A Major Credit Card Processor
Fiserv, formerly known as First Data, is a large electronic payment processing company headquartered at 255 Fiserv Drive Brookfield, WI 53045. 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. In January 2019, First Data was acquired by Fiserv, a global provider of financial services technology, in an all-stock transaction valued at $22 billion. Frank Bisignano was CEO of First Data and remains as CEO for Fiserv. In 2021, Fiserv purchased Radius8 for $14 million and Ondot Systems for $270 million.
Fiserv Payment Processing
Under their Fiserv Merchant Services division, Fiserv processes all major debit and credit cards for all sizes of businesses. Fiserv’s processing services are most often received through a reseller, but as a direct processor, they offer an extensive array of services. These include the popular Clover POS system family, card readers, complete e-commerce solutions, ISV payment integration, the ability to pay in many currencies, B2B payments, extensive analytics, pay through most available avenues (including newer tech like touchless pay, phone scanning, curbside pickup, and digital assistants), an array of security features and tools, payout solutions, digital ACH, gift card and rewards solutions, payroll, and the Carat “omnichannel” solution, which is meant to integrate processing for a company across most worldwide channels. It should be noted, however, that most merchants using Fiserv services will be doing so through a third party, meaning they might not receive the benefits of every Fiserv feature.
The Company Behind Many Resellers
Unlike most merchant account sales organizations, Fiserv is a direct processor with Visa and MasterCard. While the company does have a small direct sales force, Fiserv 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 Fiserv 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 Fiserv.
First Data Merchant Services Location and Leadership
While the Fiserv headquarters is at the Wisconsin address listed above, it appears the old First Data buildings are still in operation. As such, the former First Data headquarters at 2900 Westside Pkwy, Alpharetta, GA 30004 is likely still in use by the company’s processing division. The BBB lists Nancy Whitt as the principal at First Data, while LinkedIn lists Michael Ross as the Senior Account Executive for Fiserv/First Data.
Fiserv Review Table of Contents
- Costs & Contract: Fiserv typically offers a multi-year contract with a variable early termination fee.
- Complaints & Service: Prior to becoming Fiserv, First Data had received more than 1,000 public complaints.
- BBB Rating: First Data has a rating of “A-” with the Better Business Bureau and had received 702 complaints and 283 informal reviews in the past 3 years. The BBB currently has several different pages for Fiserv, currently making it an unreliable source for gauging customer satisfaction.
- Sales & Marketing: Fiserv hires independent sales agents and has received a high number of complaints about its sales practices.
- Rates & Fees: Rates and fees can be variable based on many factors