As your merchants continue to grow, it is essential that you retain them in the long run. Often, old merchants are ignored over new merchants, and this creates a lack of interest and increases the possibility for the merchant to switch. All merchant agents must focus on the importance of having a retention strategy to ensure merchants remain a client.
Track Your Merchants Growth and Needs
Agent retention strategies are often accompanied by a series of steps to ensure that the performance of a merchant is regularly tracked, measured and maintained. These steps include focusing on services that can benefit merchants such as new credit card devices that can enhance their business. Look for apps and solutions that may help their business grow like employee time management apps, appointment booking and more. The right partner will provide suggestions to improve; merchants are less likely to switch agents when they feel they have a partner on their side.
Enhance Customer Support
Communicating with merchants opens a wealth of opportunities for agents, as it allows for growth to take place through communication. When merchants feel they can reach out to you for questions or concerns, it validates what a partner is. Provide a level of personal support that no one by phone can provide.
Incentivize Loyalty
Merchants that have been retained over several years provide continues value. They must be rewarded for their continued business as a loyal merchant; programs should be developed to incentivize merchants. Agents can offer to participate or contribute to a merchant event. Incentivize by also celebrating growth or the anniversary of the business.
Conclusively, by tracking your merchant’s performance, enhancing communication and rewarding your loyal merchants, you are creating a stronger bond between each other and business.
