first data review

First Data/ Fiserv Review 2022

Odds are you’ve dealt with First Data if you’ve used a credit card while making any transaction in your business. It is the most significant credit card processing company globally, servicing millions of companies. It is the owner of the famous Clover credit card processing technology line, sold across the globe. To learn more about them, read this First Data/Fiserv Review 2022!

What Does First Data Have to Offer?

First Data, as being among the world’s top payment providers, provides all of the online payments you require, such as credit check acceptance, a credit card, point-of-sale solutions and terminals, ecommerce, fraud prevention, mobile services, and comprehensive reporting, among other things. 

In addition to offering merchant accounts immediately, First Data Merchant Services also sells merchant accounts via independent sales organizations (ISO). (ISOs.)

Overall Summary of First Data Payment Processing Services
Headquarters  Atlanta, GA
Contract  12-48 months 
PCI Fee $79 Annually 
Online Complaints  15+
Service Support Yes

 

First Data Origin, Headquarters, and Owners 

First Data has been in the merchant services industry since 1971 and offers a comprehensive range of services. Fiserv purchased them in the spring of 2019. As a result, the First Data website now refers to the company as Fiserv. 

Because of their various agreements with financial institutions like Wells Fargo and Bank of America, as well as third-party reseller and sub-ISOs, the company has grown to be among the world’s leading merchant services firms. According to reports, First Data processes 45 percent of all card payments in the United States, and the company has 6 million merchants in total throughout the globe. 

First Data offers processing solutions for the education industry, administration, medical, social work, financial firms, and small and big enterprises in a variety of industries, including manufacturing and distribution.

Interesting News in History 

First Data bought Acculynk in the spring of 2017, the company that developed the PaySecure system, which allows for online PIN debit input. Although the usage of PINs for online purchases has been available for some years, the practice has not gained widespread acceptance.

People who support the purchase of First Data anticipate that the acquisition would promote the use of digital PIN debit card transactions, which may be more cost-effective for enterprises.

First Data Overall Services Offered

Clever Go:

First Data also offers the mobile payment processing solution, i.e., Clever Go. The Clever Go app works with iOS as well as Android. You must purchase a card reader compatible with EMV and swipe transactions. Moreover, NFC-based transactions will also be processed via this channel, including Apple Pay, Google Pay, and Samsung Pay. 

POS Systems 

Clover POS systems are available in various configurations, from the high-end Clover Station to the compact Clover Flex.

  • The Clover Station is a comprehensive point-of-sale system with an 11.6-inch touchscreen, a camera, a barcode scanner, and a receipt printer. 
  • The Clover Mini includes a 7-inch touchscreen display and accepts card payments by swipe, chip, or contactless technology, among other methods.
  • The Clover Flex is a portable terminal with a receipt printer and barcode scanner built-in to the unit. Customers may pay with a swipe, chip, or contactless card if you provide them with this card.

These point-of-sale systems are well-reviewed and effective for businesses and restaurants; nevertheless, they are pricey and demand extra service charges in addition to your merchant costs. Before deciding on Clover from First Data, we suggest that you thoroughly research and compare POS systems.

Credit Card Terminals

The First Data Payment processing company also offers credit card terminals. The terminals are both wired and wireless and support EMV and NFC transactions. FD150 is one of the terminals; however, the updated version is the RP10. Purchase or lease card machines are accessible and outright purchase of card machines. This covers mobile card machines and fixed terminals compatible with contactless technology. 

Because First Data’s leasing arm (First Data Global Leasing) has received overwhelmingly negative internet ratings, we advocate buying rather than leasing if you have the financial means to do so.

How Much Does First Data Services Cost? [Charging and Fees]

The parameters to determine prices for firms who sign up with First Data services are not disclosed on their homepage. Except for processing costs (which might fluctuate), First Data does not provide the most affordable price in the business. 

This is because they charge additional costs on top of their service charges. Apart from cancellation costs, First Data charges monthly PCI fees, chargeback fees, AVS (email validation services) fees, and other service charges, including AVS (address verification service).

Is First Data Worth It? 

To discuss this, let’s focus on two of the most important aspects:

  • Variety of Available Products and Services

Choose a significant merchant services provider like First Data since they can give your company a wide range of options. First Data simplifies your business needs by offering a single point of contact for all your transactional needs. In addition, First Data provide payment options for both in-person and online transactions.

  • Complaints and Negative Customer Reviews 

First Data some negative reviews online, as we’ll see in further detail below. Even though not all evaluations are negative, but many companies have expressed dissatisfaction with the cost of their products and services. 

First Data has also racked up over 800 BBB reports in the previous three years, which may be the most telling statistic of all. This is a high number of complaints, even for a huge corporation. 

Conclusion

As an established merchant, First Data provides business plenty of payment processing options at low rates – be aware of the lengthy list of additional fees attached to each transaction.

On the other hand, emerging merchants should look for a friendlier – and maybe more helpful – service to assist them in getting started. With bad customer ratings, difficult-to-understand agreements, and ambiguous prices, First Data may take you longer to find your bearings than it ought to be.