Financial Services

Small Business Satisfaction with Merchant Services Providers Declines amid COVID-Related Struggles

The rankings and key findings of the 2021 J.D. Power U.S. Merchant Services Satisfaction Study have been released via a national press release. Continue reading below to learn more. Read the full press release to find out which brand ranks highest in small business customer satisfaction.

Small Business Satisfaction with Merchant Service Providers Declines amid COVID-Related Struggles, J.D. Power Finds

With more than half (51%) of U.S. small businesses acknowledging significant sales revenue declines as a result of COVID-19, overall satisfaction with the merchant services providers that enable small businesses to process card and mobile wallet payments has declined from 2020. According to the J.D. Power 2021 U.S. Merchant Services Satisfaction Study,SM released today, challenges with customer service, cost of service, and underwriting and onboarding have been more pronounced among businesses experiencing significant sales declines during the past year.

Following are key findings of the 2021 study:

  • Overall satisfaction declines: Overall small business customer satisfaction with merchant services providers is 836 (on a 1,000-point scale), down slightly from 2020. 
  • Tech performs well, while service suffers: While scores for service-related experiences such as interactions with the contact center and underwriting and onboarding have declined in this year’s study, overall small business customer satisfaction with technology functionality, reliability and ease of use are among the highest-scoring factors in the study.
  • Satisfaction highest among e-commerce merchants: Among all sales channels evaluated, overall satisfaction with their merchant services providers is highest among E-commerce small businesses 

Read Full Merchant Services Press Release

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