First Data Corporation

[ghusa]

I was just wondering if anyone has ever had any experience with First Data Corporation at all.

I am just curious because I have recently signed up with them to be my merchant services provider and at the moment I am trying to find ways of generating income right now so that I can pay not only my business expenses, but also my living expenses as well and in a short period of time.

[vangogh]

I don't have any experience with them, but I take it they'll be processing all your credit card transactions. I'm not sure they do anything to actually help you generate revenue other than processing the transaction.

When you say a short period of time how short a time are you meaning? In general businesses take time to generate revenue. I'm not saying it can't happen quickly, but for most small businesses it takes some time getting set up and marketing before revenue is coming in.

[phanio]

I have to agree with Vangogh - it usually take 18 + months before a business breaks even - provided that all necessary items are in place.

I would suggest (not knowing how long you have been in business and what stage your business is) to keep/get a full-time job to meet your personal expenses and work on your business part-time.

This may mean it will take a bit longer to get your business where you want it - but at least your personal life will be in order and you will have some resources to grow your business. Just keep your goal of building a successful in mind.

Nothing in business is fast and easy - it takes time, hard work, and a lot of effort on your part. If it was easy - everyone in this nation would be a business owner.

Just my thoughts

[dynocat]

I've had my merchant account through Cardservice Int'l, which uses Linkpoint API and Virtual Terminal, the past 11 years. Within the last year LP was taken over by First Data. Not sure they're the least expensive processor, but I am 100% pleased and have never considered a switch.

As others mentioned, I don't know how they can help you generate income. If you figure that one out, let me know. :)

[Money And Mass]

I attemted to sign up with them and they wanted an extra 15% from me, so yall can guess what I told them... I have a processor now and I get calls from first data all the time wanting me to process with them and leaving me messages. I've told them I'm good numerous times

[Money And Mass]

I know this isn't the right thread but that reminds me ofd another question that I have,

If i get too many charge backs i lose my processor ( im pretty sure of that ) and if that happens am i automaticly "blacklisted"?

mods can move the post if u want

[vangogh]

I'm not sure if you get blacklisted or not, but it's obviously a good idea to limit chargebacks. Depending on how you collect credit card info there should be some ways available to check the cards before processing them.

[Evan]

If i get too many charge backs i lose my processor ( im pretty sure of that ) and if that happens am i automaticly "blacklisted"?

Merchant account providers may have some avenue to look into your business history. But if you have too many chargebacks, that's not going to be good thing.

Some businesses are inevitably more risky than others, and sometimes a provider will "prohibit" certain types of merchants. Be sure that you are not on that "prohibited" list, and you may also want to look for provider with less chargeback fees or that may do a better job catering to your industry. See who is processing the cards of your competitor, it'd give you a starting point.

[Money And Mass]

[QUOTE=Evan]Merchant account providers may have some avenue to look into your business history. But if you have too many chargebacks, that's not going to be good thing.

Some businesses are inevitably more risky than others, and sometimes a provider will "prohibit" certain types of merchants. Be sure that you are not on that "prohibited" list, and you may also want to look for provider with less chargeback fees or that may do a better job catering to your industry. See who is processing the cards of your competitor, it'd give you a starting point.[QUOTE]

I was thinking the same thing, how could I find out who does thier processing?

Also what if I have back up processors? That way if one decides to cut me off I could just use the other... And if one does cut me off and at the worst blacklists me would the other processor Im using find out and cut me off too?

You guys are great, I love this forum. Thanks for all yalls advice!!

[Evan]

I was thinking the same thing, how could I find out who does thier processing?

If you were part of an organization of similar business owners, you could find out what they do. While they may be a competitor, the old saying is very accurate -- keep your friends close, but your enemies closer. You should know as much as you can about them.

[Money And Mass]

If you were part of an organization of similar business owners, you could find out what they do. While they may be a competitor, the old saying is very accurate -- keep your friends close, but your enemies closer. You should know as much as you can about them.

So sould I call them and ask who their processor is/ pretend like like I'm one of their custos? worked on one of my competitors...

Also since this thread was about First Data... They called me today ( they have been calling me since I first applied and decided not to go with them )
But now, they want my business. They tried to charge me an extra 15% becuase they think my business is high risk, but now they are acting like they can waive it... aint that some ****? But the company I'm about to sign up with now is a sub of First Data, so oh well. When I declined them the woman on the phone said " all of our applicants always come back to us..." UH! I hate it when that happens, I don't want to use them just out of spite, but I prob will...

[Evan]

No, if they were part of a similar organization... eg. Chamber of Commerce, I'd try talking to them about their businesses.