One of the things that can cause a bank’s merchant services program to be stagnant or declining is low merchant retention. How many merchants do you have to sign each month just to stay flat? Keeping a current customer is 10 times easier that finding a new one, so your best bet is implementing everything possible to increase your retention percentage above the industry average. This can include adding a personal touch by having staff at the bank dedicated to merchant support. It could mean partnering with a processor that mirrors your bank’s philosophy of service and places customer support as a high priority.
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Is the merchant services program for your bank performing to the level you expect? That could be because of the credit card processor you have chosen as a partner. Here are the top 4 reasons we see for a merchant services program being stagnant or declining.
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