Payments News

Banks Outperform Fintechs and Scale Processors in Merchant Services Customer Satisfaction, J.D. Power Finds

Feb 26, 2019

COSTA MESA, Calif.: 26 Feb. 2019 — With fewer consumers in America than ever before making purchases with cash,[1] the market for merchant services providers—those that supply businesses with the technology and processing capabilities they need to accept credit and debit cards and other forms of digital payments—has become increasingly competitive. According to the J.D. Power 2019 U.S. Merchant Services Satisfaction Study,SM large banks have emerged as the leaders in merchant services customer satisfaction with small businesses, outperforming a field that includes a dozen fintech companies and scale processors.

The inaugural study evaluates small business satisfaction with 19 merchant services providers and explores the key variables that influence customer choice, satisfaction, and loyalty based on four factors (in order of importance): cost of service; service interactions; payment processing; and equipment & technology. Four peer groups of merchant services providers were evaluated: Bank Acquirers (BB&T, Capital One, Chase); Bank/First Data Joint Ventures (Bank of America, Citibank, PNC, Wells Fargo); Fintechs (Intuit, PayPal, Square, Visa); and Scale Processors (Elavon, First American, First Data, FIS, Global Payments/Heartland, North American Bancard, TSYS, Worldpay/Vantiv).

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