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Interesting Bedfellows . . . Credit Card Processing and Market Research

Oct 25, 2013

Cindy-Photo.jpgThere are dozens of credit card processors available, but start-up Swipely’s selling point is helping merchants better understand their customers, i.e. data. In addition to the credit card number and amount, the company collects and analyzes data about each and every transaction, stripping out any personally identifying information and grouping the data into customer dashboards that track daily and weekly sales and show which card numbers bought what and when.  The system will even tell you how a particular rainy day affected your profits.  In addition, they synch with your merchant social accounts so you can see how campaigns on Facebook or reviews on Yelp affect your business.  The concept is to equip small businesses with marketing information and strategies to create loyal customers.  Combining credit card acceptance with analytics and marketing tools, allows merchants to essentially convert credit card acceptance fees into marketing investments. 


How much for your business to obtain all these additional analytics?  Swipely offers to match whatever you are currently paying for credit card processing.  The analytics, marketing tools, customer insights and loyalty reward programs incur no additional costs. 


Swipely software works with most POS systems, and processes most credit cards.  Information on each card swiped goes into a CRM customer database.  That data will show the business owner which card users are new versus repeat customers; which are top spenders and when they normally visit; and, for the 20% of customers who are willing to give merchants their name and email,  how to contact and reward top customers to keep them coming back.  In addition to processing credit card transactions, Swipely also provides information about daily performance, who is buying their products and how often they are buying, plus the businesses’ online reputation. 


The loyalty marketing tools, help small businesses sponsor programs similar to those sponsored by major national retailers.  To encourage wary customer to provide personal information to a relatively unknown service provider, Swipely provides merchants with a “marketing manager” that allows business owners to upload company customer email lists and send invitations to customers to join
the new loyalty program.  Traditional loyalty programs require significant effort on the part of the merchant to track purchases and reward customer when they reach specific goals.  Swipely eliminates that merchant effort by automatically tracking customer expenditures and automatically dispensing cash rewards billing the merchant for the rewards at the end of the month. 


Think about your small business having some of the marketing advantages of  If your company grosses over $30,000 in credit card sales per month and tends to have frequent repeat customers and a healthy social network following, Swipely may be a good partner for your business. 


If you go this direction, let me know how it works out!

Cindy Unger

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