Payment Analytics Archive
Over fifty-percent of customers to a retail business visit once and never come back. There is a need to turn these single-visit customers into multi-visit loyal customers. But lacking investment in technology and skilled marketing talent, the average business does not understand how to market to these customers.
BuyFi helps businesses by tapping into customer purchase data within their point-of-sale systems and payment gateways, and use that information to automatically market to customers who have already made purchases from the business by sending messages, offers and promotions to the right customers at the right time. A series of automated campaigns turns single-visit customers into returning customers, and returning customers into multi-visit loyal customers. Businesses retain more of their valuable customers without the need for expensive talent or technology.
Check out @buyfi at the Disrupt SF 2014 Startup Alley! #TCDisrupt http://shar.es/11AfDy
Everywhere you look, someone is peddling a customer loyalty scheme it seems. The most widespread of the loyalty programs has to be airline miles, where you join and grind it out to a questionable reward with black out dates and undesirable routes. The miles have also become a currency for so many other transactions. You get miles…
A merchant starting a new business and needs to accept credit cards usually starts with their bank for guidance. The banks either directly offer the processing service or will guide the merchant to a regional or national ISO (Independent Sales Organization). ISOs have become the de-facto way for most small and medium sized businesses to gain the capability of accepting credit cards. ISOs generally offer better rates and greater personalized support than available from the larger banks. So the benefit of ISOs to the small or medium business owner was always clear and unambiguous. Over the past few years, though, that has been changing steadily, and ISOs should see the need to adapt to changing times or risk dying off completely.
It began with Square, Inc., a Silicon Valley startup that pledged it could provide credit card processing to anybody with a smartphone, whether it was for a business or just an individual. By plugging in the small white square-shaped reader to the headphone jack of a smartphone and installing a small app, a person could turn their cell phone into a mobile POS system. PayPal, Groupon and other technology companies also have a deep interest in disrupting the local payments business. The technology companies are able to add value to the merchants business beyond payment acceptance. Groupon for instance can help the business attract new customers through its daily discount marketing program. So where does all of this new competition mean for the ISO business?
It means ISOs must change their conversation with merchants from cost of credit card processing to one of driving greater business value. And there is significant new revenue opportunity to ISOs that are able to make this transition from selling cost to selling value.
The “Mom and Pop” shops of yesteryear are dying off, or rather, being killed off by national retailers such as Wal-Mart, McDonald’s, and other national chains. On the surface, it might seem that this death is because of name brand recognition, but is this really all that is happening? After all, our neighborhoods still have the older generations who know and recommend these small businesses, and yet the larger merchants get the majority of the business. Much of this comes down to one crucial detail: the big merchants know their customers better. Read More