With Big Banks Leading the Way, J.D. Power Found Payment Processors Have ‘Stepped Up Their Games’

A new study from J.D. Power has found payment processors have “stepped up their games during the past year with big banks leading the way,” and that has resulted in a significant surge in merchant services satisfaction.

In announcing findings of the J.D. Power 2022 U.S. Merchant Services Satisfaction Study, J.D. Power noted just 19% of consumer payments now involve paper currency, as the use of payment cards, electronic payments and mobile payment apps have surged and small businesses have become increasingly reliant on a strong relationship with their merchant services payment processor.

“The past couple of years have been very challenging for most small businesses, but industry-wide efforts to simplify payment processing fee structures, ramp up customer support and speed up payments have had positive effects on merchant services satisfaction,” said Paul McAdam, senior director of banking and payments intelligence at J.D. Power, in a statement. “The largest year-over-year satisfaction gains have been driven by the big banks, which have historically trailed fintech payment providers in delivering low-cost, user-friendly merchant services solutions. Now, the big banks are matching or exceeding fintechs in small business satisfaction with merchant services.”

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