In a study evaluating small businesses’ satisfaction with merchant services providers, J.D. Power found that large banks had a significant surge in merchant services satisfaction.
Overall satisfaction with merchant services providers increased 23 points on a 1,000-point scale from 2021. The rise was led by the top two performers in the study, Bank of America, rising 45 points to 894, and Chase Merchant Services rising 35 points to 879.
The rise in satisfaction was driven in part by a 33-point increase in satisfaction with cost or service and a 32-point increase in service interactions, J.D. Power said. Thirty-four percent of small businesses responded that the typical time from transaction to funding their merchant accounts was faster than expected, up 10 points from last year. Sixty-five percent responded that they have received faster funding so card payments are settled and posted the same day on nonbusiness days, up 14 points from 2021.
The survey also found that responses to COVID-19 earned goodwill among small businesses, with 73% responding they are aware of at least one proactive measure their merchant services provider took in response to the pandemic.
