Is your business happy with its current merchant services provider?
The coronavirus pandemic has accelerated the trend away from consumers using cash for payments, with more people opting to pay by card or shopping online instead.
In this climate, merchant services, such as EFTPOS machines, Point of Sale (POS) terminals and online payment systems have become perhaps more important than ever for Australian businesses when processing payments.
As part of our 2020 Most Satisfied Customers – Merchant Services Award, Canstar surveyed 651 Australian businesses to find out which provider on our database has the most satisfied customers.
Businesses were asked to rate their overall satisfaction with their merchant services provider, as well as their satisfaction with specific aspects of the service they receive, such as reliability and speed of services and transactions.
The businesses surveyed ranged from sole traders to those with up to 200 employees, and included those who traded in standalone stores, shopping centres, home offices and online.
National Australia Bank (NAB) has won Canstar’s 2020 Most Satisfied Customers – Merchant Services Award. NAB offers a range of merchant products and services to Australian businesses, including EFTPOS mobile machines, BPAY and other online payment services.
NAB received high overall satisfaction scores from its customers, and also outperformed the average of other merchant services providers examined in all categories. NAB performed particularly well among its customers for device functionality, speed of services and transactions, and reliability.
In addition to rating their overall satisfaction, businesses were asked to score their merchant services provider against the following criteria:
This year, reliability and customer service had the greatest influence on overall satisfaction for the businesses surveyed. These factors accounted for 30% and 23% of overall customer satisfaction, respectively.
For more information on how Canstar’s Customer Satisfaction Awards are determined, view the Award methodology.
This article was reviewed by our Sub Editor Tom Letts and Finance Editor Sean Callery before it was published as part of our fact-checking process.
Main image source: GaudiLab (Shutterstock).
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This advice is general and has not taken into account your objectives, financial situation, or needs. It is not personal advice. Consider whether this advice is right for you, having regard to your own objectives, financial situation and needs. You may need financial advice from a suitably qualified adviser. For more information, read Canstar’s Financial Services and Credit Guide (FSCG) and our detailed disclosure. Canstar may receive a fee for referring you to a product provider – for further information, see how we get paid.
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This advice is general and has not taken into account your objectives, financial situation, or needs. It is not personal advice. Consider whether this advice is right for you, having regard to your own objectives, financial situation and needs. You may need financial advice from a suitably qualified adviser. Consider the product disclosure statement (PDS) before making any financial decision. For more information, read Canstar’s Financial Services and Credit Guide (FSCG), and read our detailed disclosure, important notes and liability disclaimer.
The results of the Most Satisfied Customers Award referred to above are based on how satisfied customers are with the merchant services offered by their financial institution, and are different from the value-based Star Ratings and Awards calculated by our expert researchers. Read our methodology for more information.
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This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you. Consider the product disclosure statement and target market determination before making a purchase decision. Canstar provides an information service. It is not a credit provider, and in giving you information about credit products Canstar is not making any suggestion or recommendation to you about a particular credit product. Research provided by Canstar Research AFSL and Australian Credit Licence No. 437917.