High-level customer service means high retention
Kyle Morgan, President and Head of Business Development for Mercantile Processing Inc., was in his second year of college when he discovered merchant services. Initially he sought additional income, but he soon found he could build his own business using residual revenue from his growing merchant portfolio.
Morgan began to build MPI by first employing two fellow college students and friends, Andrew Stump and Katie McMillan. Initially, they worked from a beach house in Fenwick Island, Del. Then they expanded to a storefront office in Frankford, Del.
Endeavoring to build the company in the most stable way, Morgan developed a relationship with a local community bank with nine locations. This groundwork allowed MPI to specialize in ISO/bank relationships; gain long-term, high-retention clients; and forge long-term connections within the community, the company noted.
Keys to longevity
Now a full-service registered ISO, MPI believes high-level customer service enables it to maintain its long-term relationships with customers, partners and employees. For example, Stump and McMillan, two of MPI's three founding members, are still employed with the company. Stump now serves as National Sales Manager, providing sales and pricing guidance to all reps. McMillan is National Recruiter and Relationship Manager, establishing relationships and providing ongoing support to MPI's sales force. In addition, the business still maintains key partnerships it established when it first opened its doors seven years ago.
MPI pointed out that its staff consists of young professionals who have "progressive skill sets" that allow MPI to provide "Tier 2 customer service" to every merchant or rep that calls into its office. The company also prides itself on having created a culture that encourages staff to partake of continuing education in the industry to ensure that MPI can provide up-to-date and efficient service. MPI also noted that its merchant attrition rate has never exceeded 8 percent, which the company attributes to its high standard of customer service.
Support for the feet on the street
MPI's goal has been to create an agent program that encourages ongoing education and growth. To that end, it created Build Grow Prosper, an initiative for ISOs and merchant level salespeople (MLSs). The company also believes in offering its agents additional sources of revenue, such as payroll services and the iPad POS system Lavu, to create multiple residual income streams that promote merchant stickiness. "I am very impressed with their full line of products, how helpful and knowledgeable the whole entire staff at MPI are," said an MPI authorized agent from South Dakota.
Morgan is now largely in charge of maximizing the company's business development to promote further stable growth. He said he has seen the addition of payroll to an existing processing client increase retention of that client from three years to five years consistently. In addition, it allows MLSs to build residual income with one of the most "sticky" products available, Morgan added.
Forward-looking partnerships
MPI also pointed out that its partnership with Lavu has also created an environment for agents to promote a product that is specifically geared to the restaurant industry. Excellent customer service and quality products that stem from this partnership promote the idea of long term relationships. In addition, MPI's agents can offer an integrated POS solution, merchant services, gift and loyalty, and payroll integration all in one shot.
"At the outset, it became clear that Mercantile Processing Inc. was unique," said an MPI authorized agent and POS Lavu reseller in Pennsylvania. "Yes, there are larger ISOs, but building my base of business has been dynamically supported every step of the way with MPI."
To date, MPI has expanded nationally, with MLSs in major cities in over 10 states. The company's East Coast office is in coastal Delaware; its second office in Los Angeles.
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