Customers seldom contact customer service to give praise. Usually, they need help with something, or there’s an issue to resolve.
With 74% of consumers experiencing problems with products and services, it’s safe to say the quality of customer service matters 1. When customers connect with service representatives, they’re looking for resolutions in a timely manner. If done poorly, it could result in:
- Increased chargebacks and disputes
- Damage to brand and customer loyalty
- Operational inefficiencies and increased costs
- Loss of competitive advantage
- Increased risk of fraud and financial loss
The manner in which customer service is provided can significantly influence merchants’ risk. A decline in public perception can lead to dissatisfied customers acting against merchants, potentially impacting payment providers indirectly. Notably, the incidence of customers seeking retribution through public shaming, either in person or online, has increased to 9% in recent years.
To avoid negative customer service collateral damage, here are a few ways payment providers can be more proactive:
- Invest in a single merchant risk platform to own the end-to-end merchant lifecycle
- Conduct regular customer satisfaction surveys
- Implement a quarterly analysis of negative feedback
- Assign a dedicated team to address customer concerns
- Enhance customer service visibility on the company’s website
In addition to payment providers taking proactive steps, selecting the right risk vendor matters. Without a high-quality merchant risk solution in place, there’s an increased chance of fraudulent activity. If left unaddressed, it could result in poor public perception and an overworked customer service team.
To learn more about our merchant risk solutions, click here.
12023, Mar. https://www.wsj.com/articles/as-customer-problems-hit-a-record-high-more-people-seek-revenge-2ab8fc74