Womply, a software partner to the credit card processing industry, has introduced its latest analytics solution that aims to enable acquirers and processors proactively identify risk and slash merchant attrition.
Dubbed Retention Intelligence, the new technology will help fight $3bn merchant churn problem for the payments industry, according to Womply.
Womply’s software combines billions of data points including processing volumes, online activity, market trends, geographic patterns, interactions with customer service, and more.
Using Womply’s proprietary models, the data will be analysed to create actionable, real time alerts that highlight individual merchants at risk of churning. It also enables acquirers and processors to efficiently address merchant concerns before they churn.
Retention Intelligence alerts can be provided by email or sent directly into a CRM or ticketing system for use by an acquirer/processor’s customer service, retention, and sales teams.
Additionally, the new analytics solution allows processors and acquirers to focus their limited resources where it requires such as on valuable, high-risk accounts.
Targeted alerts prompts faster service response times and enhanced merchant satisfaction, and alert sensitivity can be adjusted based on a variety of factors.
Womply president Cory Capoccia said: “Retention Intelligence is our first product focused exclusively on the needs of acquirers and processors.
“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.”