Choosing the Best Credit Card Processor
Is First Data the Best Credit Card Processor?
In the world of credit card issuers, processors, and independent sales organizations (ISOs) understanding the difference is about as convoluted as you can get. While there are only a handful of significant players in the first two categories, there are tens of thousands of ISOs. So, when the question arises regarding who is the best credit card processor today, well, it can be a loaded question. It’s also a question that wholesalers, retailers, service providers, and all kinds of businesses nationwide are asking every single day. So why is it so difficult to answer?
Nothing Ever Changes
If you’ve run a business, you know how often credit card processing reps try to get you to change to their services. Let’s say, for example, you have Bank of America Merchant Services, and BofA runs their processing thru First Data. And, let’s also say that the smooth-talking rep works for Wells Fargo Merchant Services and, guess what? Unbeknownst to you, Wells Fargo also uses First Data. Now, that rep will, of course, tell you that Wells Fargo has the absolute best processing available anywhere and that you definitely should switch. But, how can one possibly be better than the other if they’re both using First Data? They can’t, and this conundrum simply leaves you feeling like a hamster spinning your wheels as you switch between resellers, always ending up with the same processor. Therefore, not much will change.
First Data Stats
We have nothing against First Data. It’s been in business since 1971 and currently has six million merchants on board, the most in the entire payment industry. First Data handles 45 percent of all of debit and credit transactions in the U.S., processing approximately 2,800 transactions every second and annually processing $2.2 trillion in card transactions. It’s important to note that Fiserv acquired First Data on July 29, 2019. Some merchants may be questioning whether the company’s services will change in any way, but only time will tell.
Now, First Data is significant but not the only processor available. There are a few other big players who work with card networks and banks, helping merchants with accepting and processing debit, credit, and prepaid payments. In addition, they help by verifying transaction details, ensuring available funds, and performing some anti-fraud measures. They include, but are not limited to:
- TSYS/Global Payments
- Heartland Payments
- Chase Paymentech
Which Processor Does IdealCost.com Endorse?
IdealCost.com doesn’t endorse any particular credit card processor. In fact, if you see any top X credit card processor list online, it is probably loaded with affiliate links so the website gets a cut when you sign up with their recommended processor(s). IdealCost.com represents individual businesses, not the credit card processors.
Don’t Take on the Credit Card Processors by Yourself
Since 2009, IdealCost.com has helped hundreds of companies nationwide reduce their merchant account fees through identifying and fixing hidden profit, overcharges, fake fees, and billing errors. Clients have saved $300-$20,000 per month on their credit card processing fees without going through the hassle of changing their processing vendor, bank or equipment. Switching credit card processors should be a last resort, only reserved for funding delays, poor customer service or technical difficulties. Before you consider switching credit card processors, see if you qualify for IdealCost.com’s monthly savings program be uploading your most recent merchant statement for a free analysis. You’ll receive an estimate within 24 business hours.
If you are opening a new credit card processing account or must switch credit card processors due to funding delays, technical issues or customer service problems feel free to contact us for a free consultation. IdealCost.com can help secure the best terms and fees based on your specific needs.