Small businesses’ satisfaction with merchant services providers took a hit during the COVID-19 pandemic, according to the J.D. Power 2021 Merchant Satisfaction Study released today. Satisfaction fell to 836 on a 1,000-point scale, down slightly from the previous year’s survey. Satisfaction was lower among businesses that experienced significant revenue declines, coming in at an average score of 827. These firms in particular reported challenges with customer service, cost of service, and underwriting and onboarding.
Nonbank fintech companies Square and Paypal edged out banks for the two highest satisfaction ratings (857 and 852, respectively). Bank of America Merchant Services and PNC Merchant Services tied for third-place, with satisfaction ratings of 849.