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Fiserv review

Its sweep of services is extensive, but customers warn of numerous account fees.

It comes as no surprise that Fiserv — the largest merchant services provider in the US — has an array of services at its disposal. From payment processing to point-of-sale solutions, it can accommodate a variety of industries. But its account fees and costly equipment leasing has earned it numerous complaints from merchants.

  • Choose this provider if you’re a large business and require B2B or international payment processing.
  • Consider something else if you’re a small- to medium-sized business seeking simple processing and dedicated customer support.
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Details

SolutionsIn-store, Mobile, Online
ProductsPayment processing, POS software, POS hardware
Monthly fees start atVaries
Contract required?No
Processing timeNext Day
High-risk merchants accepted?No

Fiserv services

Fiserv’s services offer an all-in-one processing solution with nearly everything a business needs to begin processing payments, including:

  • Payment processing. Fiserv allows you to process all major payment types, including cash, checks, credit and debit cards, ACH payments and mobile payments.
  • Merchant accounts. Merchant accounts come standard with this direct processor.
  • POS software. Fiserv’s point-of-sale software encompasses business analytics, reporting, marketing, payroll and more.
  • POS hardware. Fiserv offers a full lineup of Clover, First Data and Verifone terminals, available for purchase or lease.

Features

Fiserv’s merchant services come with a variety of features to help merchants process payments and more.

  • E-commerce solutions. Allows customers to pay online with a credit card, PayPal or e-check from anywhere in the world.
  • Manage B2B payments. Its online portal integrates with enterprise resource planning (ERP) software to help large businesses view and pay invoices, manage accounts receivable and improve security.
  • Mobile gift cards. Offer customers the opportunity to purchase and redeem gift cards on their smartphone.
  • Voice-powered payments. Fiserv has partnered with Amazon Alexa to offer voice-powered payments.
  • Customer rewards. Design a rewards system, enroll customers and send special offers straight to their mobile devices.
  • Curbside pickup. Allow your customers to order online and pick up from your store front.
  • Scan and go. Enable customers to scan and purchase items without having to stand and wait in line.
  • Accept EBT. Accept Electronic Benefit Transfers (EBT) as payment from customers.
  • Installment payments. Let your customers split payment for their purchases of up to $1,000 into four installments over six weeks.
  • Global payments. Accept payments across 130 global currencies in more than 200 countries.
  • Real-time fraud monitoring. Protect your data and the data of your customers with omnichannel multi-pay tokens.
  • Authorization approval dashboard. Analyze key metrics to maximize your transaction approval rates.
  • Branded gift cards. Increase brand loyalty and engagement with branded gift cards.

Carat: for multinational companies

Carat is Fiserv’s big business omnichannel commerce ecosystem. It’s designed with multinational companies in mind to help facilitate global payment processing. This internal ecosystem of commerce solutions includes commerce channels, payment processing, security and fraud monitoring, business-to-business payments and data analytics. 

Carat is also designed to integrate with over 30 pre-certified major third-party applications so you can optimize your processing solution as you see fit.

What hardware is available?

Fiserv has a number of hardware options but only offers Clover, First Data and Verifone terminals. And unfortunately, Fiserv doesn't allow you to bring along your own hardware: You'll need to buy or lease the hardware options Fiserv offers.

  • Clover Station
  • Clover Mini
  • Clover Flex
  • Clover Go
  • First Data FD150 terminal
  • RP10 PIN pad and consumer-facing device
  • Verifone V400cPlus
  • Verifone V200cPlus
  • Verifone P200 PIN pad
  • Verifone V400m

Fiserv pricing and fees

Fiserv offers a wide range of products and services but doesn’t disclose any of its pricing information — even after we called to request more information.

The Fiserv rep we spoke with said processing rates vary by business. Annual maintenance fees and application fees may also apply, but the rep wouldn’t disclose the amount of these fees or the cost to lease the hardware terminals listed on its website.

