When it comes top merchant services for small businesses, the big banks aren’t ready to give that market away to the fintechs just yet. According to the J.D. Power 2022 Merchant Service Satisfaction Study, Bank of America Merchant Services saw its score increase 45 points to 894, with Chase Merchant Services close behind with a 35 point increase to 879. The J.D. Power Study allows for 1000 possible points. Overall, the average satisfaction score in the 2022 study was higher, totaling 859 points, up from 836 in 2021.
Key service areas that drove the score increases included better communications from merchant service providers, better fee transparency, and goodwill offered as businesses struggled through the pandemic environment.
“When it comes to processing technology, satisfaction scores have traditionally been good because the technology works like it is supposed to. It’s other areas of the business, such as cost of service and service interactions, that have not scored as well. But now small businesses say they are seeing improvement in those areas,” says Paul McAdam, senior director of banking and payments intelligence at J.D. Power.Digital Transactions
Overview by Don Apgar, Director, Merchant Services Advisory Practice at Mercator Advisory Group