Exploring the small business opportunity in merchant acquiring
Recognising the strategic importance of small business customers in its portfolio, a merchant acquirer commissioned this research to ensure continued product-to-market fit.
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20 in-depth interviews with small business owners in target industries across the UK, Ireland, and Poland
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My role: Qualitative researcher. I interviewed business owners and worked with other field agents to review observations and develop insights.
Agency: Two Igloos
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Developed a set of insights into small business attitudes post-pandemic
Identified key selling points of each payment package
Identified barriers to switching
Background
Small and medium-sized businesses - often considered “the backbone” of Europe’s economy - make up more than 90% of our client’s portfolio. Aware that the COVID-19 pandemic had a major impact on these businesses, our client commissioned this ‘state of play’ research to ensure that their product and services continued to meet the needs of their customers.
Our process and findings
Each interview took around 1 hour to complete, in which time we prompted owners to talk broadly about their business and the impact of the COVID-19 pandemic, and more specifically about their experience of taking card payments.
We also asked them to review materials on our client's current offer. Our follow up questions were designed to collect feedback on the component parts of their packages and uncover any barriers to switching.
One of the insights that emerged from this research is that SMEs have become increasingly diverse, with many now selling through multiple channels or operating more than one revenue stream. For our client, this makes integrated views an important product feature.
Reluctance to sign up for a contract and confusion over security package terminology were barriers for some.
