Merchant Attrition & Retention Kurt Strawhecker
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1 Merchant Attrition & Retention Kurt Strawhecker Managing Partner, The Strawhecker Group /
2 The Attrition Challenge The Attrition Challenge in today s Acquiring Market a. Market Disruption Industry faces increasing competitive pressures, price wars and non-traditional market entrants b. Card Acceptance Card acceptance in the U.S. has reached saturation, putting pressure on merchant acquirers ability to achieve volume, growth and margin targets c. Mergers and Acquisitions Common Less organic portfolio growth pressures net operating margins
3 The Attrition Challenge The Attrition Challenge in today s Acquiring Market a. These challenges are creating new pain-points for acquirers: Sales acquisition performance is declining The cost of sales acquisition is increasing (higher residuals, $900 merchant acquisition cost) Adding merchants are priced lower than those that are attritting Net margins are shrinking Meanwhile, attrition has gotten worse b. These challenges demand better retention strategies to keep current merchant customers
4 The Attrition Challenge What is Average Attrition in the Market? There are three ways to measure attrition: 1. Account Attrition 2. Dollar Volume Attrition 3. Net Revenue Attrition 2014 Gross Attrition Numbers: Annual (TTM) Average Account, Volume Gross, Net Revenue Gross Attrition: 2014 Account $ Volume Gross Net Revenue Gross -24.6% -10.9% -15.3% *This data is sourced from TSG s database of more than 2 million merchants
5 Average Attrition With Volume and Net Revenue Attrition, Same Store Sales need to be considered Annual (TTM) Average Volume Gross & Net Revenue Gross Attrition: 2014 Gross $ Volume Gross Net Revenue Gross -10.9% -15.3% + Change in Retained Annual (TTM) Retained Account Volume & Net Revenue Growth: 2014 Retained $ Volume Net Revenue Growth +2.1% +5.8% Annual (TTM) Average Volume Net & Net Revenue Net Attrition: 2014 = Net $ Volume Net Net Revenue Net -8.8% -9.5%
6 Average Attrition To get the full picture on a portfolio, new sales is then added to the equation Account Attrition & Growth Average Q Attrition & Growth 100% 103.5% -27.2% 27.7% N/A +3.5% Beginning Attrited Chg in Ret New Ending Volume Attrition & Growth 100% -11.2% 1.6% 18.5% 109.0% +9.0% Beginning Attrited Chg in Ret New Ending Net Revenue Attrition & Growth 100% 107.1% -15.5% 4.9% 17.6% +7.1% Beginning Attrited Chg in Ret New Ending NOTE: Metrics shown on various slides may not as they are calculated for different time periods
7 Average Attrition Over the past four years, Attrition has gotten worse Account Attrition -10% -15% -20% -25% -30% -16% % Volume Net Attrition -4% -6% -8% -10% -6% % Net Revenue Net Attrition 0% -2% -4% -6% -8% -10% -9% -10%
8 Average Attrition Why do merchants leave their processing providers? Other, 3% Other notes: Service / Neglect, 35% Out of Business, 22% 50% of merchants call when they want to leave 40% of merchants that call don t tell you the reason they want to leave Better Pricing, 40%
9 Retention Strategies Having a Retention Strategy is now more important than ever. a. Knowing where your merchants go and why they left b. Pricing review Determine which of your merchants are over-priced vs. the market c. Utilize data regarding your portfolio Determine weak points (SIC, Size, Geography) d. Best Practices review for merchant retention Become more creative and adopt a scientific approach to retention management; consider a loyalty program to reward certain high value customers Respond to customer needs through targeted, compelling value propositions Address operational and technology gaps Focus on improving service excellence by equipping retention reps with the tools, skills, and empowerment necessary for them to become the merchant s single point of contact
10 Kurt Strawhecker Kurt Strawhecker has personally worked with merchant acquirers of all shapes and sizes for 20 of his 30 years in the Payments space - ten years while managing the primary merchant processing platform at First Data and the last ten years as a management consultant. Over that time Strawhecker has personally visited, reviewed, and advised dozens of the largest merchant acquirers in the US. He has developed a sixth sense about the people in the industry, seen what has worked and what has not, and experienced the marketplace long enough to have lived through the various trends that have shaped the payments industry. Additionally, Strawhecker managed First Data s initial expansion in Europe and participated in the acquisition of Signet, the UK s largest credit card processor at the time. Following that experience he managed the expansion of First Data into continental Europe. Contact Kurt at Kurt@TheStrawGroup.com or The Strawhecker Group (TSG), founded in 2006, is a management consulting company focused on the global electronic payments industry. TSG clients include merchant acquirers/isos, issuers, the card brands, technology and mobile companies, processors, major merchants, bank specialty lenders and private equity firms, as well as banks and financial institutions. The TSG team consists of proven industry leaders with extensive experience leading companies through explosive growth periods, mergers and acquisitions, technology-driven strategies, and data-driven decision making within the Payments Industry.
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