Womply launches Retention Intelligence, a new weapon in the fight against merchant attrition in the payments industry
Womply, the leader in front office software for small and medium sized businesses (SMBs) and the leading software partner to the credit card processing industry, today announced the launch of its newest product, Retention Intelligence, which will help acquirers and processors proactively identify risk and reduce merchant attrition.
Retention Intelligence is an analytics solution for credit card processors and acquirers that helps identify high risk merchants and prevent them from churning. Womply’s software ingests billions of data points including processing volumes, online activity, market trends, geographic patterns, interactions with customer service, and more. This data is analyzed using Womply’s proprietary models to create actionable, real time alerts that highlight individual merchants at risk of churning. This allows acquirers and processors to efficiently address merchant concerns before they churn.
“Retention Intelligence is our first product focused exclusively on the needs of acquirers and processors,” said Cory Capoccia, President at Womply. “We recently demonstrated that our merchant-facing software suite, Womply Insights, cuts merchant attrition by 17% and we expect that Retention Intelligence will have an even greater impact over time.”
Retention Intelligence alerts can be delivered by email or sent directly into a CRM or ticketing system for use by an acquirer/processor’s Customer Service, Retention, and Sales teams. Importantly, Retention Intelligence allows processors and acquirers to focus their limited resources where it counts: on valuable, high-risk accounts. Targeted alerts allow for faster service response times and improved merchant satisfaction (as measured by Net Promoter Scores), and alert sensitivity can be adjusted based on a variety of factors.
“Merchant attrition is one of the biggest problems in the merchant acquiring industry. New entrants, online rate shopping, and aggressive competition have made the environment increasingly challenging for acquirers,” said Mr Capoccia. “Retention Intelligence is the first product of its kind and we are excited to see how this improves merchant experience within the payments ecosystem.”
While Retention Intelligence alerts are primarily focused on reducing attrition, the models also identify sales opportunities within each portfolio. These hot leads enable acquirer Sales teams to pounce when one of their existing customers needs new hardware, additional software, or a helpful referral.
Whether as a complement to Womply’s market leading merchant-facing software solutions or as a standalone solution, Retention Intelligence is a powerful new tool that Womply’s partners can use to strengthen their portfolios.
If you’d like to learn more about Retention Intelligence or the impact Womply Insights has on merchant attrition, contact our Partnerships team (email@example.com) or visit https://womply.com/retention-intelligence
Womply is a software-as-a-service (SaaS) provider to small and medium businesses. Our mission is to use technology and data to grow, protect, and simplify small business. Every day we serve tens of thousands of merchants, across 400+ business verticals, in every corner of America.
Founded in 2011, Womply has raised more than $50M from growth and venture capital investors including Sageview Capital and Merus Capital, and several high net worth investors. We are one of the fastest growing software companies in America. Womply is hiring for engineering, devops, design, sales, marketing, business development, account management, and more. For more information visit https://womply.com or email firstname.lastname@example.org
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