Fiserv, Inc. is an American multinational Fortune 500 company headquartered in Brookfield, Wisconsin that provides financial technology and financial services. The company’s clients include banks, thrifts, credit unions, securities broker dealers, leasing and finance companies, and retailers.
Fiserv’s scale and resources impress, but merchants have inconsistent experiences. Having acquired First Data in 2019, Wisconsin-based Fiserv is the world’s largest payment processor. As such, its value-added services can be substantial: for example, its own debit networks and gift card processing in more than 50 countries. Fiserv’s challenges are common to large companies: It’s slow to change or react, it has disjointed products and teams, and integrating acquisitions are works in progress. But in the last two years, it has overhauled its organizational structure, contracting, and client success model to simplify doing business with it.
First Data also has an eye on the future: Fiserv has a sizable innovation budget and has helped merchants with newer payment experiences like online EBT acceptance, voice commerce, and scan-and-go in the grocery sector. Merchants choose Fiserv because of its global scale and broad set of capabilities. In many cases, they can work with Fiserv across the globe for all their needs. But the merchant experience can vary based on the products they’re using to process payments. For example, one reference customer cited Fiserv’s uptime as a core strength, while other customers have noted outages as a core issue. In terms of strengths, reference customers cited the company’s “financial health” and its “ability to handle scale.” They also wanted Fiserv to bring together the bank and processing sides of the business for better processing rates and to improve internal processes to meet timelines and react more quickly to incidents.
Fiserv is best for enterprise-level merchants that can keep the company’s attention or retailers that use solution or gateway partners to integrate to access specific capabilities or global regions.
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