It can be extremely easy to ignore your ISO’s merchant-level metrics because they drill information down to a level you may not think you need. Portfolio-wide and processor-wide metrics provide a much larger-scale overview of your ISO’s profitability, and with profitability at the top of mind, it’s tempting to dig no further. But that’s a mistake, because there is a treasure trove of useful business intelligence available in your merchant level metrics, and the following represent just a few of the ways it can help your ISO better manage and serve your merchants to ensure the healthiest possible relationships and the most consistent growth.
Identify Low-Activity Merchants
Your merchant-level data shows your not only the details of each merchant’s transaction processing but also who is even processing at all. It’s extremely common for ISOs to have active merchants on their rosters that are processing few to no transactions each month, and, in turn, generating little-to-no revenue. From a cost perspective, that isn’t necessarily a big deal, as the marginal cost of an inactive merchant is low to zero. But you are losing out on the opportunity that each low-activity merchant’s potential revenues represent. By identifying those merchants, your team can reach out to them to find out why they aren’t processing. It may be they just need a little help to get going – help your ISO can potentially provide at little to no cost.
Know How to Allocate Your Support Resources Properly
The old adage that 20% of your clients will generate 80% of your revenues – while cliched – carries some truth. Your top-performing merchants do generate a disproportionate chunk of your residuals. In an industry as competitive as payment processing, it’s important that you ensure those merchants are delivered the level of service necessary to keep them happy, or they might just cut you loose and go to one of your competitors. The only way you can ensure your service and support resources are being directed to those high-value merchants properly is to know who they are in the first place – something your portfolio-wide metrics won’t tell you. With IRIS CRM, the merchant-level metrics reporting lays out your top performs across each of your payment processors clearly, both month-by-month and on a lifetime basis. That data is easily accessible both in the web-version of the CRM and on the mobile app, ensuring you’ll always know where the lion’s share of your revenue is coming from.
Putting Merchant-Level Metrics to Work with IRIS CRM
Accessing your merchant level metrics through IRIS CRM couldn’t be easier. The residuals reporting dashboard gives you fast, easy access to key metrics like YTD and lifetime merchant profitability in both dollars and BPS, 12-month totals at a glance, geographical merchant distribution, and more. The data is presented in a series of easy-to-read charts and tables and can be drilled down by custom date ranges, groups, individual agents, and more. Within each merchant’s individual account, you can also quickly access a variety of analytics, including totals by card type, monthly transactions, daily gross, and pending transactions.
With IRIS CRM, unparalleled merchant-level business intelligence is never more than a few clicks away, ensuring that your management team will always have the information they need to make the best decisions and to generate the best strategies to ensure maximum growth.
For more information on IRIS CRM’s merchant-level metric reporting or the platform’s full and comprehensive reporting suite, speak to a member of the team or schedule a free guided demonstration today.