News from the Wire
vPromos, Merchants Bancard Network team to reduce customer churn
Wednesday, May 10, 2017 — 19:58:36 (UTC)
Dallas and Valencia, Calif., May 8, 2017 -- Today, vPromos and Merchants Bancard Network announced their partnership in an effort to combat one of the payments industry’s largest problems: Customer Churn.
“It’s no secret that merchants believe we sell a commoditized service,” said Jerry Cain, founder of Merchants Bancard Network. “Perceived commoditization has resulted in a price war which has destroyed profits across the board. We partnered with vPromos because now we can help our merchants deliver a turnkey loyalty program and reduce their customer churn, thereby reducing our churn with our customers.”
“Providing unique products and services to our customers has always been a hallmark of MBN, so tapping into the loyalty universe in a unique fresh way is very exciting to us” said Mr. Cain. “We partnered with vPromos to provide our customers a turnkey loyalty program that strives to reduce their churn, which is consistent with our goal of maintaining long-term relationship with our own customers.”
“We are thrilled to be partnered with Merchants Bancard Network,” said Gene Schenberg, newly appointed VP of Channel Sales at vPromos and a veteran executive in both the loyalty and payments processing spaces. “Loyalty programs are a top priority for Small Businesses and having the right payments provider is the key to delivering integrated card-linked loyalty solutions. With this partnership, vPromos can now offer a full solution to a small business customer, thereby enabling them to quickly launch our friction-free Small Business Loyalty-in-a-Box solution.”
According to Forrester, “Our data show that improving customer loyalty is likely to be a top marketing priority for 80% of decision makers at midsize organizations in the next 12 months. As a result they seek loyalty solutions that help companies identify and track customers, reward behavior and drive deeper engagement and relationships.” (Forrester Wave: Customer Loyalty, Solutions for Midsize Organizations Q1 2016).
According to CapGemini, as much as 90% of annual Small Business payments processing churn is driven by pricing:
“For merchants with annual volumes above $20 million, attrition is primarily—in 90% of the cases— driven by pricing. Though small merchants may not be as highly price sensitive, other reasons such as service disruptions including poorly handled chargebacks; banking disruptions; new technology offerings; and external factors such as events in the payments industry can prompt small merchants to switch acquirers”. (CapGemini Report, Challenges & Opportunities for Merchant Acquirers).
Payment Terminal-Integrated Card-Linked Loyalty
“Payment terminal integrated card-linked loyalty offers both merchants and their customers a superior, seamless, and easy loyalty execution by tracking loyalty with the payment cards customers already possess,” says Jeff Mankoff, founder and CEO of vPromos. “With card-linked loyalty, every time customers shop and pay with their credit or debit card, they automatically earn points and redeem.”
Instant Mobile Marketing to an SMB’s Customers
“We recognize that merchants are always looking to maximize the use of technology while limiting the number of apps and pieces of equipment needed to achieve their objectives. Expanding the usefulness of the terminal is an elegant way to combine the management of a loyalty program with the overall marketing effort of the merchant,” says Mr. Cain. “With vPromos, all purchases and rewards activity is instantly messaged via SMS text, email, and on the merchant’s Facebook page. Even reminders and updates are sent automatically via SMS text and email allowing the merchant the ability to include their own targeted offers and message campaigns, which are also sent easily via SMS text and email.”
“Because card-linked loyalty touches the payment terminal,” says Mr. Mankoff, ”the payments provider is the logical sales channel for reselling payment terminal-integrated, card-linked loyalty. Who better than Merchants Bancard Network to empower the merchants hungry for more from their point-of-sale systems?”
About vPromos (www.vPromos.com ) vPromos powers a cloud-based loyalty and customer engagement solution for Small-to-Midsized Business Merchants that integrates card linking technology and consumer payment terminals to dramatically simplify the customer loyalty experience, increase sales, drive repeat visits, and improve business intelligence with point-of-sale, social, and mobile marketing. vPromos Small Business Loyalty-in-a-Box is a simple, streamlined, automated customer engagement program that integrates with your existing payment terminal to provide a dramatically simplified customer loyalty experience, marketing to your customers using mobile and social channels, and help for your business to increase sales, drive repeat visits, and improve your knowledge of your customers. For more information, please contact: Gene Schenberg VP of Channel Sales at 314-827-4363 or Gene@vPromos.com .
About Merchants Bancard Network (merchantsbancard.com/ ) Founded in 1991 by CEO Jerry Cain, an entrepreneur with a vision, MBN has become the gold standard in payment processing. His philosophy of putting relationships with customers and providing personalized solutions is what sets MBN apart from the competition. Following this belief system, we will always provide you with exactly what you need and never sell you anything you don’t. Merchants Bancard is an established provider in the payment processing industry. With more than 30 years of experience, we have earned the respect of our clients as we move forward with trends and technology without disrupting our superior service. For more information, please contact: Travis Cain, EVP of Sales at 1-877-871-4629 x 2001 or tcain@mbncard.com .
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Source: Company press release. 
Categories: Partnership | Loyalty & rewards
