Video: Moving Forward to Serve SMBs, a Discussion from TRANSACT 2019

In the modern era, the small and medium business (SMB) now has the capacity to establish itself as an equal to even the largest and most well-known retailers. Despite this, SMBs still have problems trying to please the satisfaction of their customers in the area of payments.

At TRANSACT 2019, another one of the major presentations held was “J.D. Power Presentation: Moving Forward to Serve Small Businesses,” with speakers Michele Herron, Senior Vice President and Head of Strategy, Marketing, and SMB Solutions for Visa’s CyberSource business unit, Adam Lebofsky, Head of Client Experience at Chase Card Services, Mark Schulze, Co-Founder and Head of Business Development at Clover, and Paul McAdam, Senior Director and Head of Banking & Credit Card at J.D. Power as moderator.

The presentation starts with McAdam covering results determined from a study conducted by J.D. Power on the state of customer experience in the SMB market. Then the panel discussed the actions that payment companies must take in order to engage and serve SMBs. “The industry overall needs to do a lot of cleanup around the transparency of fees,” Schulze says, “because consistently, merchants just want an explanation.” Schulze also added that “creating a runway to allow for technology to quickly integrate with the SMB, I think, is key.”

Click here to watch the full presentation, and click here to read more about TRANSACT and ETA events.