Womply aims to cut merchant attrition with Retention Intelligence
23 January 2017 | 2512 views | 0
Womply, the leader in front office software for small and medium sized businesses (SMBs) and the leading software partner to the credit card processing industry, today announced the launch of its newest product, Retention Intelligence, which will help acquirers and processors proactively identify risk and reduce merchant attrition.
Retention Intelligence is an analytics solution for credit card processors and acquirers that helps identify high risk merchants and prevent them from churning. Womply’s software ingests billions of data points including processing volumes, online activity, market trends, geographic patterns, interactions with customer service, and more. This data is analyzed using Womply’s proprietary models to create actionable, real time alerts that highlight individual merchants at risk of churning. This allows acquirers and processors to efficiently address merchant concerns before they churn.
“Retention Intelligence is our first product focused exclusively on the needs of acquirers and processors,” said Cory Capoccia, President at Womply. “We recently demonstrated that our merchant-facing software suite, Womply Insights, cuts merchant attrition by 17% and we expect that Retention Intelligence will have an even greater impact over time.”
Retention Intelligence alerts can be delivered by email or sent directly into a CRM or ticketing system for use by an acquirer/processor’s Customer Service, Retention, and Sales teams. Importantly, Retention Intelligence allows processors and acquirers to focus their limited resources where it counts: on valuable, high-risk accounts. Targeted alerts allow for faster service response times and improved merchant satisfaction (as measured by Net Promoter Scores), and alert sensitivity can be adjusted based on a variety of factors.
“Merchant attrition is one of the biggest problems in the merchant acquiring industry. New entrants, online rate shopping, and aggressive competition have made the environment increasingly challenging for acquirers,” said Mr Capoccia. “Retention Intelligence is the first product of its kind and we are excited to see how this improves merchant experience within the payments ecosystem.”
While Retention Intelligence alerts are primarily focused on reducing attrition, the models also identify sales opportunities within each portfolio. These hot leads enable acquirer Sales teams to pounce when one of their existing customers needs new hardware, additional software, or a helpful referral.
Whether as a complement to Womply’s market leading merchant-facing software solutions or as a standalone solution, Retention Intelligence is a powerful new tool that Womply’s partners can use to strengthen their portfolios.