First Data was acquired by Fiserv in 2019 for $22 billion in stock. First Data is a large global payments company. It is also a processor with Visa as well as MasterCard. The company doesn’t have a sales force. However, it relies on partnerships with its third party resellers via First Data Global Leasing and other entities. Some of the resellers include Wells Fargo Merchant in addition to Bank of America Merchant Services. The two main partnerships alongside other large processors make First Data a revered payment processor across the world.

First Data Corporation was established in 1971. The company started by offering processing services to America’s Bankcard Association. In 1976, it became the leading processor of bank-issued credit cards. In 1995, the company partnered with First Financial Management Corp. The merger was organized into three main business units overseeing card and merchant issues. In 2015, First Data went public on the NYSE and was a public entity until Fiserv acquired the company in 2019.
 
Foundation

Chaired by its CEO, Frank Bisignano, First Data is a prominent electronic payment processing organization with its headquarters in Glenridge Connector, Atlanta. The firm’s main mission is offering back end processing services particularly to banks, Independent Sales Organizations, as well as merchant account providers in different parts of the world. First Data has delved into the POS software market by launching its Clover POS system. The firm bought CardConnect in May 2017. In October, the company acquired BluePay.
 
Services

First Data is also a leading financial services firm in the US. Its STAR Network offers global debit card acceptance at over 2 million retail Point of Sales, online outlets, as well as ATM. The company has about 5 million merchants and handles approximately 40% of the total US credit cards in addition to debit transactions. It also handles prepaid gift card processing for multiple clients such as Starbucks. Over the years, First Data has processed more than 2,000 transactions per second. Its SpendTrend Report is a primary shopping metric for news networks including the WSJ, USA, Vox Media, and ESPN.

Over the years, First Data has experienced an impeccable growth trajectory. Between 2001 and 2005, the company acquired various companies across the world. In 2001, it purchased PaySys International. It also acquired VisionPLUS Payment Software System. The transaction was followed by a merger with Concord EFS which added their STAR Network coupled with a PIN-based debit acceptance. Other acquisitions are such as GovOne and Taxware.

In 2006, First Data Corporation announced its plan to transition Western Union into a publicly traded company. The spin off took place on September, 2006. In 2007 Kohlberg Kravis Roberts announced its intention to acquire First Data in a leveraged buyout. In 2007, Kohlberg Kravis Roberts took over First Data. Consequently, Ric Duques stepped down. The board of directors elected Michael Capellas to serves as its CEO. Being a privately owned payment processing firm, First Data’s stock was lifted off the NYSE. Nonetheless, its LBO was financed.
 
Investor Relations

In 2014, the leading payment processor raised approximately $3.5 billion in private placement. The company has since maintained its investor relations. It has also worked with multiple partner companies to offer a great customer experience. The management can keep its charges as low as possible. In the United Kingdom, the company is a leading acquiring bank merchants work with in order to process client’s card transactions.

In cases where First Data Merchant Solutions is the leading acquiring bank on a client’s account, the management will send a separate invoices highlighting all card transaction fees as well as charges. First Data offers various types of billing options including inter-change plus, flat rate, tiered, in addition to enhanced bill back. Finally, First Data provides several options for its POS terminals to meet its client’s needs while simplifying payment processing. The company’s BluePay uses a virtual terminals solution to turn a client’s computer into a major credit terminal.

Merchants who are looking for a credit card processing solution will be best served by working with a payment processor that is smaller than First Data but processes transactions on their platform or on one of the other big three competitors. If you are looking to accept payments with low rates and exceptional customer service, check out our recommended payment processors.