Engaging merchants through websites is the first step toward merchant retention. ISOs and acquirers focus on creating engagement through their various touch points such as the sales force and customer service. However, they neglect one of the most powerful touch points: their website.
One indicator of such engagement is the average time spent by merchants on your website measured in minutes. However, a higher number of minutes doesn’t necessarily convey engagement. It could reflect the difficulty merchants have navigating the website. This indicator is also skewed if your sales force uses the same portal to check sales or submit queries, etc.
The following chart representing a random sample of ISOs and merchant acquirers’ average time spent by visitors on their websites shows a great disparity among the different players.
Average time in minutes spent by visitors to select ISOs and merchant acquirers.
Websites that have a higher average time spent on the site do a far better job of retaining and engaging small merchants.
There are three basic criteria that help a website be more engaging:
- A simple and aesthetically pleasing layout
- Simplified navigation, and
- Customer-centric content.
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Many ISOs and acquirers don’t meet these criteria. Some sites are an eyesore; others are crammed with information and too many options that distract the merchant from important messages.
However, the most harmful mistake is content. The content is only merchant-centric in the sense that it shows transaction data and statements. At best, the rest of the content is articles on chargebacks, PCI, EMV, etc.—in brief, things that would make a merchant fall asleep unless they have an emergency involving one of these topics.
Before you can make merchants care about PCI and get them to be compliant, you have to show them that you care about their business. You have to show them that repeatedly before they pay attention and, most importantly, take action when reading your messages. This can be achieved through blog entries addressing what merchants are seeking.
What are merchants looking for? Exactly the same thing ISOs and acquirers are looking for: more clients, increased spending from their clients and retention of clients.
If the content on the website is showing merchants how to get more clients, increase spending from their existing clients or retaining their clients, then merchants will be flocking to the website and will be emotionally engaged with the ISO or the acquirer.
Click here to read an example of a blog entry your merchants would love to read if it were on your website.
