The Strawhecker Group (TSG) is pleased to recognize a selection of payments companies for their exceptional start-up, small and medium-sized (SMB) eCommerce merchant experience. Read the press release.
Utilizing its Gateway Enterprise Metrics (GEM) platform, TSG completes an anonymous process of opening new merchant accounts to obtain the ability to accept cards online. This assessment, powered by the firm’s Market Intelligence product TruShop, measures and benchmarks the experience from the merchant’s point of view and is compared against the industry’s top providers.
COVID-19 continues to disrupt consumer spending habits, behaviors, and how they pay for things as shown in recent data released by Visa and TSG. These trends, coupled with the continued rise in eCommerce, has accelerated sales volume away from brick-and-mortar. As merchants build-out their online presence they require a streamlined process from the payments industry.
“By assessing this experience TSG is able to help its clients understand pain points that their prospective merchants may be facing, and offer feedback on how best to adapt to the ‘new normal’ our industry has faced this year,” says Mike Strawhecker, President of TSG.
The merchant experience assessment is used to measure and rate the application and approval process, integration, and underwriting. TSG assessed nearly fifteen industry leading payments providers during the months of August and September in 2020 to determine the eCommerce Merchant Experience Awards.
Ease to Launch – Square
- The Ease to Launch award reflects the time, effort, and complexity for a start-up eCommerce SMB, from building its website to accepting online payments. Square is receiving this award for the second year in a row due to its leading performance across building a website with a shopping cart, its streamlined application and underwriting process, and low estimated annual costs.
- Runner-Ups: JP Morgan Chase / Shopify
Best Sales Process – Shopify
- The Best Sales Process award encompasses the format, length and delivery method of the merchant application, as well as underwriting scrutiny of website and company information based upon required items. Shopify is receiving this award for the second year in a row due to their streamlined online application process and quick underwriting.
- Runner-Ups: JP Morgan Chase / Square
Lowest Cost – Square
- The Lowest Cost award estimates a merchants’ annual costs of building/maintaining a website, gateway fees, cost to process transactions, and anything else incurred during setup. Square is receiving this award for their lack of merchant costs related to managing a website or gateway access, as well as no additional monthly or annual fees.
- Runner-Ups: Global Electronic Technology (GET) / Worldpay from FIS
TSG will be hosting a free webinar on November 4, 2020 to explore how the eCommerce merchant experience is assessed and what payments players need to know to succeed. Click here to register.
Companies and/or products considered for any TSG awards may or may not include clients of TSG and does not necessarily represent all companies or products in the market. This analysis is based upon information we consider reliable, but its accuracy and completeness cannot be guaranteed. Information provided is not all inclusive. All information listed is as available from August to September 2020. The Strawhecker Group (TSG) is not and/or may not be endorsed, sponsored by, or in any other way affiliated with the any companies or their logos illustrated in this presentation. The trademarks shown are registered and their own. This document has not been prepared by any entity displayed.
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