WESTLAKE VILLAGE, Calif. /California Newswire/ — Residual Growth Expert, a leading ISO business advisory firm, today announced that they are naming November as Say No to Attrition month. Attrition is a major problem for many banks, ISOs and credit card processing companies because rates traditionally go up during the holiday season. By turning their efforts toward retaining their current list of clients during this time of the year, ISOs and other credit card processing companies can combat this trend and enjoy greater financial stability.
Merchant attrition is an ongoing problem for companies involved in the credit card processing industry. A study conducted by AITE Group in 2008 indicated that pricing was the single most important factor that influenced merchants to switch credit card processors. Almost half of all respondents to the study also cited slow reaction times and poor customer service as important contributing factors in their decisions. By paying close attention to the needs of their clients, ISOs can often reduce the risk of departures for perceived greener pastures when processing costs rise.
The holiday season is especially risky for credit card processors. Rates go up during this season, which can prompt clients to look elsewhere for a better deal. The new initiative announced by Residual Growth Expert aims to change that paradigm.
Co-Founder Tony Shap noted, “It costs about twice as much to acquire a new merchant than it does to retain one.” By focusing efforts on encouraging clients to stick with their current credit card processor rather than on acquiring new customers during the month of November, Shap believes that ISOs can boost their profitability and can build on their successes throughout the upcoming year.
The “Say No to Attrition” initiative will roll out on November 1 and will provide actionable information and guidance to companies who participate in this program. By placing the focus on existing customers and ensuring that they receive the most responsive customer service and the fastest resolution of their issues, Residual Growth Expert can help ISOs and other credit card processing firms to leverage their current success into increased profitability now and into the future.
To learn more, interested parties can schedule a consultation at https://residualgrowthexpert.com/ or by email at email@example.com.
About Residual Growth Expert:
ResidualGrowthExpert.com is an advisory firm offering confidential and comprehensive consulting services to banks, credit card processors and ISOs of all sizes. The company currently serves 98 companies in the financial field and provides expert guidance to companies looking to grow and expand in the competitive field of credit card processing. The professional guidance and expertise offered by Residual Growth Expert can have a significant impact on the profitability and long-term success of companies in this fast-paced financial industry.