Half of SME merchants frustrated by slow PSP response times

The majority – 52 per cent – of SME merchants are fed up with slow response times from their payments service providers (PSPs), according to data from Mollie.

The PSP surveyed 500 SMEs with e-commerce activities generating between £500,000 and £25 million in revenue per year.

The research found that a further 39 per cent of respondents feel that communication methods are not appropriate to their needs, while more than a third – 35 per cent – say their biggest frustration with their PSP’s customer service is a lack of issue resolution.

Over a third said they had unresolved issues, while the vast majority – 95 per cent – of those report service issues, with only 5 per cent completely satisfied with the service they receive.

“UK SMEs are quietly dissatisfied with their payment service providers, accepting and working around unresolved problems and unresponsive support,” said Josh Guthrie, Mollie’s UK Country Manager. “Fear, uncertainty and lock-in prevent them from switching.”

The research found that uncertainty surrounding the potential impact on customer experience – 31 per cent – fear of the costs of adopting new technology – 29 per cent –, and complications with switching – 28 per cent - are the key factors preventing UK SMEs from switching PSP.

According to the research, over the past two years a third – 34 per cent – of UK SME e-commerce merchants have switched PSP.

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