Hello merchants! Every now and then, you may have seen a mention of a company called First Data. You may have even seen us mention that we are powered by them. You also might have wondered: Who are they? What do they do? Why are they important? Well, wonder no longer, because FlashBanc is here to clear up all of those questions, and potentially more! So, to begin:
Who is First Data?
First Data is a merchant acquiring company. They offer processing services to over 6 million merchants, appear on the Fortune 500 list, and are ranked first in the financial data service industry. They also process 45% of all card transactions within the United States. First Data partners with merchant processors like FlashBanc to offer their products and programs to merchants like you. The companies partnered with First Data are referred to as ISOs, or Independent Sales Organizations, and may offer more services in addition to what First Data provides. This means that while they offer the same solutions as First Data, they are independent from anyone else. In addition to acquiring merchant accounts, First Data has also worked to partner with technology solution companies such as Clover, a point of sale company, to improve the products that they can offer.
What do they do?
In addition to offering their services to other processors, First Data serves to process the transaction. While that may seem similar to FlashBanc, there is a key difference. FlashBanc, as a merchant processor, serves to be the connection between you, the merchant, and First Data, the one to process the transaction. There are some institutions that offer both the connection and the processing, however they may not offer the services that First Data and FlashBanc offer together. So, while you sign up with FlashBanc and take advantage of our fantastic programs, we communicate your transactions to First Data, who transfers the finances from the customer to you.
Why are they important?
Well, as mentioned above, without First Data there wouldn’t be any processing. They are the engine behind FlashBanc. All of the added services that we provide you would be significantly less efficient without our partner. They are also the reason we can offer advanced terminals such as the Clover suite, which in turn provides you with everything you need to manage your business.
How does this affect me?
At the end of the day, it doesn’t. The company that is providing your support, communicating between accounts, and offering you services is still FlashBanc. First Data, for all intents and purposes, handles the more logistical puzzles, while we handle the more service-oriented puzzles. The only change that this article has made is alleviating that mild curiosity you might have had regarding the name ‘First Data’.
If you have any more questions about who we or First Data is, let us know by contacting us! Our support lines are always open for you! For that matter, ask us any questions you have, whether it’s the meaning of life or what other services we offer. We’ll help you out any way we can!