ISOs can combat attrition by incorporating an integrated payments strategy into their sales strategy. Currently, the industry’s average attrition rate exceeds 20% whereas the average attrition rate for integrated payments merchants is below 5%.
Integrated payments are effective because they make merchants stickier. The more services that are offered by one provider, the less likely a merchant will defect to the competition because of the convenience and ease of use of an all-in-one solution. The stickiness is due to merchants’ dependence on the software system rather than their loyalty to the payments provider. Furthermore, more and more merchants are demanding that payments be incorporated into their software systems.
MAPP Advisors specializes in helping ISOs develop and implement the integrated payments strategy that is best for their specific business. We help ISOs define their target market and determine whether they should expand into new markets. We pair ISOs with the right partners and provide guidance on setting up the proper payments integration. Contact us for a complimentary consultation.