First Data

 

First Data is the worldwide leader among credit card processors and electronic payments processors. The company provides services to 6 million merchant locations of all sizes in 80 countries, serves over 7,000 financial institutions and in the most recent reporting year, processed 60 billion transactions. The company processes all payment types, including checks, which are processed through their subsidiary, TeleCheck—their original name and service dating to 1964. First Data is headquartered in Atlanta, Georgia. The New York investment firm, KKR, bought the company in 2007.

OPTIONS
 Statement Fee
 $7.95
 Clear the  Account
 2 Days
 Monthly  Minimum
 $20.00
 Approval Rate
 99%
 Setup Time
 2 Days
 Free Terminal
 NO
 Average Rate
 1.59%
 Transaction  Fee
 $0.40
RATINGS
 95%

HERE IS OUR FULL REVIEW

Pros:
From the merchant standpoint, they support with both service and equipment & supplies the entire gamut: credit and debit cards, gift, incentive, and prepaid cards, checks and more for bricks & mortar retail, Internet e-commerce, mobile, mail and telephone orders, and even payroll solutions. They have special safeguards against fraud. Rates are competitive. They provide 24/7 customer service. First Data has been entrusted as a vendor for government and educational entities besides a who’s who of business.

Cons:
For such a large company, one would expect complaints—and they do not disappoint. Complaints have ranged from hidden fees; merchants not understanding they were falling  into extended leases on service and equipment; poor, runaround, and unresponsive customer service; unusually long holds on funds from chargebacks; high cancellation and other fees, and more reported at the various complaint sites.

Cheapest

OUR FINAL CONCLUSION

Everyone’s experience is likely to differ, even with the same company. Some have worked with First Data and its partners and affiliates seamlessly and problem-free; for others it’s quite another story. But for a company that has provided meritourious service to such retailing and restaurant icons as McDonald’s, Starbucks, and Walmart, overall, one would have to say a merchant was in very good company. Others might counter by saying, “Well, I’m not one of those household-word companies.” It comes down to read your contracts. Get everything in writing. Watch what you sign.

OPTIONS
 Statement Fee
 $7.95
 Clear the  Account
 2 Days
 Monthly  Minimum
 $20.00
 Approval Rate
 99%
 Setup Time
 2 Days
 Free Terminal
 NO
 Average Rate
 1.59%
 Transaction  Fee
 $0.40
RATINGS
 95%
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