Small business owners are optimistic about the future, with 88% indicating the financial state of their individual businesses is about the same or better off than a year ago, which should bode well fo...
Shopify Ranks Highest in Merchant Services Customer Satisfaction
TROY, Mich.: Small business owners are optimistic about the future, with 88% indicating the financial state of their individual businesses is about the same or better off than a year ago, which should bode well for merchant services providers. According to the J.D. Power 2024 U.S. Merchant Services Satisfaction Study,SM released today, small business financial optimism is correlated with increased sales processed by merchant services providers. There are 94% of merchants that now accept debit or credit cards; 88% that accept digital wallet; and 54% that accept Buy Now, Pay Later (BNPL) payment methods. However, when it comes to small business satisfaction with those services, scores are lowest among merchants for processing widely accepted payment types such as credit and debit card transactions and are highest for processing less widely accepted payment types like BNPL.
“We’re seeing an interesting disconnect in the merchant services marketplace whereby the most frequently processed forms of payment—credit and debit cards—generate the lowest levels of overall satisfaction among small business owners, while less common payment types such as BNPL, pay by bank and gift cards drive higher satisfaction,” said John Cabell, managing director of payments intelligence at J.D. Power. “Part of that is driven by demographics. Younger, newer business owners are more apt to accept a wide variety of payment types and have higher overall satisfaction with their merchant services providers. However, we’re also seeing some challenges across the board with debit and credit when it comes to delays in account funding, cost and fees and fraud management.”
Following are key findings of the 2024 study:
Shopify ranks highest in merchant services satisfaction, with a score of 728. Paysafe (725) ranks second and Bank of America (713) ranks third.
The U.S. Merchant Services Satisfaction Study was redesigned in 2024. It is based on responses from 5,383 small business customers of merchant services providers and measures satisfaction across six factors (in alphabetical order): advice and guidance on running your business; cost of processing payments; data security and protection; managing my account; payment processing; and quality of technology. The study was fielded from September through November 2023.
The brands evaluated are the U.S. merchant services providers with largest market share. Overall satisfaction results reflect overall corporate results, meaning they can include the results of various sub-brands or alternate brand names that operate under the respective corporate brand names. In some cases, brands profiled also currently have or recently have had joint partnerships to provide merchant services to small business clients.
For more information about the U.S. Merchant Services Satisfaction Study, visit https://www.jdpower.com/business/merchant-services-satisfaction-study.
See the online press release at http://www.jdpower.com/pr-id/2024005.
About J.D. Power
J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies.
J.D. Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The J.D. Power auto shopping tool can be found at JDPower.com.
About J.D. Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info
Fonte: Business Wire
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