As a small business owner, you are considering buying a First Data product? But do they offer a cashback service, what credit and debit cards are accepted and will it work well with your existing system? We can answer all your questions.

Here is the top guide which covers all card processing services, fraud screening & protection, easy installation guide and so much more. Let’s get cracking!

Card Processing & Payment Services

First Data (Fiserv) provides a mixture of credit card and payments services to businesses. Their clients range from small business, to financial institutions and multinational corporations. Their EPOS systems, card machines and ecommerce services allow for face-to-face, online, telephone and email payments. All major credit and debit cards are accepted including Visa, Mastercard, American Express, Diners Club International and Discover Network.  

First Data offer their own credit card machines to businesses, including: 

  • Clover Station: enables merchants to run an entire business from this EPOS system.
  • Clover Flex: portable machines allows for payments on the move.
  • Clover Mini: neat and flexible card machine provides bespoke functionality.
  • eCommerce Solution: online payment gateway for any website.

Besides its payment solutions and terminals, First Data also provide businesses with extra services detailed below.  

  • Business Track: provides 24/7 access to all payment processing transactions.
  • Cashback: enables cash to electronic funds transfer on the premises.
  • PCI DSS Compliance: full service provided.
  • Currency Conversion Service: allows merchants to offer enhanced service to international customers.

Contracts & Features

First Data (Fiserv) provides a standard four-year contract. This includes a liquidated damages clause, which details damages owing for any breach. The processing company prefer not to share contractual details online. Even so, smaller businesses consider them to be too expensive, and better suited to bigger organisations. A number of previous clients reported overpriced leases for equipment. They also said they were subjected to mixed rate billing methods.   

There are a number of added features which First Data (Fiserv) supply.  These include: 

  • Chargeback dispute resolution. 
  • Transaction data and analytics.
  • Receive e-deposits directly into bank account.
  • Virtual gift cards.
  • Seamless integration with POS software.
  • Transaction approval in less than 2 seconds.
  • Fraud screening & protection.
  • Include additional payment cards quickly.
  • Full developer portal.
  • Cash back with every debit card purchase.
  • EMV, Chip & Pin, Contactless payment, Apple Pay, Samsung Pay & Android Pay covered.

Pricing & Fees

First Data (Fiserv) does not publish any costings online and offers custom pricing and transaction fees. These are based on transaction volume and the type of business. Despite this fact, we can provide average costs for smaller businesses below.  

Standard Transaction Costs
Rates >£50,000 <£50,000
Contactless Payments 2.60% + 20p 2.29% + 40p
Chip & Pin Rate 3.69% + 20p 3.29% + 40p

 

Small-Business Fees 
Fee Typical Cost
Transaction Rate 2% + 20p – 3.5% + 20p
Online Transaction Rate 1% + 25p – 2% + 35p
Monthly Fee £10+
Online Payment Gateway £15+
Account on File Fee £5.00
Terminal Setup Fee £150 – £300
Terminal Maintenance Fee £4.75 per month
Minimum Monthly Charge £15.00
PCI Non-Compliance Fee £35 per month
Terminal Replacement Fee £150
Early Termination Fee Custom
Chargeback Fee £25.00

(Please note: All Information accurate at the time of publication)

Pros & Cons

First Data (Fiserv) generally have a good reputation with businesses. It has earned a 4.0/5 rating on independent review, website Trustpilot. Over 70% described them as ‘excellent’ or ‘great’. A number of positives and negatives are noted, and these are detailed beneath.

Pros

  • Great selection of terminals available.
  • Excellent Customer Support reported.
  • Helpful online knowledgebase.
  • Additional products highly regarded.
  • Personalised service offered.
  • Low interchange plus-rates.

Cons

  • High recurring account fees.
  • Long contract with high termination costs.
  • Expensive leases for equipment.
  • No access to PCI DSS Compliance Programme.

Our Verdict

First Data (Fiserv) offer businesses a lot of extras that other, smaller payment providers cannot match. They have developed a product or service for nearly every business out there. It’s online knowledgebase and low interchange plus-rates can make them a good investment for smaller businesses. However, their lengthy contracts and high account fees make First Data (Fiserv) more suitable to larger organisations. Further information can be found on the First Data website.