Back in July, SegPay CEO Cathy Beardsley wrote about customer retention strategies for subscription-based businesses, in particular how important it is to understand why customers are leaving (a.k.a., “churn”) before you can determine the best ways to retain them. Cathy defined a few different types of customer churn and suggested ways to combat each type:
For many years, SegPay has paired US merchants who do business in Europe with local acquirers that provide payouts in US Dollars. However, for various reasons the ability to find sufficient merchant settlement options for USD payouts has been getting more challenging. We expect this trend to continue, so we wanted you to be aware and let you know how we’re preparing.
When you think about growing your business beyond the borders of your home country, it probably feels like a daunting task: you have to consider language translations, currency conversions, cultural sensitivities, not to mention navigating a potential maze of local laws and regulations. However, depending on where you are located and how customizable your website is, taking the first step may not be as difficult as it seems.
None of us likes to think about disaster scenarios or imagine that they will affect us or our business. However, we all know that storms and other catastrophic events – natural or otherwise – are a fact of life, and it makes sense to be prepared, just in case.
Product and marketing strategies tend to get the most attention while running a business day-to-day – making it easy to lose sight of the little things that help sustain a successful operation. In her latest piece published on XBiz.com, SegPay’s CEO Cathy Beardsley lays out a list of 13 essential (if non-sexy) steps that some businesses overlook at their peril:
SegPay isn’t just a payments processor, we’re a customer support company too, handling consumer billing inquiries on behalf of merchants for more than a decade. This week we wanted to share a few lessons learned over the years; most are common sense but often overlooked.
Good customer service is a key to sustaining any successful business, but perhaps nowhere is this more true than in recurring revenue models, which depend on keeping customer memberships active over long periods of time; i.e., reducing churn. Of course, delivering the content or products customers want is the main way to keep them around. However, one could argue that it’s just as important to give them the type of support they want – namely, a chance to be heard; different ways to voice their thoughts and opinions; and a company that is responsive and caring in its communications. Do those things and you’ll keep your customers happy and loyal.
Please read XBiz.com’s informative look at best billing practices for merchants, published this week. We appreciate that they asked SegPay to participate and we (of course) highly recommend the article. There’s lots of helpful information in there, including the following quote from our CEO Cathy Beardsley about the importance of being prepared for audits:
“At any given time, we can be called for an audit by our acquiring or operating banks. We, as billers, are required to have all our KYC (Know Your Customer) documents up to date, and all sites in compliance, both in terms of content and website documentation (e.g. merchant address included on the website),” Beardsley explains. “As a merchant, it is crucial that you keep your business records up to date. How well organized SegPay is in the eyes of the card brands, acquirers and other banking institutions goes a long way in our success.”
The popularity of pre-paid cards has exploded in recent years. They’re easy to get – just visit a supermarket or convenience store and look for the gift card display, where you’ll find plenty of cards bearing the Visa or Mastercard logo, pre-loaded with $25, $50 and $100. These cards can be used anywhere credit cards are accepted, and there are plenty of good reasons they are among the fastest growing payment method in the USA. Savvy merchants are recognizing this trend and creating offers that appeal to customers who pay with pre-paid cards.
Ever wonder why you get so much spam in your inbox? It’s because even now in the age of social media, email marketing is still an incredibly powerful and profitable way to generate sales. Nearly everyone has email and checks it at least once a day. If unsolicited spam emails are generating profits, imagine how much more value comes from building a targeted list of email addresses for your particular niche of products. Targeted email marketing can generate a lot of sales when launching a new product or offering a discount on an existing product. You can also notify existing members about new content so they know you are improving your site for them.
Check out Cam Merchants Should Be Wary of Fraud, by SegPay CEO Cathy Beardsley, published on XBiz.com. The article explains how Cam sites, or any business where customers can “feed the meter” by making multiple payments to extend a session, can limit risk. For example: