Canstar surveyed 2,107 Australian businesses to find out which consumer payments provider had the most satisfied customers. Of these businesses, 609 used a merchant services provider to take payments from customers.
Businesses were asked to rate their overall satisfaction with their merchant services provider, as well as how happy they were with specific aspects of their service, such as speed of services and transactions, customer service and device functionality.
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.
This year, there was a significant increase in the number of businesses using Square. Within Canstar’s survey, the amount of customers using Square doubled year-on-year. This was primarily driven by small businesses with less than five employees, Canstar’s researchers found. Square’s expansion in the consumer payments space has also likely been helped along by the current climate and the need for small businesses to accept cashless payments.
Canstar found that Square’s customers were the most satisfied with the service they have received. The San Francisco-based company received a high overall satisfaction score from its customers, as well as performing well across speed of services and transactions, customer service, device functionality, online reporting, fees and charges, and reliability.
Square was founded in 2009 and expanded to Australia in 2016. The company, which was co-founded by Twitter CEO Jack Dorsey, takes its name from its square-shaped card readers. Square currently offers point-of-sale terminal options to cater for businesses of all sizes and allows businesses to sell in person, over the phone or on the go. Square’s win also comes off the back of it announcing plans to acquire Australian buy now pay later (BNPL) company Afterpay.
What drives customer satisfaction for merchant services providers?
This year, speed of services and transactions had the greatest influence on overall satisfaction for the businesses surveyed (27%). This was followed by customer service (23%), device functionality (21%), online reporting (11%), fees and charges (10%) and reliability (8%).
Canstar’s customer satisfaction awards are designed to complement our Star Ratings and Awards, which are calculated by Canstar’s expert researchers. If you’re interested in comparing business products, you might be interested in checking out the winners of our recent Small Business Award, as well as our Business Credit Cards and Savings and Transaction Accounts Star Ratings and Awards.
If you’d like more information about how Canstar’s Customer Satisfaction Awards are determined, read our methodology.
Cover image source: Square.