Merchant Services – Overall Satisfaction Award 2014
Posted by Canstar Blue November 27th 2014
You are viewing the archived 2014 ratings for merchant services providers. Go to the current merchant services provider ratings.
If you’re looking for a good deal from your merchant services provider, consider our customer satisfaction star ratings.
* Overall satisfaction is an individual rating and not a combined total of all ratings. Brands with equal overall satisfaction ratings are listed in alphabetical order.
Canstar Blue research finalised in May 2014, published in November 2014.
Small business owners bank on ANZ and CBA for overall satisfaction
Merchant service facilities are crucial for many of the two million plus actively trading businesses in Australia, so we sought to find out which financial institutions small business owners are most satisfied with.
ANZ and Commonwealth Bank have both received our Most Satisfied Customers Award in this category, with almost identical customer satisfaction results across the board.
Both NAB and Westpac were also rated in this survey, with the former notably achieving a five star rating for its efficiency in dealing with inquiries.
What are merchant services?
Merchant services is the name given to a broad category of financial services intended for use by businesses. However, the term usually refers to the service that enables a business to accept payment through a secure channel by use of the customer’s credit or debit card – such as EFTPOS.
For the services they provide, ANZ and CBA earned top marks for:
- overall customer satisfaction,
- product range,
- problem resolution,
- efficiency in dealing with inquiries, and
- mobile banking and smartphone applications
CBA also scored five stars for internet banking services.
How did we rate merchant services for small businesses?
Canstar Blue commissioned Colmar Brunton to survey 855 small business owners and decision makers (i.e. the main decision maker for a small business) across a range of categories to measure and track customer satisfaction with products and services related to their business. The outcomes reported are the results from customers within the survey group who currently use a merchant service provider from a bank to take payments from customers – in this case, 261 small business owners/main decision makers.
Brands must have received at least 30 responses to be included. Results are comparative and it should be noted that brands receiving three stars have still achieved a satisfaction measure of at least six out of 10. Not all brands available in the market have been compared in this survey. The ratings table is first sorted by star ratings and then alphabetically. A rated brand may receive a ‘N/A’ (Not Applicable) rating if it does not receive the minimum number of responses for that criteria.