Websites using Firstdata

Okay, let s break down First Data (now Fiserv) with regards to an overview, revenue, alternatives, pricing, and customer care.

Important Note: First Data was acquired by Fiserv in 2019. While the First Data brand still exists in some contexts, it s largely integrated into Fiserv. Therefore, when discussing revenue and some other aspects, we ll primarily be looking at Fiserv data.

1. Overview:

• What is it? First Data was (and largely still is, under the Fiserv umbrella) a global payment processing and financial technology company. They provide solutions for merchants of all sizes, enabling them to accept payments both in-person and online. Their services include:
  • Payment Processing: Credit, debit, ACH, and other payment types.
  • Point-of-Sale (POS) Solutions: Hardware and software for in-store transactions.
  • eCommerce Solutions: Gateways, virtual terminals, and integrations for online businesses.
  • Merchant Services: Account management, fraud prevention, reporting, and more.
  • Data Analytics: Insights based on transaction data.
• Key Target Audience: Businesses of all sizes, from small mom-and-pop shops to large enterprises, across various industries.
• Key Benefits: Scalability, reliability, global reach, and a comprehensive suite of services.
• Integration: Fiserv/First Data integrates with a wide array of business software and POS systems.

2. Revenue:

• Fiserv s Revenue (post-acquisition): Since the acquisition, financial reporting is presented under Fiserv s financials. Fiserv is a massive company with revenues in the billions.
  • Specific Revenue Breakdown: Fiserv s revenue is broadly classified into segments like:
    • Merchant Acceptance: This includes the payment processing, POS, and eCommerce services inherited from First Data.
    • Financial Technology: This segment covers banking and financial institution technology solutions.
  • Key Takeaway: It s difficult to isolate specific First Data revenue post-acquisition, but the Merchant Acceptance segment reflects its legacy.
• Looking for Specific Data: For granular revenue figures, you d need to analyze Fiserv s quarterly and annual reports. These are publicly available.

3. Alternatives:

There s a very competitive market for payment processing and merchant services. Here are some of the major alternatives to Fiserv (and, by extension, the original First Data):

• Stripe: Known for its developer-friendly API, excellent for online businesses, great for integrations and modern platform feel
• Square: Popular with smaller businesses, simple to use, easy to get started with, great for in-person and online
• PayPal: Well-known digital wallet and payment platform, includes merchant services
• Adyen: Favored by larger enterprises with complex payment needs, global, and highly customizable.
• Worldpay: A large global payment processor, now part of FIS (another major player).
• Global Payments: Another major international payment processor, caters to various merchant sizes.
• Braintree (a PayPal company): Offers a more developer-focused experience than PayPal
• Shopify Payments: A payment processor integrated within the Shopify eCommerce platform.
• Smaller/Niche Players: Many other processors focus on specific industries or offer specialized solutions.

Factors to Consider when choosing an alternative: * Business Size: Some are better suited for small businesses while others have the scalability for larger operations. * Sales Channels: Do you primarily sell in-person, online, or both? * Specific Integrations: Do you require integrations with specific CRM, accounting, or POS software? * Pricing Structure: Transaction fees, monthly fees, and other costs vary significantly. * Support Needs: What kind of customer support is available and what are your support needs? * Scalability: How easy will it be to grow and adapt your processing as your business changes?

4. Pricing:

• Complex and Variable: Pricing from Fiserv/First Data (and its competitors) is notoriously complex and can vary significantly based on:
  • Business Size and Transaction Volume: Higher volume typically leads to lower rates.
  • Industry Type: High-risk industries may incur higher fees.
  • Payment Methods: Different credit cards, debit, and other methods have different processing costs.
  • POS Hardware and Software: Costs for terminals, software licenses, etc.
  • Service Packages: Additional services (like fraud prevention or analytics) may come at a cost.
• Common Pricing Structures:
  • Interchange Plus Pricing: A common and often transparent approach where the merchant pays a percentage of the sale plus a per-transaction fee on top of the interchange rates set by card networks.
  • Tiered Pricing: Rates are grouped into tiers based on transaction type, which can be less transparent.
  • Flat Rate Pricing: Popular with platforms like Stripe and Square, you pay a fixed rate per transaction, useful for simplicity.
• Hidden Costs: Watch out for monthly fees, statement fees, PCI compliance fees, early termination fees, and other potentially hidden costs.
• Negotiation: Pricing is often negotiable, especially for businesses with a high transaction volume.

Recommendation for Pricing: Get personalized quotes from several providers, ask for a clear breakdown of all costs, and compare them carefully.

5. Customer Care Details:

• Fiserv s Customer Support Channels:
  • Phone Support: Usually available, with varying response times based on business size.
  • Online Support Portal/Knowledge Base: A self-service resource with articles and FAQs.
  • Account Management: Larger businesses often receive dedicated account managers.
• Customer Support Quality: Fiserv is a large company with a large customer base. Customer reviews about support can be mixed, with some experiencing long wait times and challenges with resolving complex issues.
• Support for Small Businesses: For smaller merchants, support may be less personalized and rely more on online resources.
• Key Challenges:
  • Complex systems: Can sometimes require specialized technical support.
  • Transaction disputes: Can sometimes be hard to resolve in a timely manner.
  • Contract complexities: Can make it hard to navigate the terms of service and seek support.
  • Customer support: Response times can sometimes be slow depending on the support required.
• Recommendation: Evaluate the customer support offered by different providers by reading reviews, testing responsiveness, and exploring the specific support structure.

In Conclusion:

Fiserv, with the legacy of First Data, is a major player in the payment processing and financial technology space. While it provides a wide array of services, its size and complexity can be a drawback for some businesses. Before committing, carefully assess your specific needs, compare multiple providers, and pay close attention to pricing and customer support options. Consider that its offerings are now often packaged together with financial solutions as part of Fiserv, and might not be as flexible as pure payment providers.