Turning the dial to customer retention for a top 5 global merchant acquirer
Featured Case Study
Attrition is a significant problem for most merchant service providers, as it can take more than five new accounts to replace lost revenue from just one customer. Our client, a large merchant acquirer wanted to redefine its retention strategies and implement best practices to boost customer retention.
Business Challenge
The client was under significant pressure to improve retention efforts at sustainable margin levels and needed a feasible and proactive solution to effectively retain its current customer base. The business was faced with key internal and external pain points:
- Rising attrition due to competitive offers
- Inadequate tools, limited data, and lack of automated processes to make informed and swift decisions
- High volume of customer requests for rate reviews
- Poor customer engagement, redundancies across groups, and lack of communication
ePAY Approach
ePAY closely partnered with our client leadership team and key stakeholders to diagnose the root cause of increasing attrition and develop an action plan to significantly improve retention.
Discovery and Operations Assessment
Conducted a hypothesis driven analysis to identify customer pain points, internal gaps to resources, process, data and technology and competitive offers driving attrition
Pilot Design and Alignment Workshops
Engaged with leadership and key stakeholders to determine margin threshold, empowerment, and align on key criteria to design the pilot
Execution Planning and
Launch
Designed a pilot and execution roadmap, implemented a test and learn methodology to test various retention campaigns and offers
Project Outcome
We helped our client better understand its attrition problem, developed and implement strategic solutions that led to immediate results in revenue lift, reduction in revenue attrition, retention ops efficiencies, and boost in overall colleague and customer experience
- >50% lift in saved revenue. Initial results showed significant reduction in average margin compression.
- 7x more rate reviews conducted. Significant improvements to agents productivity, rate reviews completed in <5 mins.
- 5% reduction in overall revenue attrition. Proactively saving more merchants at ‘high risk of attrition’ led to better results.
- Process improvement. Improved controls, results tracking and reporting, and established consistency across groups.
* We take our client’s confidentiality seriously and do not disclose company names in our case studies.
“Our retention team is using the new tool developed by ePAY to offer our merchant the best pricing and address their issues at the time of the call, allowing us to compete more effectively. We are eager to continue to partner with ePAY.”
– VP Retention Management, Top 5 Merchant Acquirer