Small Business Merchant Services Study

Small Business Merchant Services Study
Small Business Merchant Services Study

Barlow Research’s 2020 Small Business Merchant Services Study

Approximately half of the 8 million small businesses (companies with $100K-<$10MM in annual sales) in the United States accept credit card payments, making a strong merchant services product a key offering for this segment. The merchant services marketplace is flooded with options for credit/debit card processing systems. Do you know how your bank’s application experience stands up to the competition?

Study Components & Goals:

In this study, Barlow Research will:

  1. Base Study: New Customer Application Journey
    Document the new small business customer application journey. A total of 22 shops will be conducted examining 11 different providers. Competitive intelligence on merchant service providers to be captured includes timeline of events, channels involved, communications, documents/information required, transparency on fees/installation pricing, cross-sell and overall ease of process. The journey will be followed to the point of application submission.
  2. Add-on Option 1: Existing Customer Experience at Top Banks
    Identify how small business merchant service users navigate to find transaction detail, dispute information and statements at Bank of America, Chase and Wells Fargo.
  3. Add-on Option 2: Online Panel of Existing Merchant Service Users
    Provide insight into switching behaviors of small business merchant service users and factors that influenced current provider selection.

Deliverables:

    Comprehensive report and video presentation for your team. Includes customer journey maps and detailed listing of documentation requested during application process.

    For those purchasing add-on options, summary of findings will be included in main report and the following information will be available in accordance with your purchase selection:

  • Pertinent screen shots of existing customer experience at top three banks
  • File of verbatim comments collected during online panel

 

Please contact us

to schedule a phone meeting

 

Featured Content

First Friday Webcast: "Business Payments in a Pandemic: The Reality of Faster Payment Adoption and What You Can Do to Move Forward"

Register to attend Barlow Research's June 2020 First Friday Webcast! Friday, June 5, 2020 at Noon Eastern, 11 am Central, 9 am Pacific

Essential Resources to Direct Small Business Strategy

Barlow Research’s Small Business Banking Program provides quantitative voice of the business customer insight and competitive intelligence to drive initiatives for growth and retention.

Small Business Merchant Services Study!

New! How does your solution compare? Follow the small business new customer journey through the Merchant Services application process at 11 providers. Understand the customer experience at three top banks.
Learn factors that influence provider selection.

Contact us
to learn more.

Analyst's Journal - Jun 3, 2020

The COVID-19 Pandemic Is an Event That Could Change Business Banking Loyalty

Last week in our Barlow Newsletter, Youa Yang wrote an article, PPP Loan Execution Contributed...

Join the conversation on small business banking