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.
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.
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 “B+” with the Better Business Bureau and had received 715 complaints and 284 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