so they can troubleshoot effectively.
  2. Do you make it easy for customers to contact you in the ways that they prefer? It's smart to offer a mix of media for customer interaction. This could include telephone, email, social media and live chat, because, for example, if a merchant wants to speak with a live representative by phone and finds out the only available option is email support, the merchant could become frustrated and turn to another provider.
  3. Do you instruct your telephone representatives to do everything possible to swiftly resolve problems to each customer's satisfaction? And do you give them enough authority to make reasonable decisions on the spot so they can make that happen? If reps must stick to canned answers or have no authority to take remedial action, this could also contribute to portfolio churn.
  4. Do you encourage reps to apologize when your company has made an error? Even the best of us make mistakes. Remedial action should be taken as soon as errors are brought to light, of course, but customers also need to feel that you truly care about any inconvenience or upset the error could have caused. A sincere apology will help soothe feelings and foster lasting goodwill.

Taking steps to ensure that you demonstrate a sincere interest in your customers' welfare can go a long way toward establishing long-term, mutually beneficial relationships with the merchants in your portfolio.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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Spotlight Innovators:

USAePay | Impact Paysystems | Electronic Merchant Systems | Inovio | Board Studios, Inc.