By the numbers: Less than half (44%) of US merchants believe their payment service provider (PSP) makes the user experience during checkout easy and convenient, per a PYMNTS Intelligence and Mastercard study.
15% of merchants said this was the most important feature a PSP can provide.
Why this matters: Ensuring customers have a seamless checkout experience is crucial. A difficult or time-consuming checkout process leads to customers abandoning their carts.
Given that it can make or break customer conversion, this level of merchant distrust that their providers can help them achieve a seamless experience could hurt providers’ retention.
What providers can do: To better help merchants improve the ease of their checkout experience, providers should invest in the features merchants think they’re still missing.
More than half (55%) of US merchants said they have requested new technologies from the PSPs, per the study.
Our take: If payment providers can add these features—and make them easy to integrate—it should help boost merchant satisfaction and help them grow their networks.
Offering the most in-demand features will be especially crucial moving forward as point-of-sale (POS) competition heats up. As the lines blur between different types of payment providers, more providers are offering POS software, growing the crowd of competitors.
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