Trending...
- The Tide Project Opens at Biennale Architettura 2025 in Venice Amplifying Youth Voices
- $56.7 Million Announced in Q1 2025 with Revenue Growth and Progress Toward NASDAQ Uplisting for AI Marketing Company: IQSTEL, Inc. Stock Symbol: IQSTD
- Cybersecurity is Protecting Your Personal Information and Your Portfolio
Download
J.D. Power 2023 U.S. Merchant Services Satisfaction Study (Graphic: Business Wire)
TROY, Mich.--(BUSINESS WIRE)--Yes, there's a lot of frustration when credit card readers do not respond to a customer's dips, taps and swipes—or require a reset halfway through a transaction. According to the J.D. Power 2023 U.S. Merchant Services Satisfaction Study,SM released today, the small business owners who are fighting inflation and the significant costs and fees associated with those credit card readers have experienced sudden declines in customer satisfaction this year. The decline is driven by a combination of a tough economy, cost of service and chronic customer support difficulties with payment processing technology.
More on Michimich.com
"It's tough out there for small businesses right now," said John Cabell, managing director of payments intelligence at J.D. Power. "Nearly two-thirds—66%—of small business owners say inflation is having a 'severe impact' or 'major impact' on their businesses this year, and many are still fighting supply chain issues and challenges related to the COVID-19 pandemic. Accordingly, the costs and fees associated with payment processing solutions are driving significant declines in customer satisfaction among small business owners. Now is the time when merchant services providers really need to prove their value to small businesses by offering proactive service and support to address inflationary concerns and high-quality technology that works every time."
Following are key findings of the 2023 study:
Study Ranking
Bank of America ranks highest in merchant services satisfaction for a second consecutive year with a score of 886. Square (873) ranks second and PaySafe (867) ranks third.
The overall satisfaction results of FIS, Fiserv, Global Payments, North American Bancard and PayPal reflect their corporate results, meaning they include the results of various sub-brands (e.g., Braintree, Clover, EPX, Heartland, Worldpay and others) that operate under the respective corporate brand names. Two of the banks in the study—PNC Merchant Services and Wells Fargo Merchant Services—partner with Fiserv to provide merchant services to their small business clients. Fiserv also manages direct, standalone merchant services businesses that are distinct from these bank relationships.
More on Michimich.com
The 2023 U.S. Merchant Services Satisfaction Study is based on responses from 4,825 small business customers of merchant services providers. The study was fielded from September through November 2022.
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/2023009.
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 (https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.jdpower.com%2Fbusiness%2Fabout-us%2Fpress-release-info&esheet=53294695&newsitemid=20230202005031&lan=en-US&anchor=www.jdpower.com%2Fbusiness%2Fabout-us%2Fpress-release-info&index=5&md5=9951997dc48257fef3851289d35dd393)
Contacts
Media Relations Contacts
Geno Effler, J.D. Power; West Coast; 714-621-6224; media.relations@jdpa.com
John Roderick; East Coast; 631-584-2200; john@jroderick.com
Release Summary
J.D. Power: Inflation Drives Down Small Business Satisfaction with Merchant Services as Cost and Fee Concerns Mount
0) { // Create container for hi-res image jQuery('#bw-release-hires').append('
'); }; }); ]]>
Social Media Profiles
Contacts
Media Relations Contacts
Geno Effler, J.D. Power; West Coast; 714-621-6224; media.relations@jdpa.com
John Roderick; East Coast; 631-584-2200; john@jroderick.com
J.D. Power 2023 U.S. Merchant Services Satisfaction Study (Graphic: Business Wire)
- J.D. Power 2023 U.S. Merchant Services Satisfaction Study (Graphic: Business Wire)
TROY, Mich.--(BUSINESS WIRE)--Yes, there's a lot of frustration when credit card readers do not respond to a customer's dips, taps and swipes—or require a reset halfway through a transaction. According to the J.D. Power 2023 U.S. Merchant Services Satisfaction Study,SM released today, the small business owners who are fighting inflation and the significant costs and fees associated with those credit card readers have experienced sudden declines in customer satisfaction this year. The decline is driven by a combination of a tough economy, cost of service and chronic customer support difficulties with payment processing technology.
More on Michimich.com
- SlotCycle Joins Association of Gaming Equipment Manufacturers (AGEM) to Advance Sustainable Gaming Solutions
- RWA Infra Development L.L.C. announces the $RWAID token. "$RWAID tokenizing infrastructure for the masses."
- Revize Websites Win Top Honors at the 2025 Communicator Awards
- Mental Health Awareness Month—Tennessee Enacts Psychotropic Testing Law
- Be Prepared for the Qualitative and Quantitative Effects of Tariffs: How Businesses Can Navigate Potential Disruption in Finances and Production
"It's tough out there for small businesses right now," said John Cabell, managing director of payments intelligence at J.D. Power. "Nearly two-thirds—66%—of small business owners say inflation is having a 'severe impact' or 'major impact' on their businesses this year, and many are still fighting supply chain issues and challenges related to the COVID-19 pandemic. Accordingly, the costs and fees associated with payment processing solutions are driving significant declines in customer satisfaction among small business owners. Now is the time when merchant services providers really need to prove their value to small businesses by offering proactive service and support to address inflationary concerns and high-quality technology that works every time."
Following are key findings of the 2023 study:
- Overall satisfaction falls, driven by cost and fees: Overall small business satisfaction with merchant services providers is 853 (on a 1,000-point scale), down 6 points from 2022. The decline is driven largely by lower satisfaction with cost of service, which accounts for 30% of the overall satisfaction score. On a bright note, businesses that use in-person mobile devices have faster account funding and significantly higher cost of service satisfaction than in 2022.
