A Major Credit Card Processor
Global Payments Inc. is one of the largest credit card processors in the merchant account industry and has been in business since the 1960s. The company has partnerships in more than 30 countries worldwide. It’s also one of the few merchant account providers to be publicly traded on the New York Stock Exchange (NYSE: GPN) as part of the S&P 500. Global Payments supplies nearly every service a merchant would need, from setting up the merchant account to supplying the processing hardware. Through its OpenEdge division, the company also provides integrated merchant account software.
Acquisitions and Partnerships
In December 2015, the company announced its acquisition of Heartland Payment Systems, another very large credit card processor based in the U.S. The acquisition came a year after Heartland Payment Systems filed a lawsuit against Mercury Payments, an ISO of Global Payments, alleging that the company has committed false advertising and other tactics to damage Heartland’s reputation as a competitor. 2020 saw Global sign a major deal with Wells Fargo to “continue to provide a range of processing and support services for the bank’s commercial card portfolio.” In 2021, Global Payments announced a partnership with Google, which is likely to make major waves in the processing industry. Global also made a major acquisition in 2021, acquiring property management experience company Zego for $925 million.
Acquisition of TSYS
On May 28, 2019, Global Payments announced its acquisition of TSYS in a $21.5 billion all-stock deal. The acquisition had been speculated upon for some time in the months preceding its confirmation. TSYS is among the largest merchant service providers in the world, making Global Payments acquisition of the company a seminal moment for the industry. The announcement follows a flurry of acquisitions among competitors as FiServ announced its acquisition of First Data in January for $22 billion as well as FIS’ acquisition of Worldpay for approximately $35 billion.
Global Payments Headquarters and Ownership
The company’s headquarters are located at 3550 Lenox Road, Suite 3000. Atlanta, Georgia 30326. The CEO of Global Payments is Jeffrey S. Sloan. The company announced the departure of its former president and COO David Magnum in 2018. A press release regarding Magnum’s exit stated that Sloan and Cameron Bready, the company’s Senior Executive Vice President and Chief Financial Officer will assume Magnum’s former roles while extending their respective employment agreements until August 2021.
Global Payments Review Table of Contents
- Costs & Contract: Global Payments offers a multi-year contract with a variable early termination fee.
- Complaints & Service: Global Payments has received more than 100 public complaints.
- BBB Rating: Global Payments has an “A+” rating with the Better Business Bureau and has received 308 complaints and 29 reviews in the past 3 years.
- Sales & Marketing: Global Payments hires independent sales agents and has received complaints about deceptive rates, poor customer service, and its sales practices.