Friday, March 1, 2019
Marketing research company J.D. Power completed a first-ever study of small business satisfaction with merchant services providers. It found that merchant satisfaction runs high, but that customers of the largest banks are the most satisfied overall.
The J.D. Power 2019 Merchant Services Satisfaction Study evaluates small business satisfaction with 19 of the largest merchant services providers in the United States, including large banks, banks working in partnership with First Data Corp., large nonbank acquirers (scale processors), and financial technology companies (like Intuit, PayPal and Square). More than 3,500 small business customers of merchant services providers were surveyed, and satisfaction was assessed using four factors: cost, service interactions, payment processing, and equipment and technology.
These are key findings revealed by the study:
“Whether they are selling goods online, through retail locations or in business-to-business markets, small businesses in America are being required to accept a range of card and digital payments options, and merchant services providers are a vital partner in that process,” observed Paul McAdam, senior director of banking intelligence at J.D. Power. “While overall satisfaction with merchant services providers is strong, there is room for improvement in the areas of helping businesses understand the pricing of merchant services and in providing consistent technology training and support.”
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