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Merchants considering switching service providers are more likely to switch because of a lack of product selection than price, industry insiders say. "If it's based on price, we can drop the rate and make them happy and they will stay," says Ted Svoronos, senior vice president of sales at Irvine, Calif.-based Group ISO. Merchants are "going to go" if the decision is based on products the merchant needs that the provider cannot offer, he says. ISOs, processors and acquirers have "more options" in retaining a merchant that is unhappy with price, agrees Vic Susman, chief operating officer at First National Merchant Solutions, an Omaha, Neb.-based processor. "The merchant that has a need for a product, either you have it or you don't," says Susman.
