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StreetSmarts

Know when to fold 'em mouth is King," he wrote. "We never let an account just
go; we always work and work on all of our accounts, as
GreenSheetFootball believes there's no reason to I believe we have the best service [value-added services,
chase a merchant who is heading toward the exit. He etc.] out there.
recommended bowing to the inevitable, because "they all
close their accounts one day." "We have account [personnel] who only focus on account
retention, and they do retain many of the accounts that are
Maketelinc supports this view. "Some accounts are better in the process of switching or who have already switched."
left alone," he wrote. "Of course, help and service your
customers, but don't overdo it – let sleeping dogs lie. I Keep a positive outlook
remember when I would go to load a roll of paper; now I
try as hard as possible not to go [on service calls for issues When all is said and done, it's best to maintain a positive
that can be easily managed by] the merchant." outlook and focus on building value into our customer
relationships.
GMartin suggested evaluating accounts on a case-by-case
basis to determine which ones are keepers and which are Conrad wrote, "Thankfully, over the last several years,
better left alone. I've seen a decrease in churn to almost zero. To condense
a hundred components into two: 1. If a merchant calls me
"How many can say they have not experienced the when they are tempted to switch, I save the account. 2. My
scenario where you check in with a merchant, only to end merchants are trained to call me when they are tempted
up having to lower fees because of some scam phone call, to switch."

Payment pro Slick Streetman looks forward
to the challenges and opportunities of each
When all is said and done, it's best new day. "The longer you are in this industry,
you get to see a bigger and bigger picture,"
to maintain a positive outlook and he wrote. "After 10+ years, I still have much
to learn, but it has and will always be a great
focus on building value into our ride, and one that I wake up every morning
and truly can say that I love what I do for a
customer relationships. living."

TPSS//Tiger reminded us all that the cost
of keeping an existing merchant is far less
than the expense of acquiring a new one.
or some green rep that came through the door?" he wrote. Once customers leave "it's much harder to
"They most likely would not have called you to inquire, get them back," he wrote. He added that you may have to
but since you are there, it becomes a point of conversation wait for years until former customers can disengage from
that needs to be dealt with." contracts with their existing processors.
Behave like a friend
Echoing Maketelinc, he added, "Sometimes it's best to let
a sleeping dog lie." How else can we encourage our merchants to stay? One
way suggested by Ber is to humanize the relationship and
Build a consistent brand image and identity
not make it all about business all the time. "One day per
What differentiates you from your competitors? Is it month, I set aside as a 'nonwork' workday. No selling,
excellent customer service, leading-edge technology, fast no service calls ... just visit with clients, hang out, drive
response times or a combination of factors? To effectively around in casual beach clothes."
compete in this market, it's important to identify what
matters most to your business and ensure that all of your Whatever strategies you choose to keep your merchants
actions and communications reflect your company's happily involved, remember the best value you can bring
values. to any relationship is the unique, authentic, inimitable
you.
For 1Slick67, a core value is building a meaningful
relationship with every single merchant, no matter how Dale S. Laszig is a writer and payments industry executive special-
large or small, through a dedicated team of account izing in business development and sales performance improve-
retention professionals. ment. She manages channel sales at Castles Technology and sales
effectiveness programs through IMPAX Corp. and C3ET Credit
"If you are building a brand, you don't want to lose any Card Consortia for Education & Training Inc. She can be reached
account or have any [loose] strings out there, as word of
at 973-930-0331 or dale_laszig@castechusa.com.
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