Be a Customer Service All-Star
Most of us think we’re customer service all-stars until a natural disaster or global pandemic comes along. For many ISOs, ISVs and financial institutions, COVID-19 was a wake-up call. Despite year-over-year growth across multiple industries, many organizations found themselves struggling to service customers in 2020 while young, agile tech companies ate their lunch.
J.D. Power has been capturing and analyzing the Voice of the Customer globally for 50 years; its benchmarks are widely cited by payments industry analysts and experts. The J.D. Power 2021 U.S. Merchant Services Satisfaction Study, published Feb. 4, 2021, found merchants across the United States dissatisfied with their payment processors.
J.D. Power researchers noted that several key performance indicators (KPIs) were trending below 50 percent, leaving plenty of room for service-level improvement. These KPIs relate to client interactions, equipment and technology, funding speed and fees, according to the report.
Double down on digital
Paul McAdam, senior director of banking and payments intelligence at J.D. Power, observed that consumers are becoming more confident in technology; a record number used digital and online channels for the first time during the pandemic when local businesses and bank branches were closed. Consumers and merchants appreciate the ease and convenience of technology and have become more trusting but there will always be a need for personalized service, he noted.
"In recent years, merchant services providers have introduced technology innovations that make it easier than ever for small businesses to accept card and digital wallet payments," McAdam said. "This past year demonstrates that the technology is consistently meeting market needs, but achieving real, lasting customer satisfaction is as much about service levels as it is about technology."
J.D. Power researchers also found that payment specialists and fintech players are outperforming banks and processors by providing easy, reliable and secure card and digital payment options and understandable fee structures. Here are some key takeaways from the survey:
Don't take relationships for granted: It's time to ditch old ideas about achieving customer longevity by having multiple hooks in a customer or stringent cancellation policies. These concepts are out of place in today's digital-first business landscape.
Hooks do not make a relationship: Banks have deep relationships with small business customers and frequently service their checking and savings accounts, loans and lines of credit. You'd think this would give them a competitive advantage when providing merchant services but all four leading banks had declining customer satisfaction rates in the J.D. Power survey.
Without you, there's no "us"
If we learned anything in 2020, it's the need to put customers first. How well do you know your channel partners and customers? With everchanging regulations, security compliance issues and emerging opportunities and threats, it's essential to listen to customers, educate them and create new opportunities to help them grow and scale.
In today's digital-first, interoperable business environment, customers have abundant choice in payments acceptance and service providers need to earn their trust every day. That's why it makes sense to deliver exceptional service to customers wherever they are, across all channels. Most of all, it means aligning services with each customer's unique business model and needs.
At VyaPay, we understand that without customers, there is no "us." Our service promise to our partners is to make every solution easy, secure, cost-effective and customized. Our technology suite powers seamless integrations, automated tasks and a PCI-certified payment gateway.
Reach for the stars
VyaPay processes a range of in-store and Card Not Present electronic payments, including major card brands, ACH, eChecks, 3D Secure, 3DSv2 and cross-border payment schemes. We partner with merchant acquirers, ISOs, ISVs and VARs to transform the B2B experience.
Seamless shopping cart integrations: VyaPay works across the payments industry value chain to facilitate seamless integrations with leading shopping cart brands, combining leading-edge technology with human expertise to drive secure innovation and recurring revenue streams.
Advanced automated technologies: Our technology suite includes VyaShield, a chargeback automation system that helps merchants recover more revenue by reducing or eliminating chargebacks. Graphical reporting tools and real-time analytics save partners time and money.
PCI-certified gateway: Our PCI Level 1 certified payment gateway offers agility, connectivity and flexibility to deliver exceptional customer service. As a leading payment facilitator and payment technology provider, we help businesses get the most out of payment card processing.
Discover the VyaPay difference and confidently reach for all the stars in your online ratings.
For more details, visit www.vyapaypayments.com or contact us directly at 833-4-VYAPAY.