The Independent Sales Arm of First Data (Fiserv)
CardConnect, formerly known as Financial Transaction Services, is a rapidly growing merchant account provider that operates as an independent subsidiary of First Data (now Fiserv). Founded in 2006 by CEO Brian P. Shanahan before changing its name and moving to Pennsylvania, CardConnect was acquired by First Data (Fiserv) in 2017 and is now the primary independent sales network used by First Data/Fiserv. The company has previously partnered with FTV Capital, Bank of America, and SecureNet Payment Systems to expand its products and services.
CardConnect Payment Processing
As part of Fiserv, CardConnect processes all major credit and debit cards for most business types. They offer the CardPointe payment gateway for online payments, which integrates with a virtual terminal, a mobile app, and a CardPointe swiper. They also offer the Clover family of point-of-sale solutions and swipers, plus Bolt, which is a software solution that allows merchants selling their own software to integrate payments into their products. Further, the company offers CoPilot, which is a way for ISOs and ISVs to track their portfolios. Notably, the company offers interchange-plus pricing as well as level II and III data processing through its payment gateway.
CardConnect Location and Ownership
CardConnect’s headquarters are located at 1000 Continental Drive, #300, King of Prussia, Pennsylvania 19406. Jeff Shanahan is listed as the president of CardConnect. CardConnect is a registered ISO of Wells Fargo Bank, N.A., Concord, CA.; Synovus Bank, USA, Columbus, GA; BBVA USA, Birmingham, AL; and MetaBank, N.A., Sioux Falls, SD.
CardConnect Review Table of Contents
- Costs & Contract: CardConnect usually offers a multi-year contract through First Data (Fiserv) with a variable termination fee. The company also offers interchange-plus pricing.
- Complaints & Service: CardConnect has received more than 75 public complaints.
- BBB Rating: CardConnect has an “A-” rating and has received 76 complaints and 23 reviews in the past 3 years. The company has been accredited by the Better Business Bureau since 2019.
- Sales & Marketing: CardConnect hires independent sales agents and has received a moderate number of complaints about its sales practices.
- Rates & Fees: How Merchants Got The Best Rates With CardConnect