The payments industry is undergoing a major disruption. Merchant acquirers are churning customers at an unprecedented rate. Many are looking for ways to cut prices, which is the way they’ve traditionally retained their customers.
However, low prices haven’t stopped their customers from leaving because their competitors aren’t competing on price. They’re raising prices and focusing instead on customer stickiness. And to thrive in this new environment, every merchant acquirer needs to as well.
What is Customer Stickiness?
Customer stickiness is the tendency for customers to stick with a company because they provide value customers cannot receive anywhere else. Truly sticky products become so ingrained that companies come to rely on them for their day-to-day operation. Even when budgets get cut, companies keep paying for them. QuickBooks has reached this level of stickiness.
How Do You Improve Stickiness?
To improve customer stickiness, you need to learn what it is your customers want. If you don’t know, ask! Chargezoom provides access to emails and social media templates you can send your merchants to learn what tools they are looking for to run their business.
What we do know is that merchants switching to your competition are looking for a complete solution to their problems. These companies are offering features that save their customers time and effort, features like:
- Email invoicing
- Payment portals
- Subscription management
- Invoice reconciliation
Your competition is successful because they have incorporated these services into their software platforms. They add so much value that merchants are happy to pay more for them.
How Does Chargezoom Improve Customer Stickiness?
Chargezoom has all the tools and functions offered by your competition. Unlike them, however, we offer these features at a considerably lower price ‒ a full point lower in some instances. Imagine approaching merchants with a product that saves them time, effort, and money.
The truth is that while merchants are willing to pay more for a better solution, they’re happier paying a reasonable price for them. Chargezoom is making that possible and it’s what’s helping out partners thrive in this new environment.
Ready to learn about churn?
Our recent webinar is now available for on-demand replay. In under 10 minutes, hear about the best strategies to patch the leaks in your bucket and slow your customer churn.