First Data Overview
First Data May Have Overcharged You
If you accepted credit cards through First Data or any other credit card processing company between 2017 and 2019, recent changes to the law may entitle you to refunds of certain debit card and credit card processing errors and overcharges. See this post to find out if your were among the businesses affected and to learn how you can get your money back.
A Major Credit Card Processor
First Data is a large electronic payment processing company headquartered at 5565 Glenridge Connector, NE, Atlanta, GA 30342. The company’s main bread and butter is providing back end card processing services to Independent Sales Organizations (ISOs), banks, and other merchant account providers across the world. It has also recently broken into the point-of-sale software market with its Clover POS system. In May 2017, the company purchased CardConnect for $750 million, and in October, it announced its acquisition of BluePay. Frank Bisignano is the chairman and CEO of First Data.
The Company Behind Many Resellers
Unlike most merchant account sales organizations, First Data is a direct processor with Visa and MasterCard. While the company does have a small direct sales force, First Data relies primarily upon partnerships with third party resellers and sub-ISOs to sell its credit card processing services and equipment leases through First Data Global Leasing. Two of these resellers include a couple of the largest banks in the United States, Wells Fargo Merchant Services and Bank of America Merchant Services. These two partnerships along with thousands of others make First Data one of the largest processors in the world, if not the largest. In fact, it has been stated that roughly 45% of all credit card sales in the U.S. are processed by First Data.
First Data Review Table of Contents
- Costs & Contract: First Data typically offers a multi-year contract with a variable early termination fee.
- Complaints & Service: First Data has received more than 1,000 public complaints.
- BBB Rating: First Data does not have a rating with the Better Business Bureau and has received 901 complaints and 101 negative reviews in the past 3 years.
- Sales & Marketing: First Data hires independent sales agents and has received a high number of complaints about its sales practices.
- Rates & Fees: How Merchants Got The Best Rates With First Data
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