U.S. Bank has earned the top spot in the inaugural J.D. Power U.S. Merchant Services Satisfaction Study for 2020, with an overall score of 882. In addition to the top overall satisfaction ranking, U.S. Bank had the highest ranking in two key categories: cost of service, and security and chargeback management.
U.S. Bank utilizes Elavon, its global merchant processing subsidiary, to complement the services it provides to small business owners for accepting payments in stores, online and by mobile device.
“It is gratifying to see that our customers are satisfied with the experience they have with U.S. Bank,” said Shailesh Kotwal, vice chair and head of Payment Services at U.S. Bank. “Our employees are focused on the customers, listening to their needs and delivering a unified experience whether it’s a bank account, merchant processing, a loan or a combination of services, with the speed and security they deserve and expect.”
J.D. Power also found merchants that utilize eCommerce as their primary sales channel have higher satisfaction. U.S. Bank has been investing in its Elavon business with the specific intent to enhance the eCommerce experience and integrate payment capabilities with software that businesses use for other purposes, such as inventory or payroll.
In the last 18 months, U.S. Bank and Elavon have announced acquisitions of Electronic Transaction Services (ETS) in Virginia, CenPOS in Miami, talech in Palo Alto, Calif., Payius in Sweden and Sage Pay in the UK. Elavon also became part owner in Poynt, a smart terminal provider that can accept multiple forms of payment and integrates with other software to provide useful data to the business.
“We’re fortunate to have a strong Payments business and deep experience in this industry,” Kotwal said. “U.S. Bank is a great choice for businesses looking for a financial partner that understands their needs and has capabilities to help them take money in and make payments to their vendors quickly and seamlessly.”
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