- Technical issues plague end-user customers: According to small businesses, fewer than half (43%) of transactions are always completed without assistance when retail customers are using their credit or debit cards to pay for goods. Even in ecommerce transactions in which a physical credit card is not present, just 47% of transactions are always completed without some type of retail customer assistance. Most frequently cited problems include card being declined; tap/dip/swipe issues; frozen screens; and receipt malfunctions.
- Restaurants and very-small businesses feeling the pain: The biggest declines in overall customer satisfaction with merchant services providers are in the restaurant industry and among small businesses with less than $1 million in annual revenue. Restaurant and food industry businesses in this segment tend to be smaller and say they receive less support from their merchant services provider when it comes to understanding payment processing and fee structure. They also have lower satisfaction with cost of service for in-person payment methods than with takeout/delivery ecommerce platforms.
- Top customer service channels: Small businesses have higher levels of satisfaction and faster problem resolution when using mobile apps, video conferencing and merchant services provider websites than when they use email, phone calls to account representatives or interactive voice response (IVR).
Study Ranking
Bank of America ranks highest in merchant services satisfaction for a second consecutive year with a score of 886. Square (873) ranks second and PaySafe (867) ranks third.
The overall satisfaction results of FIS, Fiserv, Global Payments, North American Bancard and PayPal reflect their corporate results, meaning they include the results of various sub-brands (e.g., Braintree, Clover, EPX, Heartland, Worldpay and others) that operate under the respective corporate brand names. Two of the banks in the study—PNC Merchant Services and Wells Fargo Merchant Services—partner with Fiserv to provide merchant services to their small business clients. Fiserv also manages direct, standalone merchant services businesses that are distinct from these bank relationships.
More on Michimich.com
- Don't Get Stranded: ArborMotion Shares Tips for Extending Your Car Battery's Life
- Michigan Drivers Facing License Revocation Have Legal Options for Reinstatement
- Michigan License Lawyers Help Drivers Regain Suspended or Revoked Licenses
- Understanding Failed Gifts in Wills: Ann Arbor Estate Attorney Explains
- Bold Beauty Project UCLA Edition Photography Exhibition on May 18
The 2023 U.S. Merchant Services Satisfaction Study is based on responses from 4,825 small business customers of merchant services providers. The study was fielded from September through November 2022.
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/2023009.
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 (https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.jdpower.com%2Fbusiness%2Fabout-us%2Fpress-release-info&esheet=53294695&newsitemid=20230202005031&lan=en-US&anchor=www.jdpower.com%2Fbusiness%2Fabout-us%2Fpress-release-info&index=5&md5=9951997dc48257fef3851289d35dd393)
Contacts
Media Relations Contacts
Geno Effler, J.D. Power; West Coast; 714-621-6224; media.relations@jdpa.com
John Roderick; East Coast; 631-584-2200; john@jroderick.com
Release Summary
J.D. Power: Inflation Drives Down Small Business Satisfaction with Merchant Services as Cost and Fee Concerns Mount
0) { // Create container for hi-res image jQuery('#bw-release-hires').append('
'); }; }); ]]>
Social Media Profiles
- J.D. Power (https://www.linkedin.com/company/jd-power-and-associates)
Contacts
Media Relations Contacts
Geno Effler, J.D. Power; West Coast; 714-621-6224; media.relations@jdpa.com
John Roderick; East Coast; 631-584-2200; john@jroderick.com
Filed Under: Business
0 Comments
Latest on Michimich.com
- Pathways to Adulthood Conference May 17 at Melville Marriott Honoring NYS Assembly Member Jodi Giglio, Suffolk County Legislator Nick Caracappa
- Adster Techologies awarded US Patent for breakthrough innovation in reducing latency in Ad Serving
- Robert Fabbio Inducted into the Austin Technology Council Hall of Fame
- Cybersecurity is Protecting Your Personal Information and Your Portfolio
- EY US names Tifiany Walker of Walker Healthforce a finalist for Entrepreneur Of The Year® 2025 Michigan and Northwest Ohio Award
- Michigan Lawn Care Company Begins May Treatment
- Boat Dock Manufacturer Gives Design Tips for Summer!
- L2 Aviation Celebrates Grand Opening of New Facility at Cincinnati/Northern Kentucky International Airport (CVG)
- Managing Summer Staffing Surges with Confidence: Why Name Badges Are a Must for Seasonal Success
- Visa Named Title Sponsor of Ascending Athletes' Business Owners Summits for NFL Entrepreneurs
- L-Tron Team to Attend the 2025 Automate Conference in Detroit, MI
- The Paris Court of International Arbitration Elects Dr. John J. Maalouf as its New President
- $56.7 Million Announced in Q1 2025 with Revenue Growth and Progress Toward NASDAQ Uplisting for AI Marketing Company: IQSTEL, Inc. Stock Symbol: IQSTD
- SAVVY MINING raised $500 million and launched BTC.XRP.DOGE cloud mining, increasing investors' returns by 30%
- Centaris Acquires Hi-Tech System Service, Inc. to Expand Regional Footprint and Capabilities
- Celebrate Mother's Day with family dining options from Frankenmuth's Bavarian Inn Restaurants
- New National Nonprofit Launches to Capture Firsthand Accounts of Adoption Stories
- The Tide Project Opens at Biennale Architettura 2025 in Venice Amplifying Youth Voices
- Wall Street analysts say BTC.XRP.DOGE cloud mining company SIX MINING is expected to achieve a 5-fold increase, allowing users to easily mine BTC
- Gen X Takes The Reins: New Book Guides Caregivers Juggling Parents, Kids, And Grandkids With Humor And Heart