By Chris Yurko
Hint – it creates loyal customers who stick with you longer
An ISV’s effort does not end when the client is onboarded. In fact, it’s what you do after the sale that can make all the difference in your churn rate, the amount of self-referral leads you receive, and the average length of time a newly boarded customer stays with you.
The ISVs who are crushing it in all these areas have one important business practice in common. They all make it a point to review the most recent processing statement from the merchants who use their software.
Why? Because that merchant’s monthly processing fees have a significant impact on the ISV’s bottom line. Having insight into how those fees are structured is critical to the fiscal health of that ISV’s overall business.
Why? Because when fees jump (and they will), client attrition quickly follows.
To combat this, one of the best services you can provide is to conduct payment processing due diligence on behalf of your software clients.