Merchant Services Satisfaction Among Small Businesses

J.D. Power has recently introduced the results of this year’s study called “Merchant Services Satisfaction.” If you’re interested in how much small businesses are satisfied with bank banks and alternative merchant services companies, you’re at the right place. 

Merchant Services Companies & Big Banks

According to the mentioned study, the large U.S. banks are the current leaders in providing the best overall customer experience for both eCommerce and brick-and-mortar small businesses. As for PayPal, Square, and others, they’re playing a crucial role in their field. 

Based on the research results, 27% of small business owners are willing to change their current merchant services provider within the upcoming 12 months. eCommerce merchants show the highest overall satisfaction with their current provider among others. 

What about you? Are you on the lookout for a reliable and experienced merchant services provider in the U.S? This will be of no challenge if you turn to a respectable provider comparison specialist that can help you choose the right one from among the merchant services companies operating in the country. 

Work with a comparison expert that’s concentrated on terms, complaints, and integration, as well as guarantees the most reliable reviews of companies. By the way, there’re payment processor comparison experts that offer free consultation and advice.

What About Other Studies?

Mercator Advisory Group’s study has revealed that 43% of small businesses go for online loan providers because of the easier application as compared to banks or credit unions. 32% of small businesses that prefer online loan providers find this type of financing faster as compared to other lending options. 

For more than 50% of small businesses, it’s “very” or “extremely” important to have access to funds as soon as customers pay. This is also true of 79.5% of companies generating at least 60% of their revenues online.

So, banks are still playing a leading role for small business owners when it comes to the best overall customer experience delivered for both eCommerce and brick-and-mortar small businesses. Alternative online lenders are also gaining more and more traction among merchants, especially among those who don’t qualify for a loan or other merchant services from a bank or other traditional provider. 

Author Bio:Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant accounts and retail merchant services companies. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie in his backyard porch, as should all right thinking people.

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