Established in 1971, First Data is one of the biggest companies that serves more than 6 million merchants across the globe. First Data merchant service review is one of the largest processors on the market. While if we count it by number then the company can handle approximately 2800 transactions per second with more than $2.2 trillion in card transactions each year. Whether as a business owner you need payment processing, mobile payment, payment gateways, managing commerce, POS, or any other services you can get all of this by First Data Merchant service review.
In this article, we will break down everything you need to know about the First Data company, including First Data Merchant Services Fees, Frist Data Merchant Service Lawsuit, First Data Review, Pricing, capabilities, and many more. All these things would help you decide the right solution for your business.
First Data Merchant Service Review
As we discussed above, there is no denying for First Data is one of the largest merchant service provider companies in the world. But the truth is slightly different than you think. The company provides service to millions of merchants as a direct processor, but most of its solutions are subsidiaries and partners like independent sales organizations, value-added resellers, independent software vendors, etc.
All in all, the company provides a huge range of services that suits small, multinationals as well as financial institutions. Here is the list of services that are mostly merchant-focused:
- Credit card Machines
First Data offers card machines based on lease agreements or either to be purchased fully. The outright includes stationary terminals and mobile card machines with the support of contactless, as per the review of BBB you should purchase outright than leasing it if you have a multinational business. The only reason to avoid leasing is that First Data’s leasing arm has many negative online reviews.
- Mobile payments
The company provides a mobile payment facility with a portable card reader. However, the company also charges 1.69% transaction fees per credit or debit card, for this service company partners with SumUp.
- POS system
First Data provides a ranging POS systems as per your business needs including Top-end Clover Station to the portable Clover Flex.
While the biggest one, Clover Station has an 11.6” touchscreen, barcode scanner, camera, and a receipt printer. You can also call it a complete POS station. The other Clover Mini comes with only a 7” touchscreen display and only contain chip or contactless and card payment via a swipe. And lastly, the Clover Flex is a portable terminal with a built-in barcode scanner and receipt printer.
All of these POS are positively reviewed by the majority of merchants and it is one of the best options for restaurants and retailers. On the other side, it requires additional service charges. The only thing you can do to save your bucks is just chosen your POS systems carefully by comparing them with another POS system.
- Online Payments
First Data provides you with online payment services viral API payment platform or hosted. If you take the API option then you have to send all of your card data for processing to the company. This method is more suitable for you if you want to control every customer’s experience. On the other hand, if you choose a hosted payment page, customers pay through First Data Connect, which deals with all your PCI and DSS compliance.
First Data Merchant Services Fees
The Pricing for Different services in First Data depends on your chosen services. As we discussed earlier, there are many ISOs, resellers, and ISV who set their pricing. The simple meaning is that if you choose services from one of these organizations, the pricing is getting directly depends on the specific provider and how they price their services for your business.
However, if you directly connect with First Data then you will be able to receive quote-based pricing that will help you to craft a pricing quote as per your business requirement and the pricing also depends on the service you need, transaction volume, and size of business too.
To understand these cases, we break down pricing into four different categories as below:
This is one of the basic needs of a business. You’ll likely pay for different software you need for your business and its number of requirements. First Data Merchant Service provides your month-to-month fee for POS software. Likewise for the monthly payment getaway fee for the payment gateway you need online payment.
When your business needs in-person payments, you need a full countertop POS system or Sole credit card terminal. For that, you have to pay for the hardware needed. The company provides its customer hardware leasing programs which are quite expensive and require a long-term contract with the company.
- Credit card processing
Regardless of the company you choose; you need to pay fees that are typically charged on basis of per-transaction. Like All payment services companies, First Data also provides process and accept credit card services.
- Additional Tools and Fees
You need to pay extra if you need any additional tools like a loyalty program, gift card, etc. this also makes an extra burden on fees like ongoing, one-time fees, monthly account maintenance fees, setup fees, PCI-compliance fees, chargeback fees, and many others.
At last, it is impossible to determine a specific amount for your company or business. All you need to do is just connect with the sales team of First Data, who will provide you with customized quotes for your business.
First Data Merchant Service is a huge company most suitable for large businesses. You can also see many advertisements specifically aimed at attracting small businesses on its websites. As per the majority of the online review, it is recommended to avoid this company if you have a small business. The company only leaves with a lengthy contract with high fees. Even it charges the highest processing rates for smaller businesses.
However, if you have well versed large business which is already well established then First Data is one of the best options for you. The company provides you with a lot extra that you can’t get from others. Account and other service charges are not as burdensome on large businesses.
Even in some cases, First Data provides their large businesses customer significantly lower interchange plus processing rates due to the business size. All you need to do is just negotiate firmly to get the best deal from a sales representative. And never forget to neglect the first offer by the sales representative.
All in all, the only and major strength of the company is the best services and wide range of products. Once you get the service of First data, you will never need to worry about your business needs. This company will grow beyond your expectations. First Data’s Clover POS system is an excellent product and many of the company’s services and products are integrated with every third-party service on the market. All of these combinations helps you to run your business smoothly.