Merchant services providers are locked in a competitive battle to become small businesses’ preferred means of accepting credit card and mobile payments. The speed of change in this marketplace is constantly compressing the decision-making timeframe. This necessitates unbiased research and objective analysis that generates a complete competitive picture. The J.D. Power Merchant Services Satisfaction Study measures small business satisfaction customers with their card payment processor and identifies fundamental improvement areas, forms the foundation for strategic and tactical action, and helps to formulate innovative solutions.
Traditional banks have a natural advantage in providing merchant services to small businesses by virtue of their existing relationships with business owners. Similarly, payment specialists and fintech players have built strong brands and satisfaction by providing small businesses with easy, reliable ways to accept a variety of card and digital payment options. They provide the technology and security a small business requires, along with fee structures that are easily understood.
Customer Experiences Explored in the J.D. Power Merchant Services Satisfaction Study
The J.D. Power Merchant Services Satisfaction Study pinpoints the factors that matter most to small business owners and decision-makers. The study set quality benchmarks for issuer digital channels, and provide a thorough understanding of the needs, expectations, and desires of today’s cardholders. To help providers drive results, customers surveyed answer questions about key topics such as:
- Merchant evaluation
- Underwriting and boarding
- Cost of service
- Payment processing
- Security and chargeback management
- Payment acceptance technology
- Interactions
- Representative
- Self-Service
- Third-party providers
- Current Events & Market Conditions