Pros and cons

Pros

  • Comprehensive services. Fiserv’s merchant services are robust, from small-business e-commerce solutions to processing support for banks and financial institutions.
  • 24/7 support. Onboarded merchants can call Fiserv tech support any time of the day or night.
  • No contracts. Your contract is monthly, and you’re not asked to sign a contract with Fiserv — unless you opt to lease a terminal.
  • Optional add-ons. Fiserv integrates with numerous popular software providers, including PayPal, USAePay, Elavon, CardConnect and BluePay.

Cons

  • Lack of transparency. Fiserv isn’t forthcoming about its processing rates, account fees or hardware prices.
  • No online application. Despite its size and resources, the only way to apply is by phone.
  • Account fees. Be on the lookout for application fees, monthly account fees and annual maintenance fees.

Fiserv reviews and complaints

As of June 2021, Fiserv is not an accredited business with the Better Business Bureau (BBB). It receives an A+ rating from the BBB and scores 1 out of 5 stars based on 18 customer reviews. In the past three years, it's received 108 complaints.

Fiserv customer feedback is mixed. Merchants speak highly of their positive experiences dealing with attentive Fiserv reps. But merchants also criticize Fiserv’s pushy sales tactics, hidden account fees and costly equipment leasing.

How do I open an account with Fiserv?

If you’d like to open a Fiserv merchant services account, you’ll need to call its sales team at 877-810-9315. You can also schedule a call with a sales rep on Fiserv’s website by entering your name, phone number, email address, name of your business and estimated annual credit and debit volume.

Provide your Fiserv rep with your annual revenue, monthly credit card processing volume and average ticket price to receive a customized rate quote. Fiserv will conduct a soft credit check when you apply.

What other products will I need?

Before you begin processing payments, you’ll need this business banking product:

  • Checking account. When you apply with Fiserv, be ready to supply the routing and account number of a business checking account.

What is Fiserv?

Fiserv — formerly First Data — is the largest merchant services provider in the US. It was founded in 1971 in Omaha, Nebraska and served as the processor for the Mid-America Bankcard Association. In 2019, it was acquired by Fiserv — a merchant services provider headquartered in Brookfield, Wisconsin.

Today, Fiserv operates across 36 countries and services over 6 million merchants worldwide. It’s made Fortune’s World’s Most Admired Companies list every year since 2014.

How do I contact Fiserv support?

Fiserv offers a sweeping suite of services, but its customer support options are limited.

  • Phone. Call 877-995-9198 weekdays from 8 a.m. to 5 p.m. ET, or schedule a call with the sales team from Fiserv’s website.

Compare other payment processors

Explore your options and compare services by fees, processing times and acceptance of high-risk merchants. Select the Go to site button for more details about a particular provider.

Name Product Monthly fees start at Processing fees start at Processing time High-risk merchants accepted?
Chase Merchant Services
Chase Merchant Services
None
2.6% + 10¢ per swiped credit card
Next day when you deposit into a Chase business checking account
No
Accept, process and deposit customer payments in your store, online or on-the-go.
Stax
Stax
$99/month
$0.08 + interchange per transaction
Next day for qualified businesses
No
Businesses that process more than $10,000 monthly can save with Stax's interchange+ pricing.
Square
Square
None
2.6% + 10¢
Next day
No
Square is a one-stop shop with both e-commerce and in-person solutions.
Helcim
Helcim
$20/month
1.92% + $0.08 per transaction
Two business days
No
Conveniently packaged into three service tiers for in-person and online sales.
Payline Data
Payline Data
$10/month
0.2% + interchange + $0.10 per transaction
Next day
Yes
Accepts high-risk merchants and offers discounted rates for nonprofits.
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Bottom line

Fiserv has an expansive suite of merchant services, including niche offerings for financial institutions and healthcare services. But it isn’t transparent about rates and fees, its customer support is limited and it’s poorly reviewed by customers.

Take a look at your payment processing options with additional providers to find the service that best fits your business.

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